SSGA – Gold: The State of the Market – 9.24.20

Summary:

Gold recently hit an all-time high, and advisors are asking where it will go from here. Volatile macroeconomic factors paired with the global pandemic have certainly escalated uncertainties when it comes to global markets. Join us for a deep dive on the state of the gold market as the State Street Global Advisors experts cover:

• The Outlook for Gold
• A Historical Performance Perspective
• Inflation, Central Bank Action, & Monetary Policy Effects
• Portfolio Allocation Considerations

With a special guest, Steve Cucchiaro from 3EDGE, who will provide his firm’s views on investing in gold and how gold fits into their portfolio strategy in 2020 and beyond.

Speakers:

Maxwell Gold is the Head of Gold Strategy within the SPDR ETF business at State Street Global Advisors.

Before joining SSGA in July 2019, he served as the Director of Investment Strategy at Aberdeen Standard Investments, heading macroeconomic and commodity thought leadership for its $3B U.S. ETF business. Prior to this he has also held roles within the Investment Research team at the World Gold Council, as an Investment Strategist with the Chief Investment Office at Merrill Lynch Wealth Management, and with the Global Portfolio Construction team within JP Morgan Private Bank’s Chief Investment Office.

Maxwell holds an M.S. in finance from the Simon Business School and a B.A. in economics from the University of Rochester. He is a CFA charterholder and holds the series 7 and 63 registrations.

George Milling-Stanley is Chief Gold Strategist with State Street Global Advisors. He joined SSGA as a Vice President and Head of Gold Strategy in November 2014. Before joining SSGA, George ran the independent consultancy George Milling-Stanley on Gold, LLC. He retired from the World Gold Council in 2011 after a 15-year career there. Most recently he had been responsible for all programs involving central banks, governments, and regulatory authorities. Before that, he was a key member of the small team that pioneered the development of gold-backed Exchange Traded Funds. His earlier career included six years on the precious metals trading desk of Lehman Brothers. Previously he worked for Consolidated Gold Fields in London, and before that spent 10 years as a reporter and columnist with the Financial Times. An acknowledged authority on all aspects of the gold business, George Milling-Stanley is a regular speaker at international conferences.

Peter Hill is a Managing Director of State Street Global Advisors and the Head of Emerging Institutional Sales for the US SPDR business. As the Head of EIS, Peter and his team are focused on working with ETF Strategists, Digital Wealth Management Platforms, National RIAs, and TAMPs. He has extensive experience working with sophisticated investment advisors in developing portfolio construction and wealth management solutions utilizing the SPDR Family of Exchange Traded Funds.

Peter joined SSGA in 2006 as a member of SSGA’s Internal Sales Desk and Exchange Traded Fund Group working with advisors to educate them about the ETF market and subsequently develop ETF solutions for their clients. Prior to SSGA, he was employed with Sovereign Bank’s Commercial Banking Division working with middle-market, corporate, and institutional clients.

Peter holds a Bachelor of Arts degree in Marketing from Providence College in Providence, RI. He also holds the FINRA Series 7, 63 and 24 licenses.

In his over 35 years of studying the global capital markets and managing investment portfolios, Mr. Cucchiaro has become known for his use of proprietary investment research methods including the application of concepts from system dynamics, complexity economics, artificial intelligence and multi-player game theory to analyze the global capital markets. Mr. Cucchiaro began managing investment portfolios in 1994. He was the founder and served as President and Chief Investment Officer of Windward Investment Management Inc., which was acquired by Charles Schwab in November 2010. At the acquisition, Windhaven Investment Management continued the business of Windward. From the early days of Windward through June 2014, assets under management under Mr. Cucchiaro’s tenure grew from less than $75 million to nearly $20 billion. After more than three years of working towards a successful transition following the acquisition, Mr. Cucchiaro left Windhaven in June of 2014.

Mr. Cucchiaro has appeared on Bloomberg TV and Radio, CNBC, Consuelo Mack’s WealthTrack and the Nightly Business Report, and has been quoted in The Wall Street Journal, Barron’s, The Financial Times, Forbes and BusinessWeek.

Mr. Cucchiaro has an SB in Mathematics from M.I.T. and an MBA in Finance from the Wharton School at the University of Pennsylvania. During the late 1970s, Mr. Cucchiaro was a member of the US Olympic Team in yacht racing and became national champion of his class in 1978 and Gold Medalist in the 1979 Pan American Olympic Games. He serves on the Board of Directors of the Gates Foundation’s Institute for Health Metrics and Evaluation (IHME) and is a member of the MIT Sloan Finance Group Advisory Board.