FILE PHOTO: Gold bars will be on display at the Korea Gold Exchange in Seoul, South Korea on Aug 6, 2020. REUTERS / Kim Hong-Ji
May 28, 2021
LONDON (Reuters) – Safe haven assets such as cash and gold funds attracted investors for the week leading up to Wednesday, BofA’s fund flow statistics showed on Friday, a sign of growing concerns over inflation and the possible withdrawal of central bank stimulus.
Money market funds pulled in $ 68 billion, the largest weekly inflow since April 2020, the BofA said, citing EPFR data. Gold soaked in $ 2.6 billion, the largest inflow in 16 weeks.
Investors didn’t stop chasing stocks that grossed $ 17.9 billion, though, despite the BofA warning that top positioning, politics, and profits could result in low or negative stock returns over the next 3 to 6 months.
Around half a trillion dollars have gone into equity funds so far this year, which is more than the past 12 years combined, BofA added.
(Reporting by Thyagaraju Adinarayan; Editing by Sujata Rao)
This article originally appeared on www.oann.com