GLD To Hit Higher Highs; Bid For Gold Yet To Come - Stifel
The world's largest gold-backed exchange traded fund, SPDR GLD has come off its peak from earlier this month but still up on the year
KITCO NEWS - The world's largest gold-backed exchange traded fund, SPDR GLD has come off its peak from earlier this month but still up on the year. And, according to Chad Morganlander, portfolio manager for Stifel Nicolaus, we could see higher highs over the course of the next six months - 3-4% additional returns. 'You have an abnormal low within financial markets, when that becomes more elevated, then you will get another bid for gold,' Morganlander told Kitco News. Gold futures have come off recent lows with August gold last at $1,253.50 an ounce, up 0.62% on the day.
Watch More From Kitco and TheStreet:
- Gold Is 'Managed' by Wall Street and The Fed - Frank Giustra
- Lions Gate Founder and Mining Mogul Giustra 'Dabbling' in Bitcoin
- Best-selling Author Jim Rickards Talks Bitcoin - Beware of the Tax Man!
This article is commentary by an independent contributor.
