Caspar Benson/Getty Images Gold is the most overvalued it's been since August 2020, according to fund managers surveyed by Bank of America. Gold has climbed near records on macro uncertainty, but respondents are actually the most bullish in two years. 78% see recession as unlikely, while "no landing" expectations have surged to 38%. Gold's shining a bit too bright these days, at least according to the most bullish group of investors seen in two years.