Summit Financial LLC Boosts Stake in SPDR Gold Shares $GLD

Summit Financial LLC raised its position in shares of SPDR Gold Shares (NYSEARCA:GLD) by 14.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 60,384 shares of the exchange traded fund’s stock after buying an additional 7,644 shares during the quarter. Summit Financial LLC’s holdings in SPDR Gold Shares were worth $23,931,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Calder Financial LLC purchased a new stake in SPDR Gold Shares during the fourth quarter valued at about $807,000. Empirical Asset Management LLC grew its position in SPDR Gold Shares by 256.7% during the third quarter. Empirical Asset Management LLC now owns 36,404 shares of the exchange traded fund’s stock valued at $12,941,000 after acquiring an additional 26,197 shares during the period. Crescent Grove Advisors LLC grew its position in SPDR Gold Shares by 25.3% during the fourth quarter. Crescent Grove Advisors LLC now owns 15,719 shares of the exchange traded fund’s stock valued at $6,230,000 after acquiring an additional 3,175 shares during the period. Colonial Trust Advisors grew its position in SPDR Gold Shares by 7.6% during the third quarter. Colonial Trust Advisors now owns 19,720 shares of the exchange traded fund’s stock valued at $7,010,000 after acquiring an additional 1,385 shares during the period. Finally, Ervin Investment Management LLC purchased a new stake in SPDR Gold Shares during the fourth quarter valued at about $7,178,000. Hedge funds and other institutional investors own 42.19% of the company’s stock.

More SPDR Gold Shares News

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

• Positive Sentiment: Gold is showing signs of a rebound after holding major support, suggesting buyers are stepping in after the recent selloff. Gold (XAU/USD) Price Forecast: Failed Breakdown Hints at Rebound
• Positive Sentiment: Safe-haven demand improved as Middle East tensions persisted and U.S.-Iran talk headlines supported a bid for precious metals. Gold and Silver Price Forecast: US-Iran Deal Hopes Lift XAUUSD and XAGUSD
• Positive Sentiment: Gold held key support around $4,000, and analysts said that level may act as a floor as investors cautiously return to the trade. Gold holds key $4,000 support as analysts watch for signs of a bottom
• Neutral Sentiment: The CME plans to offer 24/7 gold trading, which could improve access and liquidity but does not directly change fundamentals. CME to offer 24/7 gold and oil trading
• Neutral Sentiment: Gold remains caught between bargain-hunting support and macro pressure from higher-for-longer rate expectations and stronger U.S. inflation readings. Spot gold at $4,062/oz after U.S. May PPI rises 1.1%, core PPI up 0.4%
• Negative Sentiment: Several reports warn that gold remains under pressure from a stronger dollar, elevated yields, and fears the Fed may keep rates restrictive, which could limit any recovery in GLD. Gold slumps to 6-month low even as inflation fears rise. Here’s why bullion is out of favor

SPDR Gold Shares Trading Up 0.1%

GLD stock opened at $386.54 on Friday. SPDR Gold Shares has a 12-month low of $299.89 and a 12-month high of $509.70. The stock has a 50-day moving average price of $421.49 and a two-hundred day moving average price of $427.68. The company has a market cap of $140.58 billion, a PE ratio of -32.43 and a beta of 0.14.

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.