Why Bank of America strategist Michael Hartnett says the trade is still long gold

Bank of America strategist Michael Hartnett maintains that gold remains the optimal asset for investors seeking protection against a weakening U.S. dollar. In fact, investment funds focused on the precious metal have recorded their strongest weekly inflows since January, with $6.3 billion pouring into gold during the most recent week.

Hartnett's investment theme, "Anything But Dollar," emphasizes assets that could benefit from or shield against declining confidence in the U.S. currency. According to a Bank of America report, the bank's strategy aligns with this theme, suggesting that gold continues to be the best hedge against dollar debasement, bond collapse, asset inflation, and the balance of capitalist versus socialist populism currently dominating global politics.