Wall Street’s Lying—Gold Is Not a Crowded Trade (But It Will Be Soon)

The Crowd Is Not Where You Think It Is Here we go again. Bank of America just ran a poll, asking fund managers what they think is the “most crowded trade.” And guess what topped the list? Gold. Nearly half of 'em—49%—said gold was the busiest trade on the block. Now, as someone who’s been watching this space since the '70s—when gas lines were long and trust in Washington was short—I can tell you this: They’re dead wrong. These suits don’t understand the gold market. They haven’t positioned their clients for it, they missed the run, and now they’re grumbling from the sidelines because they’re embarrassed. If anything, gold is criminally under-owned. Let me break it down in plain terms.…