Red Cedar Investment Management LLC Trims Position in SPDR Gold Shares $GLD

Red Cedar Investment Management LLC lowered its position in shares of SPDR Gold Shares (NYSEARCA:GLD) by 4.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,010 shares of the exchange traded fund’s stock after selling 2,046 shares during the quarter. SPDR Gold Shares makes up approximately 1.9% of Red Cedar Investment Management LLC’s holdings, making the stock its 13th biggest holding. Red Cedar Investment Management LLC’s holdings in SPDR Gold Shares were worth $17,442,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GLD. First Eagle Investment Management LLC increased its stake in SPDR Gold Shares by 2.7% in the third quarter. First Eagle Investment Management LLC now owns 2,531,196 shares of the exchange traded fund’s stock valued at $899,764,000 after purchasing an additional 66,416 shares during the last quarter. Bank of Montreal Can acquired a new stake in SPDR Gold Shares in the 3rd quarter worth about $556,282,000. Ameriprise Financial Inc. grew its holdings in SPDR Gold Shares by 3.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,555,831 shares of the exchange traded fund’s stock valued at $554,139,000 after buying an additional 50,756 shares during the period. Barclays PLC grew its holdings in SPDR Gold Shares by 1.4% in the 3rd quarter. Barclays PLC now owns 1,125,376 shares of the exchange traded fund’s stock valued at $400,037,000 after buying an additional 15,932 shares during the period. Finally, Corient Private Wealth LLC increased its stake in shares of SPDR Gold Shares by 108.1% during the 2nd quarter. Corient Private Wealth LLC now owns 1,077,230 shares of the exchange traded fund’s stock valued at $327,500,000 after acquiring an additional 559,507 shares during the last quarter. 42.19% of the stock is owned by hedge funds and other institutional investors.

SPDR Gold Shares Price Performance

Shares of GLD stock opened at $390.78 on Wednesday. The firm has a market cap of $142.13 billion, a P/E ratio of -32.43 and a beta of 0.14. SPDR Gold Shares has a 1-year low of $299.89 and a 1-year high of $509.70. The firm’s 50-day simple moving average is $424.20 and its 200-day simple moving average is $427.89.

Key SPDR Gold Shares News

Here are the key news stories impacting SPDR Gold Shares this week:

• Neutral Sentiment: China increased its gold reserves in May for a 19th straight month of purchases, underscoring continued official-sector demand for bullion. China increases gold reserves by 9.95 tonnes in May for 19th straight month of purchases
• Neutral Sentiment: Some analysts remain constructive on gold over the long term, arguing that higher inflation could eventually push real rates lower and support a rebound. Rising inflation may push real rates lower, setting the stage for gold’s next rally – WisdomTree’s Shah
• Negative Sentiment: Gold has broken below the 200-day moving average and continues to test support, signaling weakening momentum and higher downside risk for GLD. Gold (XAU/USD) Price Forecast: Bearish Pressure Builds After Breakdown
• Negative Sentiment: Gold weakness is broadening across the precious-metals complex, with platinum and palladium also extending losses. Platinum, palladium extend losses as Bank of America maintains bullish year-end price outlook
• Negative Sentiment: Analysts say Fed rate-hike expectations above 70% are pressuring gold and could keep selling pressure intact into upcoming inflation data. Gold News: Fed Rate Hike Expectations Put Gold Market Under Pressure

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.