Bank Pictet & Cie Europe AG reduced its holdings in shares of SPDR Gold Shares (NYSEARCA:GLD – Free Report) by 43.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,873 shares of the exchange traded fund’s stock after selling 20,941 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in SPDR Gold Shares were worth $10,194,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. City Holding Co. lifted its holdings in shares of SPDR Gold Shares by 41.6% during the second quarter. City Holding Co. now owns 22,914 shares of the exchange traded fund’s stock worth $8,441,000 after buying an additional 6,733 shares in the last quarter. DDFG Inc grew its stake in shares of SPDR Gold Shares by 57.5% in the second quarter. DDFG Inc now owns 48,753 shares of the exchange traded fund’s stock valued at $17,959,000 after acquiring an additional 17,793 shares in the last quarter. Arcus Capital Partners LLC increased its position in SPDR Gold Shares by 90.3% during the first quarter. Arcus Capital Partners LLC now owns 8,442 shares of the exchange traded fund’s stock worth $3,633,000 after acquiring an additional 4,005 shares during the period. Cidel Asset Management Inc. increased its position in SPDR Gold Shares by 69.8% during the first quarter. Cidel Asset Management Inc. now owns 3,368 shares of the exchange traded fund’s stock worth $1,449,000 after acquiring an additional 1,384 shares during the period. Finally, First Eagle Investment Management LLC increased its position in SPDR Gold Shares by 1.5% during the second quarter. First Eagle Investment Management LLC now owns 2,491,623 shares of the exchange traded fund’s stock worth $917,864,000 after acquiring an additional 35,882 shares during the period. 42.19% of the stock is currently owned by institutional investors and hedge funds.
SPDR Gold Shares Price Performance
SPDR Gold Shares stock traded down $2.19 during midday trading on Tuesday, hitting $377.50. The company’s stock had a trading volume of 3,761,609 shares, compared to its average volume of 11,513,929. SPDR Gold Shares has a 1-year low of $360.12 and a 1-year high of $509.70. The company has a 50-day moving average price of $396.89 and a two-hundred day moving average price of $400.27. The company has a market cap of $139.53 billion, a price-to-earnings ratio of -32.43 and a beta of 0.18.
SPDR Gold Shares News Roundup
Here are the key news stories impacting SPDR Gold Shares this week:
- Positive Sentiment: Longer-term support remains intact. CIBC expects central-bank buying and continued diversification away from the dollar to support gold, forecasting a recovery toward $5,200 an ounce in 2027 despite cutting its near-term price estimates. CIBC gold forecast article
- Positive Sentiment: Investors and market commentators continue to highlight gold as a hedge against inflation, currency weakness and geopolitical or jurisdictional risk. Potential lending products backed by gold could also increase the asset’s usefulness for investors. Gold as an inflation hedge article
- Neutral Sentiment: Gold remains range-bound, with support around $4,000-$4,119 and resistance near $4,200-$4,260. A break above resistance could improve GLD’s outlook, while a failure to hold support would signal additional downside. Gold demand zone analysis
- Negative Sentiment: Rebounding real Treasury yields, elevated nominal yields and a firmer dollar are limiting demand for gold. Markets are assigning high odds to a December rate increase, increasing the opportunity cost of holding GLD. Gold and December rate hike forecast
- Negative Sentiment: Gold has struggled to attract safe-haven buying even after weak U.S. housing data, suggesting that rate and currency pressures currently outweigh recession concerns. Gold and U.S. housing data article
- Negative Sentiment: Investor flows may also be favoring a cheaper SPDR gold fund over GLD, creating a potential fee-related competitive disadvantage for the larger ETF. Cheaper SPDR gold fund article
SPDR Gold Shares Company 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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