this Bitcoin The strategist behind the so-called granddaddy of gold exchange-traded funds says rising gold prices are giving investors a false sense of security.
George Milling-Stanley of State Street Global Advisors warned that cryptocurrency investments do not provide the stability of gold.
“Bitcoin, pure and simple, it’s a return play, and I think people have been jumping into the return play,” the firm’s chief gold strategist said this week on CNBC’s “ETF Edge.”
Millin-Stanley’s comments are those of his company SPDR Gold Stock ETF (GLD) This week celebrates its 20th anniversary. It is the world’s largest physically-backed gold ETF and will rise more than 30% by 2024.
“Gold was $450 an ounce (20 years ago),” Milling-Stanley said. “The price now is five times what it was then. If you look at five times the price, then twenty years from now gold should be over $100,000.”
gold Just had its best weekly performance since March 2023. %.
BitcoinThe stock has surged since the Nov. 5 election and is having a banner year. A record high was set on Friday.
Millin-Stanley believes that investors who value the safety qualities of gold should reconsider buying Bitcoin. He believes the crypto world is trying to manipulate them.
“That’s why they (Bitcoin promoters) call it mining. There’s no mining involved. It’s computer operations pure and simple,” he said. “But they call it mining because they want to look like gold — and maybe take away some of the aura of gold.”
However, he admitted it was unclear how high the yellow metal could actually go.
“I don’t know what’s going to happen in the next 20 years, other than it’s going to be a fun ride,” Milling-Stanley said. “I think gold is going to do well.”
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