CENTRAL TRUST Co cut its holdings in SPDR Gold Shares (NYSEARCA:GLD – Free Report) by 2.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 62,861 shares of the exchange traded fund’s stock after selling 1,775 shares during the period. CENTRAL TRUST Co’s holdings in SPDR Gold Shares were worth $23,940,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. First Eagle Investment Management LLC lifted its holdings 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. Envestnet Asset Management Inc. grew its stake in SPDR Gold Shares by 0.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 1,169,683 shares of the exchange traded fund’s stock valued at $430,888,000 after purchasing an additional 5,793 shares during the period. PPSC Investment Service Corp grew its stake in SPDR Gold Shares by 2.2% in the 3rd quarter. PPSC Investment Service Corp now owns 789,050 shares of the exchange traded fund’s stock valued at $300,502,000 after purchasing an additional 16,678 shares during the period. PNC Financial Services Group Inc. grew its stake in SPDR Gold Shares by 1.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 707,998 shares of the exchange traded fund’s stock valued at $304,644,000 after purchasing an additional 12,415 shares during the period. Finally, Bank of Korea bought a new position in SPDR Gold Shares in the 2nd quarter valued at $250,411,831. 42.19% of the stock is owned by hedge funds and other institutional investors.
Key SPDR Gold Shares News
Here’s some of the latest news about GLD:
- Neutral Sentiment: Ongoing central-bank gold purchases, including China’s continued reserve increases, may provide longer-term support, though they have not offset current selling pressure. China buys gold for two straight years as central bank demand remains a key pillar of support
- Negative Sentiment: Hotter-than-expected U.S. inflation has raised expectations for further Fed tightening, pushing the dollar and real yields higher. Those factors make non-yielding gold less attractive; analysts warn that a sustained break below support could open the way toward $3,900. Gold falls below $4,000 as dollar surges, Fed hike bets rise
- Negative Sentiment: Investor flows have also been a headwind: SPDR Gold Shares reportedly saw about $1.8 billion in outflows in October, while Indian gold ETF inflows fell 22% that month. Forget the ETF Outflows: Gold Miners Offer 3X Leverage As Cash Flow Surges
SPDR Gold Shares Price Performance
Shares of SPDR Gold Shares stock opened at $365.17 on Thursday. SPDR Gold Shares has a 1 year low of $354.67 and a 1 year high of $509.70. The firm has a market cap of $128.69 billion, a PE ratio of -32.43 and a beta of 0.20. The stock has a fifty day moving average price of $382.96 and a 200-day moving average price of $410.33.
About SPDR Gold Shares
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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