Loading ...Gold Is Undervalued Say Record Number of Fund Managers – BAML Survey
“In the latest Bank of America Merrill Lynch fund manager survey, released last week, one third of respondents said that gold was the best hedge against protectionism. At a same time, with a net margin of 15%, respondents said that the yellow metal was undervalued. This is only the second time investor sentiment has reached this level, tying the record first set back in January 2008.
The results of the latest survey of 175 money managers, collectively controlling assets of more than a trillion dollars, comes as gold prices hold near three-month highs. Gold prices last traded at $1,238.10 an ounce, relatively flat on the day.
Along with growing concerns of global protectionism, according to the survey, fund managers are also concerned about rising inflation and stagflation threats, viewing gold as a safe-haven asset.”