June 17, 2025 10:04 PM seekingalpha.com Negative

BofA Survey: Trade war tops list of investor fears and gold remains most crowded trade

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As per the latest global fund manager survey conducted by Bank of America, investors continue to see a trade war as the largest tail risk, while being long gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) still remains one of the most popular trades on the Street.

LARGEST TAIL RISKS

The survey showcased that a potential trade war remains the leading tail risk that investors believe could trigger a global recession. Despite declining from 80% in April, 47% of surveyed fund managers still view trade tensions as the top threat to markets.

Following closely behind are concerns over inflation-driven interest rate hikes by the Federal Reserve at 17%, and a credit event caused by a disorderly spike in bond yields at 16%.

MOST CROWDED TRADE

For the third consecutive month, being long gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) continues to be viewed as the most crowded trade, with 41% of fund managers identifying it as such. The enduring appeal of gold reflects persistent investor caution amid geopolitical and macroeconomic uncertainty.

Trailing behind gold is being long the Magnificent Seven group which came in as the second-most crowded trade at 23%.

Highlighted below are a group of stocks and ETFs for investors to further analyze:

GOLD & GOLD MINING ETFS: (NYSEARCA:GLD [https://seekingalpha.com/symbol/GLD]), (NYSEARCA:IAU [https://seekingalpha.com/symbol/IAU]), (NYSEARCA:GLDM [https://seekingalpha.com/symbol/GLDM]), (NYSEARCA:SGOL [https://seekingalpha.com/symbol/SGOL]), (NYSEARCA:IAUM [https://seekingalpha.com/symbol/IAUM]), (NYSEARCA:OUNZ [https://seekingalpha.com/symbol/OUNZ]), (BATS:AAAU [https://seekingalpha.com/symbol/AAAU]), (NYSEARCA:BAR [https://seekingalpha.com/symbol/BAR]), (NYSEARCA:UGL [https://seekingalpha.com/symbol/UGL]), (NYSEARCA:FGDL [https://seekingalpha.com/symbol/FGDL]), (BATS:IGLD [https://seekingalpha.com/symbol/IGLD]), (NYSEARCA:PHYS [https://seekingalpha.com/symbol/PHYS]), (NYSEARCA:GDX [https://seekingalpha.com/symbol/GDX]), (NYSEARCA:GDXJ [https://seekingalpha.com/symbol/GDXJ]), (NASDAQ:RING [https://seekingalpha.com/symbol/RING]), (NYSEARCA:SGDM [https://seekingalpha.com/symbol/SGDM]), (NYSEARCA:GOAU [https://seekingalpha.com/symbol/GOAU]), (NASDAQ:AUMI [https://seekingalpha.com/symbol/AUMI]), (NYSEARCA:GDXD [https://seekingalpha.com/symbol/GDXD]), (NYSEARCA:JNUG [https://seekingalpha.com/symbol/JNUG]), (NYSEARCA:DUST [https://seekingalpha.com/symbol/DUST]), (NYSEARCA:NUGT [https://seekingalpha.com/symbol/NUGT]), and (NYSEARCA:GDXU [https://seekingalpha.com/symbol/GDXU]).

MAGNIFICENT SEVEN STOCKS & ETFS: Alphabet (GOOG [https://seekingalpha.com/symbol/GOOG])(GOOGL [https://seekingalpha.com/symbol/GOOGL]), Apple (AAPL [https://seekingalpha.com/symbol/AAPL]), Amazon (AMZN [https://seekingalpha.com/symbol/AMZN]), Meta Platforms (META [https://seekingalpha.com/symbol/META]), Microsoft (MSFT [https://seekingalpha.com/symbol/MSFT]), Nvidia (NVDA [https://seekingalpha.com/symbol/NVDA]), Tesla (TSLA [https://seekingalpha.com/symbol/TSLA]), (BATS:MAGS [https://seekingalpha.com/symbol/MAGS]), (BATS:MAGX [https://seekingalpha.com/symbol/MAGX]), (NYSEARCA:QQQU [https://seekingalpha.com/symbol/QQQU]), and (NYSEARCA:QQQD [https://seekingalpha.com/symbol/QQQD]).

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* Dividend stocks and ETFs draw attention as Middle East tensions continue [https://seekingalpha.com/news/4458800-dividend-stocks-and-etfs-draw-attention-as-middle-east-tensions-continue]
* Oppenheimer stays bullish on equities despite geopolitical tensions [https://seekingalpha.com/news/4458470-oppenheimer-stays-bullish-on-equities-despite-geopolitical-tensions]
* Tipping Points - How Will Markets Respond? [https://seekingalpha.com/article/4795308-tipping-points-how-will-markets-respond#source=url_first_level%3Anews%7Csection%3Anews_more_on%7Csection_asset%3Aline_1%7Cbutton%3Alink]
* S&P 500 Retreats On Geopolitical Turmoil [https://seekingalpha.com/article/4795206-s-and-p-500-retreats-on-geopolitical-turmoil#source=url_first_level%3Anews%7Csection%3Anews_more_on%7Csection_asset%3Aline_3%7Cbutton%3Alink]