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2026-02-17 20:28:55
[Bank of America Survey: Long Gold Remains the Most Crowded Trade for Two Consecutive Months] ⑴ A Bank of America global fund manager survey released Tuesday showed that buying gold has been the most crowded trade in the market for the second consecutive month. 50% of the surveyed fund managers believe that "going long on gold" is currently the most crowded trade in the market. ⑵ Although the percentage remains high, it has slightly decreased from 51% in January, indicating that extreme sentiment has eased slightly, but the crowding level remains high. The continued market enthusiasm for gold reflects strong demand for safe-haven assets in an uncertain environment. ⑶ At the same time, the crowding level for tech giants remains significant. 20% of fund managers said that going long on large US tech stocks, including Nvidia, Alphabet, Apple, Amazon, Microsoft, Meta, and Tesla, is the second most crowded trade in the market. ⑷ The fact that both gold and tech stocks have become crowded trades reflects the current dual preferences of market funds: on the one hand, pursuing safe havens, and on the other hand, still unwilling to miss out on the tech stock rally driven by the AI wave. The continued existence of crowded trades also means that once market sentiment reverses, it could trigger sharp fluctuations in related assets.
