Shah Wealth Advisors LLC purchased a new position in shares of iShares Gold Trust (NYSEARCA:IAU – Free Report) in the second quarter, HoldingsChannel reports. The firm purchased 355,328 shares of the exchange traded fund’s stock, valued at approximately $26,831,000. iShares Gold Trust accounts for 6.2% of Shah Wealth Advisors LLC’s portfolio, making the stock its 4th biggest position.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Godfrey Financial Associates Inc. purchased a new stake in iShares Gold Trust in the 4th quarter valued at about $25,000. Monetary Solutions Ltd purchased a new position in iShares Gold Trust during the fourth quarter worth about $26,000. Merkkuri Wealth Advisors LLC purchased a new position in iShares Gold Trust during the first quarter worth about $26,000. Fairway Wealth LLC increased its position in shares of iShares Gold Trust by 525.0% during the first quarter. Fairway Wealth LLC now owns 300 shares of the exchange traded fund’s stock valued at $26,000 after acquiring an additional 252 shares during the last quarter. Finally, Rossby Financial LCC raised its stake in shares of iShares Gold Trust by 75.7% in the 4th quarter. Rossby Financial LCC now owns 325 shares of the exchange traded fund’s stock valued at $26,000 after acquiring an additional 140 shares during the period. 59.67% of the stock is owned by institutional investors and hedge funds.
iShares Gold Trust Stock Performance
iShares Gold Trust stock opened at $83.39 on Friday. The company’s 50 day simple moving average is $79.73 and its 200-day simple moving average is $84.96. iShares Gold Trust has a 1 year low of $67.35 and a 1 year high of $104.40. The company has a market capitalization of $68.87 billion, a price-to-earnings ratio of 5.53 and a beta of 0.19.
Key iShares Gold Trust News
- Positive Sentiment: Gold has found some support after the initial selloff, with investors continuing to view the metal as a strategic allocation amid rising government debt, inflation concerns and instability in global bond markets. Rising gold price and spiking global yields reflect investor fears about skyrocketing debt levels
- Positive Sentiment: Gold ETF demand could remain resilient despite higher yields because of inflation, fiscal and currency risks, while central banks continue accumulating bullion. The World Gold Council reported 23 net tonnes of central-bank purchases in July, led by China and Poland. Why Gold ETFs Could Keep Shining Despite Higher Rates
- Positive Sentiment: European reserve-management changes and geopolitical tensions are reinforcing gold’s appeal as a crisis asset. The Netherlands moved roughly 86 tons of gold from North America to London to improve crisis preparedness. Dutch central bank moves gold bars out of U.S. and Canada
iShares Gold Trust 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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