- Despite competition from cryptocurrencies, gold has shown strong performance, with its best weekly gain in nearly two years and trading just 3% below its record high.
- State Street’s George Milling-Stanley predicts the possibility of gold exceeding $100,000 an ounce in 20 years.
State Street Global Advisors has voiced concern that the current cryptocurrency rally is diverting attention from gold. Despite the competition, gold posted one of its strongest weekly performances in almost 2 years.
Currently trading less than 3% below its October 30 peak, XAU/USD maintains an upward trajectory within an ascending channel on the 1-hour chart. The 14-hour RSI signals potential short-term bullish momentum, moving into overbought territory.
George Milling-Stanley, chief gold strategist at State Street Global Advisors, cautioned investors against abandoning gold in favor of cryptocurrencies. He highlighted gold’s performance over the last two decades, noting its fivefold increase from $450 an ounce to current levels. Looking ahead, Milling-Stanley offered a bold long-term perspective, suggesting the possibility of gold exceeding $100,000 an ounce in 20 years.
