Gold is undervalued for the first time since 2009

The Bank of America Merrill Lynch survey of what fund managers are doing with their money shows a few similarities between the markets of today and the post-Lehman collapse of 2009.

Investors are full of "bearish sentiment" with two-thirds saying a Chinese recession and an emerging market debt crisis are the two biggest tail risks out there. Tail risks being events you don't expect to happen, but are possible.

Cash holdings are up at 5.2%, near the record 5.5% seen in the wake of the global financial crisis, while a slim majority say gold is undervalued.

The last time the gold market had signal like this it was 2009 and the yellow metal more than doubled in price within two years.

Here's the chart:

An overall total of 202 managers with a combined $574 billion (£368 billion) in assets under management participated in the survey, which took place last week.

They've been selling off assets linked to commodities like crazy, and loading up on tech stocks.