“Global fund managers have been piling into the U.S. dollar and out of stocks lately, and by one measure have become the most bearish since Sept. 11, 2001. That’s according to Bank of America’s September survey of global fund managers, whose unrelenting gloom is perhaps justified by a disappointing report on U.S. August inflation along with a looming energy crisis in Europe. Average cash balances for global managers hit 6.1%, according to the latest survey, the highest level since the deadly terrorist attacks on U.S. soil 21 years ago.”
USAGOLD note: And all in the absence of a major geopolitical event…… With yesterday’s plunge taken into account, the S&P 500 is down just under 18% year to date which happens to coincide with its peak in late December. A 20% decline, you might recall, is considered a bear market.