State Street Global Advisors’ George Milling-Stanley warns cryptocurrency plays do not offer the stability of gold.
rally is generating a false sense of security among investors, according to the strategist behind the so-called granddaddy of gold exchange-traded funds."Bitcoin, pure and simple, it's a return play, and I think that people have been jumping onto the return plays," the firm's chief gold strategist said on CNBC's"Gold was $450 an ounce ," said Milling-Stanley."It's now five times what that price was then.
At 17, he bought a sandwich shop for $125,000—he renamed it Jersey Mike's and just sold it for $8 billionMilling-Stanley thinks investors who treasure gold's safety qualities should reconsider piling into bitcoin. He suggests the crypto world is trying to manipulate them. "This is why they called it mining. There's no mining involved. This is a computer operation, pure and simple," he said."But they called it mining because they wanted to seem like gold — maybe take some of the aura away from the gold.""I have no idea what's going to happen over the next 20 years except it's going to be a fun ride," Milling-Stanley said."I think that gold is going to do well.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Penn State Analysis for Ohio State Fans - Ohio State at Penn StateMy yearly analysis of this great non-rivalry game. Opening Betting Line - Ohio State - 3.5 This implies a 60% chance that Ohio State will win and a 40% chance Penn State will win. My only consolation if we lose yet again is that I won't have to do another analysis for 2 years since they don't play next year.
Read more »
Penn State Preparing for Donald Trump Visit to Penn State-Ohio State GamePenn State says a 'private citizen' has invited former President Donald Trump to the Penn State-Ohio State game at Beaver Stadium.
Read more »
Philadelphia Eagles legend announces he is heading to State College for Penn State-Ohio State gameJames Franklin's unbeaten Nittany Lions host Ohio State Saturday afternoon at Beaver Stadium.
Read more »
Penn State Football: How the Ohio State Buckeyes Are Preparing to Face Penn StatePenn State's Tyler Warren, Abdul Carter and Andy Kotelnicki have the Ohio State Buckeyes' attention for their Big Ten showdown.
Read more »
Penn State Football: Penn State Vs. Ohio State Preview, PredictionsThe Penn State Nittany Lions host the Ohio State Buckeyes in game between top-5 teams nursing key injuries and big chips.
Read more »
Penn State Football: Ending the Ohio State Narrative 'Feels Important' for Penn StateA Penn State win over the Ohio State Buckeyes 'would go a long way' for the Nittany Lions and coach James Franklin, college football analyst Mike Golic Jr. says.
Read more »