The founder of the first gold-tracking ETF remains bullish on the commodity two decades later.
“Things are looking good for the rest of this year and for next year,” George Milling-Stanley told CNBC's “ETF Edge” this week.
State Street's chief gold strategist highlighted demand from both central banks and individual investors in emerging markets, such as India and China, as key catalysts for the precious metal.
And even retreat after the elections Gold futures and SPDR Gold Dividend Fund (GLD) He didn't tarnish the record this year.
Since the Nov. 5 election, “investors have become enthusiastic about riskier assets,” Milling-Stanley said. “That's why we saw the stock market go up so much, and that's why we saw cryptocurrencies go up so much.”
But the precious metal, in turn, GLD Milling-Stanley said the ETF was “starting to regain some of what it lost.”
GLD chart from the beginning
release GLD The ETF changed the rules of commodity ownership when it was launched 20 years ago.
Since then, gold investing has shifted away from jewelry to bullion and ETFs as demand for the precious metal has jumped. Milling-Stanley describes the increased demand from investors as a “seismic change” in the commodity investing landscape – and in portfolio management as a whole.
says Todd Son, ETF and technical strategist at Strategas GLD It brought more investors into gold because of the broader access that ETFs can provide.
“No matter what your endgame is, GLD “It allowed you to add something to your portfolio besides stocks and a fixed income instrument, so you can diversify,” Son said.
Since its beginning, GLD Up to 451%. It will rise by 29% in 2024.
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