2025 etf.com Lifetime Achievement Award Nominee: George Milling-Stanley

This article is one in a series profiling finalists for etf.com’s 2025 Lifetime Achievement Award, to be announced April 23 in New York City.

When it comes to the evolution of gold investing, few names stand out as prominently as George Milling-Stanley. As chief gold strategist at State Street Global Advisors, Milling-Stanley has dedicated more than five decades to demystifying the role of gold in investment portfolios, shaping the industry’s understanding of the precious metal, and playing an instrumental role in the development of the world’s first gold-backed ETF. 

This year, his contributions are being recognized with a nomination for etf.com’s 2025 Lifetime Achievement Award, a distinction awarded annually to individuals who have made outstanding long-term contributions to ETF investor outcomes.

A Career Forged in Gold

Milling-Stanley’s journey into the world of gold was, in his own words, an unexpected one. It all started in 1972 when, as a young journalist in London, his editor tasked him with researching the implications of President Richard Nixon closing the gold window. 

“I didn’t even know what closing the gold window meant,” he told me. But that assignment set him on a path that would define his career.

After his time at that small financial magazine, he moved to the Financial Times, covering mining and precious metals before transitioning to the corporate sector. His roles at Consolidated Gold Fields, Shearson (later Lehman Brothers), and the World Gold Council saw him develop expertise in gold supply and demand, price forecasting, and central bank policy.

At the World Gold Council, Milling-Stanley played a pivotal role in one of the most significant innovations in modern gold investing: the launch of SPDR Gold Trust (GLD), the first gold-backed ETF in the U.S. “That was an exciting project to work on,” he recalled. “And I’ve been more or less involved with it for the whole twenty years of GLD’s existence.”

Elevating Gold’s Role in the Investment Landscape

Since joining State Street Global Advisors in 2014, Milling-Stanley has led a dedicated gold strategy team, providing institutional and retail investors with insights into gold’s place in a diversified portfolio. His work has emphasized not just the metal’s price movements, but its broader impact on markets. 

“I do tend to look at everything through the prism of what is this going to do for the gold market—not just the price, but the market itself,” he explained. His ability to contextualize gold within global macroeconomic trends has made him one of the industry’s most respected voices.

Over the years, Milling-Stanley has seen investor sentiment around gold evolve significantly. “There’s a lot of misinformation about gold out there,” he noted. “If you read or listen to 250 people talking or writing about gold, you might find that as many as five or six of them actually give you something worthwhile.” 

His mission has been to be one of those few voices offering valuable, data-backed perspectives.

A Well-Deserved Honor

Reflecting on his nomination, Milling-Stanley expressed deep gratitude. “I’m very honored to be even nominated for this award,” he said. “It’s a great honor.” 

Whether through his contributions to the first gold ETF, his work advising central banks, or his continued thought leadership at State Street, George Milling-Stanley has left an indelible mark on the world of gold investing. 

His nomination for the 2025 Lifetime Achievement Award is a testament to his influence and the lasting legacy he has built—one that will continue to shine, much like the metal he has spent a lifetime championing.