(Kitco News ) - Gold is going a lot higher from current levels, and the momentum in gold-backed ETF inflows offers support, this according to George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors.

"If you remember the last time we had significant speculative money coming into the market was as long ago as 2011, and speculative money flows drove the price up $500 in just 9 months. I could easily see something like that happening again," Milling-Stanley told Kitco News.

July saw the biggest inflow of capital into gold-backed ETFs in 2019 due to a host of macroeconomic factors, including the China trade wars, Brexit, Syria and Iran, with a net inflow of $2.6 billion, Milling-Stanley noted.

"To put that number into context, I mean, that's a pretty big number, but when you think about it, the year to date gold-backed ETFs have seen inflows of over $5 billion, with three and a half of that going into GLD alone, that I find very encouraging," he said.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.