The founder of the first gold-tracking ETF is still bullish on the commodity two decades later.
"Things are looking good for the rest of this year and for next year," George Milling-Stanley told CNBC's "ETF Edge" this week.
The State Street chief gold strategist highlighted demand from both central banks and individual investors in emerging markets, such as India and China, as major tailwinds for the precious metal.
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Even the postelection pullback in gold futures and the SPDR Gold Shares ETF (GLD) hasn't tarnished the record run this year.
Since the Nov. 5 election, "investors have gone gung-ho on risk-on assets," Milling-Stanley said. "This is why we've seen the stock market go up dramatically, why we've seen the cryptocurrencies go up dramatically."
But the precious metal, and in turn, the GLD ETF, are "starting to claw back some of the lost ground," Milling-Stanley said.
Money Report
The launch of the GLD ETF changed the game for commodity ownership when it launched 20 years ago.
Since then, investment in gold has shifted away from jewelry and into bullion and ETFs as demand for the precious metal has jumped. Milling-Stanley describes the increased investor demand as a "huge change" to the commodity investment landscape — and to portfolio management as a whole.
Todd Sohn, ETF and technical strategist at Strategas, says GLD brought more investors into gold because of the broader access ETFs can offer.
"No matter what your end game is, GLD allowed you to add something to your portfolio besides an equity and a fixed income instrument, so you can get diversification," said Sohn.
Since its inception, GLD is up 451%. It is up 29% in 2024.
