ProShares UltraShort Gold (NYSEARCA:GLL) Shares Pass Above 200 Day Moving Average – Here’s Why

ProShares UltraShort Gold (NYSEARCA:GLL)’s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $21.73 and traded as high as $23.67. ProShares UltraShort Gold shares last traded at $23.63, with a volume of 5,811,588 shares trading hands.

ProShares UltraShort Gold Stock Performance

The business has a 50 day moving average of $20.68 and a 200-day moving average of $21.73.

Hedge Funds Weigh In On ProShares UltraShort Gold

A number of institutional investors have recently added to or reduced their stakes in the business. Hamilton Wealth LLC bought a new position in ProShares UltraShort Gold in the 1st quarter worth about $3,795,000. Group One Trading LLC bought a new position in ProShares UltraShort Gold in the 1st quarter worth about $366,000. NewEdge Advisors LLC bought a new position in ProShares UltraShort Gold in the 4th quarter worth about $77,000. Saba Capital Management L.P. bought a new position in ProShares UltraShort Gold in the 4th quarter worth about $9,479,000. Finally, Quadrature Capital Ltd bought a new position in ProShares UltraShort Gold in the 4th quarter worth about $1,516,000.

ProShares UltraShort Gold Company Profile

ProShares UltraShort Gold (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of gold bullion as measured by the United States dollar p.m. fixing price for delivery in London. The Fund will not directly or physically hold the underlying gold, but instead, will seek exposure to gold through the use of financial instruments, whose value is based on the underlying price of gold to pursue their investment objective. The benchmark price of gold will be the United States dollar price of gold bullion as measured by the London afternoon fixing price per troy ounce of unallocated gold bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.