By Julia La Roche
Gold investing pro George Milling-Stanley, head of gold investment strategy at State Street Global Advisors, says investors haven’t missed the boat on investing in gold.
Following the stunning Brexit vote last week, investors piled into gold, which is considered a “safe-haven” asset, pushing the precious metal’s price to a two-year high.
SPDR Gold Shares (GLD) has attracted over $11 billion of inflows year-to-date making it the most popular ETF in 2016. A number of hedge fund managers, including George Soros and Stanley Druckenmiller, held GLD as one of their top long positions, securities filings from the first quarter show.
“I don’t think anybody has missed the boat at this point,” Milling-Stanley, who served on the World Gold Council, told Yahoo Finance.
“Given all that’s been supporting gold prices, contributing to the 25% increase, a big increase off the lows in December. All the troubles and problems in the world, gold is going to continue to do well, at least $50 dollar higher year end, might be $100. I’m not looking for $2,000 in the near future, but it’s moving in the right direction.”