Bank of America's October global fund manager survey reveals that most investors now consider "going long gold" as the market's most crowded trade. A total of 43% of surveyed investors identified "going long gold" as the most crowded trade, surpassing the 39% who cited "going long the Magnificent Seven."

The survey also shows that 39% of investors report their current gold allocation at approximately 0%, while 19% hold around 2% allocation and 16% maintain roughly 4% allocation. According to the statistics, the weighted average gold allocation stands at just 2.4%.