Record gold crowded by one mega player

News Snapshot:

For the first time in two years, U.S. megacap tech stocks are no longer considered the most crowded trade on the planet. They’ve been overtaken by gold, and that’s partly related to eye-popping bullion buying from China. Bank of America’s latest monthly survey of global fund managers throws up some fascinating details about how investors’ anxieties and trading patterns have shifted as the trade war has escalated. Global investors, who cite a recession triggered by a trade war as the single biggest risk over the next year, have slashed their holdings of U.S. equities over the past two months by...