Gold Heading To $1,350; Any Pullbacks Just ‘Pause For Breath’ - Expert
Gold is up after a rocky start to the week, but investment demand hasn't waned. After racking in $7 billion inflows last quarter, holdings in the world's largest gold ETF - SPDR Gold Shares NYSE: (GLD) - Get Report - continue to rise. The price of the metal should also move higher, according to George Milling-Stanley, head of gold investment for State Street Global Advisors, the marketing agent behind GLD. 'My guess is that we're probably going to see the more speculative money coming in,' he told Kitco News, adding that this could likely move gold's price up to $1,350 an ounce by year end. However, gold's extreme positioning could call for a corrective pullback, but Milling-Stanley is not worried. He notes that any corrections in gold prices are simply a 'pause for breath.' 'I personally wouldn't take the risk of waiting for further dips, gold has some momentum behind it. I think that the price is very open to the upside and seeing very good downside support.' Gold futures almost one percent up on the day, with June Comex futures last trading around $1275.20 an ounce.
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.
