恐れる factor: 投資家s 急ぐ into gold and other 港／避難所s as 在庫／株s 近づく highs
By Saqib Iqbal Ahmed
NEW YORK, July 22 (Reuters) - 投資家s are piling into 港／避難所 資産s such as gold, the スイスの フラン and cash as U.S. 在庫／株s approach 史上最高s, looking to hedge big moves in 公正，普通株主権s まっただ中に 経済的な 不確定 and a resurgent coronavirus pandemic.
Prices for gold are up 22% this year and stand 近づく 記録，記録的な／記録する levels, as the metal draws 投資家s 捜し出すing 避難所 from a 可能性のある 逆転 in 在庫／株s. The スイスの フラン is の中で the year´s best 成し遂げるing 通貨s and 配分s to cash remain 歴史的に elevated.
The 決起大会／結集させるs in these 資産s - which tend to attract 需要・要求する in uncertain times - have taken place と一緒に a nearly 50% climb in the S&P 500 from its 2020 lows, illustrating the conundrum many 投資家s have 直面するd in 最近の months.
While sitting on the sidelines has proven a 悲惨な 戦略 as 在庫／株s 決起大会／結集させるd, many have become unsettled by stretched 公正，普通株主権 valuations and a coronavirus resurgence that has all but 消滅させるd hopes of a quick U.S. 経済的な 回復. The S&P recently 貿易（する）d at 3,268, いっそう少なく than 5% shy of its Feb. 24 記録，記録的な／記録する high.
"The 平易な 貿易（する） isn't putting money in 公正，普通株主権s anymore," said Jim Besaw, 長，指導者 投資 officer at GenTrust. "The market might have gotten a little bit ahead of itself."
The 会社／堅い has 増加するd （危険などに）さらす to gold in （弁護士の）依頼人s' 大臣の地位s with the gold 配分 on 普通の／平均（する） ３倍になるing since April to as much as 中央の-選び出す／独身 digits as a 百分率 of 大臣の地位s. GenTrust has also been trimming positions in 科学（工学）技術 在庫／株s.
一方／合間, a coronavirus resurgence in parts of the 部隊d 明言する／公表するs is 高くする，増すing 関心s that 危険 appetite could 乾燥した，日照りの up if some 明言する／公表するs are 軍隊d to roll 支援する their 経済的な reopenings.
Only 14% of 基金 経営者／支配人s in a July 調査する from BofA 全世界の 研究 believe the 回復 will be a quick, "V-形態／調整d" one, 負かす／撃墜する from 18% last month. Cash levels の中で 投資家s remain high on a historic basis, at 4.9%, the 調査する showed.
"After a みごたえのある spring for 危険 資産s ... we recommend 適用するing plenty of 保護," said 道具 Juckes, 長，指導者 全世界の FX strategist at Soci?t? G?n?rale, in a 公式文書，認める.
He recommends buying gold, as the metal's prices have risen during August in 15 of the last 20 years, によれば the bank's data. The bank also advises （弁護士の）依頼人s to buy the Japanese yen, another popular 港／避難所, as a hedge against 可能性のある volatility.
Other factors have also driven the moves in 港／避難所s. Gold, which 普通は struggles to compete with 産する／生じる-耐えるing 資産s, has become more attractive to 投資家s after the 連邦の Reserve 削減（する） 率s to historic lows. Gold has also drawn 投資家s worried that 前例のない levels of 刺激 could 原因（となる） インフレーション to rise. 投資家s have also piled into インフレーション-保護するd 社債s as a hedge.
"What's 運動ing markets 権利 now is Fed 活動／戦闘," said Lisa Shalett, 長，指導者 投資 officer at Morgan Stanley Wealth 管理／経営. Her 会社／堅い 追加するd gold to its 資産 配分 models in April.
港／避難所 通貨s, 一方／合間, have been helped by a 落ちるing dollar. The U.S. dollar 索引 is 負かす／撃墜する 8% from its March highs.
Some believe 警告を与える まっただ中に a big 在庫／株 決起大会／結集させる is a 調印する that 投資家s 港／避難所't become 極端に ebullient にもかかわらず the 最近の 伸び（る）s, and may sell their 港／避難所 資産s to buy 公正，普通株主権s if prices become more attractive. Worries over valuations were a 正規の／正選手 feature of the last bull market, which saw the S&P 伸び（る） around 400%.
Still, 投資家s like Jeroen Blokland, 大臣の地位 経営者／支配人 at Robeco, now see more value outside of 公正，普通株主権s. Blokland's 会社／堅い is betting against U.S. 在庫／株s while 持つ／拘留するing positions in high-産する／生じる 社債s, 商品／必需品s and the euro.
His 関心s 含む 可能性のある volatility stemming from the U.S. 大統領の 選挙.
"Once we get this hiccup, it will be 公正，普通株主権s that will show that hiccup," he said. (報告（する）／憶測ing by Saqib Iqbal Ahmed; Editing by Ira Iosebashvili and Nick Zieminski)
