Gold has officially dethroned tech. For the first time in two years, fund managers now view gold—not the “Magnificent Seven”—as the most crowded trade on Wall Street. The yellow metal has surged over 27% YTD, recently breaking through $3,330/oz, as investors rush to shield themselves from spiraling inflation, geopolitical fractures, and eroding confidence in U.S. assets. According to Bank of America’s April survey, 49% of institutional investors now rank gold as their top position—a remarkable reversal in sentiment that speaks to more than just fear.

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This is not just a hedge. It’s a vote of no confidence in fiat credibility and policy competence. With U.S. dollar reserves declining and central bank gold holdings hitting new highs, the world is quietly realigning around hard assets. From ETF inflows to central bank vaults, the flow is one-directional. Volatility, tariffs, Powell’s passivity—it's all accelerating the rotation. What began as insurance is now momentum. The gold rush is on—and everyone’s already in the mine.

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