Gold bars seen at Gold Investments bullion dealers in London, U.K., on January 15, 2014.

Gold has lost its shine, falling to a one-year low. For contrarians, however, it may be the time to buy.

A record number of fund managers, surveyed by Bank of America Merrill Lynch, said they see gold as undervalued.

In the survey, 17 percent of the fund managers said the precious metal may be too cheap, while more than half of the 178 fund managers said the most crowded trade was in the FAANG stocks, a reference to Facebook, Apple, Amazon, Netflix and Google's parent Alphabet.