Gold just got its reputation back. After months of fund managers side-eyeing the metal as overpriced and overcrowded, Bank of America’s latest Global Fund Manager Survey shows that the net perception of gold being overvalued has dropped to its lowest level since February 2024.
Earlier this year, roughly 45% of surveyed managers considered gold overvalued, a record high reading going back to 2012. Now, the crowd that was loudly calling gold a bubble trade has gone noticeably quieter.
What the survey actually shows
The June 2026 survey, conducted between June 5 and June 11, polled 198 institutional fund managers collectively overseeing $540 billion in assets under management.
In February 2026, gold was sitting near the top of BofA’s “most crowded trade” list, with approximately 50% of respondents flagging it as overly popular. That congestion reading has since cooled considerably.
