Investing.com -- Bank of America strategist Michael Hartnett told investors in a note on Monday that gold remains his preferred hedge against a weakening dollar, pointing to the biggest inflows into the metal since January.

Gold funds attracted $6.3 billion in the latest week, the largest since January 2026, according to BofA's weekly flows data. That came alongside $25.4 billion into cash, $23.8 billion into bonds and $16.1 billion into equities.

Setting out his "Anything But Dollar" theme, Hartnett wrote that the "trade is long gold...still best hedge against dollar debasement, bond collapse, asset inflation, capitalist populism vs socialist populism politics of 2020s."

BofA added that the same theme is positive for emerging market assets, flagging Brazil's Oct. 4 election as directionally key, given that Latin American assets have been rewarded by the election of more business-friendly governments.

The bank noted all seven presidential elections since January 2025 have been won by right-wing or right-leaning candidates.

Elsewhere in the flows, investment-grade bonds drew a $10.6 billion inflow, the biggest in five weeks, while European equities took in $1.2 billion, the largest since February. China equities saw a $14.5 billion outflow, the biggest since May, and technology funds shed $1.2 billion.

BofA's Bull & Bear Indicator eased to 9.3 from 9.7 on weaker high-yield flows and outflows from tech and healthcare, leaving positioning "excessively bullish."

The bank cautioned that "'greed' is always more difficult to reverse than 'fear'," and said ending a bull market requires excess positioning alongside excess profit optimism and policy tightening.