Silver Rises Over 120% YTD 
According to Bank of America’s latest monthly survey of fund managers, global investors have drastically cut their exposure to US equities at a historic pace over the past two months.
The survey revealed that investors are now a net 36% underweight US stocks – the most in nearly two years – representing a sharp 53 percentage point decline since February, the largest drop in BofA’s records.
The poll of 164 investors managing $386 billion identified trade war leading to global recession as the primary market risk. This concern follows President Donald Trump’s aggressive tariff announcements, which have triggered a selloff across US assets including stocks, the dollar, and Treasury bonds. Despite Monday’s rebound, the S&P 500 remains down about 8% year-to-date.
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