Categories: General Market Commentary / Precious Metals
Topics: General Market Commentary / General Precious Metals

This Could Finally Be The Time To Buy Gold - BAML Survey

(Kitco News) - With gold trading below $1,230 an ounce, this could finally be the time to be buying the precious metal, with a record number of fund managers in the Bank of America Merrill Lynch’s (BAML) monthly survey saying that the metal is undervalued.

At least 17% of fund managers surveyed by BAML stated that gold was trading below its actual market worth, marking the highest level of votes on record for the survey, CNBC reported on Tuesday.

After analyzing survey results, BAML strategist said that investors who are looking for a “contrarian” position from the popular market trends should be paying attention to gold.

“We cyclically advise contrarian bears to position for 'peak profit, peak policy stimulus' theme via long gold, short U.S. tech,” BAML said in a note to clients.

The BAML survey also revealed that more than half of the 178 fund managers interviewed believe that the most popular space in the marketplace right now is the FAANG stocks — Facebook, Apple, Amazon, Netflix and Alphabet's Google.

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