Fortune Financial Group Inc. acquired a new stake in shares of SPDR Gold Shares (NYSEARCA:GLD – Free Report) in the 4th quarter, HoldingsChannel reports. The fund acquired 2,843 shares of the exchange traded fund’s stock, valued at approximately $1,127,000. SPDR Gold Shares comprises about 1.1% of Fortune Financial Group Inc.’s holdings, making the stock its 21st biggest holding.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. GWN Securities Inc. raised its stake in shares of SPDR Gold Shares by 19.2% during the fourth quarter. GWN Securities Inc. now owns 8,467 shares of the exchange traded fund’s stock valued at $3,356,000 after acquiring an additional 1,364 shares during the last quarter. First American Trust FSB increased its stake in shares of SPDR Gold Shares by 1.3% during the fourth quarter. First American Trust FSB now owns 3,452 shares of the exchange traded fund’s stock valued at $1,368,000 after buying an additional 43 shares during the period. Artesa Financial Group LLC purchased a new position in shares of SPDR Gold Shares during the fourth quarter valued at approximately $3,620,000. Outlook Wealth Advisors LLC increased its stake in shares of SPDR Gold Shares by 19.3% during the fourth quarter. Outlook Wealth Advisors LLC now owns 2,623 shares of the exchange traded fund’s stock valued at $1,039,000 after buying an additional 424 shares during the period. Finally, Cooper Haims Advisors LLC purchased a new position in shares of SPDR Gold Shares during the fourth quarter valued at approximately $256,000. 42.19% of the stock is owned by institutional investors.
Key Headlines Impacting SPDR Gold Shares
Here are the key news stories impacting SPDR Gold Shares this week:
- Negative Sentiment: Gold dropped sharply after the May CPI report kept inflation concerns alive, pushing yields higher and weakening demand for non-yielding assets like gold. Gold, silver fall as CPI keeps Fed pressure on – Kitco AM Report
- Negative Sentiment: Gold broke below major technical support, including the 200-day moving average, raising the risk of further downside in the near term. Gold (XAU/USD) Price Forecast: Bearish Breakdown Signals Trend Shift Risk
- Negative Sentiment: Traders are increasingly betting that the pain in gold could continue for an extended period as the ETF has slid well off its highs. As gold’s tumble continues, traders bet the pain may last for two more years
- Negative Sentiment: Several market reports say gold remains under pressure ahead of CPI and after the release, with a stronger dollar, rising oil prices, and persistent rate-hike expectations weighing on bullion. Gold and Silver Price Forecast: Metals Face Pressure Before CPI Data
SPDR Gold Shares Stock Down 4.1%
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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