00:00 Speaker A
Well, gold, not only hitting record highs this year, precious metal also taking the crown from tech stocks as the most crowded trade on Wall Street. Yahoo Finances’ Ines Ferre joins us now with more. Ines?
00:16 Ines Ferre
Yeah, Josh, and this is from a BFA survey that basically said that for the first time in two years, the MAG 7 is not the most crowded on Wall Street, the most crowded trade, but it is gold, which today hit a new all-time high above 3,350. And just to show you the performance of gold year-to-date compared with the MAG 7, take a look: gold up 26% year-to-date for the futures. And if we look at the MAG 7 stocks year-to-date chart, I’m going to show you the Nvidia down 22%, Apple down 22%. So all of the MAG 7 components down at least double-digit percentages. Also, in this BFA survey, you had these fund managers, 73% that said that US exceptionalism has peaked already, and despite the rally that we’ve seen in gold of 26% year-to-date, you have 42% of them that say that gold will be the best-performing asset of 2025. That is up from more than 20% just the month previously.