Filed Pursuant To Rule 433
Registration No. 333-209926
June 30, 2016
Gold expert: I dont think anyone has missed the boat at this point
George Milling-Stanley, head of gold investment strategy at State Street, sees gold going $50 to $100 higher by year-end.
By Julia La Roche
Posted to Yahoo Finance June 30, 2016
Gold investing pro George Milling-Stanley, head of gold investment strategy at State Street Global Advisors, says investors havent 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 metals 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 dont think anybody has missed the boat at this point, Milling-Stanley, who served on the World Gold Council, told Yahoo Finance.
Given all thats 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. Im not looking for $2,000 in the near future, but its moving in the right direction.
Gold is currently trading around $1,319. Milling-Stanley believes that gold is comfortable trading between $1,150 and $1,350.
Back in 2001, gold began a solid bull market that would last for the next ten years. Based on fundamentals, gold went up about $100 a year on average, rising from around $250 to $1,250, he explained. Then the speculative community noticed gold had gone up $1,000 in ten years, so they drove it up $500 in ten months in 2011.
Im not expecting a repeat of that in 2016, Milling-Stanley said. Six months of momentum, the hot money could come in and drive it up just shy of $1,900 an ounce Im confident we will get those prices again I dont know when. Im not one of those people whore seeing $2,000 gold in the next two weeksI dont think thats realistic. What Im looking for, Id love to see gold go back to that bull market 2001 to 2010, going up $100 a year on average. That will take us to $1,350 by Christmas. It may seem unexciting, I think it would be sustainable given whats going on in the bull market.
He added that it wouldnt surprise him to see prices as high as $1,400 or $1,450.
I think that would be sustainable. Much higher than that wouldnt be sustainable.
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