Where is smart money investing now?

By way of analogy, you could ask... how do "Fitness Experts" exercise? Or how do "Health Conscious" people eat? Answer= regular balanced exercise, or regular balanced meals.

Smart investors invest regularly (Monthly) into conservative broad based investments , an example would be into very low cost index trackers

Smart investors don't buy heavily into any one sector or company, any more than smart exercisers exercise only biceps (For example).

If an investor wants to buy heavily into (lets say) gold, then go for it. But don't call it investing. Call it by the proper term... Gambling. Who knows, you might get lucky. Don't most gamblers?

Cheers