George Milling-Stanley, chief gold strategist at State Street Global Advisors, says 40% of the gold in the past 12 months still have feet. This is why.
Even after more than 40% runs in the last 12 months, gold prices will not lose their glow.
SPDR Gold's stock, or GLD, is the largest exchange trading fund supported by physical gold, and saw its biggest day inflow of $1.9 billion on February 21, 2024.
“We believe there is full demand. The agency has confirmed that it will add or establish positions for long-term strategic asset allocation types. We see individual investors doing the same thing. A certain amount of FOMO will be displayed. George Milling-Stanley, chief gold strategist at State Street Global Advisors, told Fox Business.
He highlights three long-term growth drivers that will adjust for more gold profits this year.
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“We continue to buy very strong central banks for official reserves. This is a feature of the last 15 years in the gold market, and was very important in a particular year, ranging from 10% to 25% of total end-user demand. “Central bank purchases have basically doubled to over 1000 tonnes in 2022,” he added.
Spot Gold maintained its profits on Monday as traders expect a rise in interest rates on metal appeal as good value. (istock / istock)
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“In addition, while investment in emerging markets, particularly China, has increased significantly, there has also been a significant increase in demand for emerging market gems in India and elsewhere towards the end of last year, half of the year,” he added. “We have seen revivals of gold investment in the Western world, in the Western Europe and North America. I think there are primarily concerns about the outlook for the US and European economies.
Gold price (Trading Economics)
Gold pulled back $2,947 ounces from the record. Still, Milling-Stanley predicts that yellow metals will be traded between $2,900 and $3,100 later this year.
Inflation remains a wildcard. The consumer price index rose 3% in January, up more than expected. Prices for items such as eggs, beef, and transport remained increased.
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On Friday, the Federal Reserve's priority inflation measures rose at 2.5% per year in January, while Core PCE rose by 2.5%. Both were in line with the expectations of the analysts.
