Milford Funds Ltd. bought a new position in shares of SPDR Gold Shares (NYSEARCA:GLD – Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 13,231 shares of the exchange traded fund’s stock, valued at approximately $4,874,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Byrne Financial Freedom LLC grew its position in SPDR Gold Shares by 14.2% during the second quarter. Byrne Financial Freedom LLC now owns 707 shares of the exchange traded fund’s stock valued at $260,000 after buying an additional 88 shares during the period. Overbrook Management Corp lifted its stake in shares of SPDR Gold Shares by 2.5% during the 2nd quarter. Overbrook Management Corp now owns 8,424 shares of the exchange traded fund’s stock valued at $3,103,000 after buying an additional 208 shares in the last quarter. Kiker Wealth Management LLC boosted its holdings in shares of SPDR Gold Shares by 5.1% in the second quarter. Kiker Wealth Management LLC now owns 624 shares of the exchange traded fund’s stock worth $230,000 after acquiring an additional 30 shares during the period. Briaud Financial Planning Inc boosted its stake in SPDR Gold Shares by 0.8% in the 2nd quarter. Briaud Financial Planning Inc now owns 199,910 shares of the exchange traded fund’s stock worth $73,643,000 after purchasing an additional 1,567 shares during the period. Finally, Towneley Capital Management Inc DE grew its stake in SPDR Gold Shares by 4.8% during the second quarter. Towneley Capital Management Inc DE now owns 10,620 shares of the exchange traded fund’s stock valued at $3,912,000 after acquiring an additional 482 shares in the last quarter. 42.19% of the stock is owned by hedge funds and other institutional investors.
SPDR Gold Shares Price Performance
GLD opened at $405.49 on Tuesday. The firm has a market capitalization of $143.18 billion, a P/E ratio of -32.43 and a beta of 0.17. The company has a fifty day moving average price of $380.62 and a 200-day moving average price of $418.91. SPDR Gold Shares has a one year low of $305.19 and a one year high of $509.70.
SPDR Gold Shares News Roundup
- Positive Sentiment: Easier Fed expectations support gold: Softer U.S. economic data, including weak retail sales and labor indicators, has reduced the likelihood of further rate hikes. Lower expected interest rates, a weaker dollar and falling bond yields generally improve gold’s appeal because the metal does not pay interest. Gold, silver rise as softer data cuts Fed-hike odds
- Positive Sentiment: Broader structural demand remains bullish: Analysts cited central-bank purchases, investment inflows, Chinese demand, U.S. fiscal stress and constrained global resource supply as long-term support for gold and other hard assets. Morgan Stanley’s Mike Wilson also characterized gold as being in a roughly 25-year bull market, particularly as traditional stock-and-bond portfolios face greater uncertainty. The Hard-Asset Trade Is Accelerating
- Positive Sentiment: Gold is outperforming equities: Gold’s rebound from its June low and its stronger performance relative to stocks are encouraging investors to increase precious-metals exposure, which directly benefits GLD as an ETF backed by physical gold. How Gold Beats Stocks This Year
- Neutral Sentiment: Economic data created some volatility: The New York Empire State manufacturing index unexpectedly rose to 20.6, its strongest reading in more than four years. The stronger data briefly pressured gold by reducing expectations for monetary easing, although the broader decline in rate-hike bets kept prices supported. Spot gold trades below $4,380 after manufacturing index surprises
- Negative Sentiment: Some offsets remain: Rising silver production and reduced optimism surrounding a potential Iran deal could limit near-term precious-metals momentum, while stronger economic data may revive concerns about higher-for-longer interest rates. U.S. data supports gold prices despite Iran pessimism
SPDR Gold Shares Profile
SPDR Gold Trust (the Trust) is an investment trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. The Trust’s business activity is the investment of gold. The Trust creates and redeems Shares from time to time, but in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (Authorized Participants) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of various Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.
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