Grove Bank & Trust lifted its position in shares of iShares Gold Trust (NYSEARCA:IAU – Free Report) by 6.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 156,618 shares of the exchange traded fund’s stock after purchasing an additional 10,150 shares during the quarter. iShares Gold Trust accounts for 1.2% of Grove Bank & Trust’s investment portfolio, making the stock its 22nd largest holding. Grove Bank & Trust’s holdings in iShares Gold Trust were worth $11,826,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of IAU. Merkkuri Wealth Advisors LLC bought a new stake in iShares Gold Trust during the 1st quarter valued at $26,000. Fairway Wealth LLC lifted its stake in shares of iShares Gold Trust by 525.0% in the first quarter. Fairway Wealth LLC now owns 300 shares of the exchange traded fund’s stock valued at $26,000 after buying an additional 252 shares in the last quarter. Godfrey Financial Associates Inc. bought a new position in shares of iShares Gold Trust in the fourth quarter valued at $25,000. Rossby Financial LCC grew its holdings in shares of iShares Gold Trust by 75.7% during the fourth quarter. Rossby Financial LCC now owns 325 shares of the exchange traded fund’s stock valued at $26,000 after buying an additional 140 shares during the last quarter. Finally, Monetary Solutions Ltd acquired a new position in shares of iShares Gold Trust during the fourth quarter valued at about $26,000. 59.67% of the stock is owned by institutional investors and hedge funds.
iShares Gold Trust Price Performance
NYSEARCA:IAU opened at $76.69 on Wednesday. The firm has a 50-day moving average of $78.34 and a 200-day moving average of $86.41. The company has a market cap of $63.34 billion, a PE ratio of 5.53 and a beta of 0.18. iShares Gold Trust has a one year low of $62.48 and a one year high of $104.40.
Key Stories Impacting iShares Gold Trust
- Positive Sentiment: A larger-than-expected decline in June JOLTS job openings to 7.36 million increased expectations that the U.S. labor market is cooling. This could reduce pressure on the Federal Reserve to keep rates higher, supporting non-yielding gold and, by extension, IAU. Gold price catching a bid as JOLTS job openings drop
- Positive Sentiment: A weaker dollar and falling oil prices have helped gold advance. Lower energy prices may ease inflation concerns and Treasury-rate expectations, while dollar weakness makes gold cheaper for overseas buyers. Lower oil and dollar weakness lift gold
- Positive Sentiment: Longer-term demand remains a favorable backdrop. The Bank of Korea has begun a domestic gold-buying program, adding to broader central-bank demand that has helped gold hold near the $4,000-an-ounce support area. China-related ETF demand is also helping offset higher yields. Bank of Korea starts long-term domestic gold buying program
- Positive Sentiment: Safe-haven demand ahead of the U.S. Nonfarm Payrolls report and continuing geopolitical uncertainty are providing additional support. Analysts also view the $4,000 level as an important long-term floor. Safe-haven demand grows ahead of NFP
- Neutral Sentiment: Gold is holding above its 20-day moving average, but technical resistance around $4,166 and $4,203 could limit near-term gains unless prices break higher. Can gold break above $4,203?
- Negative Sentiment: Higher real yields, elevated long-term Treasury yields, a rebounding dollar and stronger manufacturing data continue to raise the opportunity cost of holding gold. A stronger-than-expected payrolls report could revive expectations for higher rates and pressure IAU. Gold can recover despite higher real yields
iShares Gold Trust Company Profile
iShares Gold Trust (the Trust) is to own gold transferred to the Trust in exchange for shares issued by the Trust (Shares). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist of gold held by the Trust’s custodian on behalf of the Trust. The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the Sponsor), which is an indirect subsidiary of BlackRock, Inc The trustee of the Trust is The Bank of New York Mellon (the Trustee) and the custodian of the Trust is JPMorgan Chase Bank N.A., London branch (the Custodian).
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