Clifford Swan Investment Counsel LLC Reduces Stake in SPDR Gold Shares $GLD

Clifford Swan Investment Counsel LLC reduced its stake in shares of SPDR Gold Shares (NYSEARCA:GLD) by 2.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 67,082 shares of the exchange traded fund’s stock after selling 1,429 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in SPDR Gold Shares were worth $24,712,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GLD. City Holding Co. increased its stake in SPDR Gold Shares by 41.6% in the 2nd quarter. City Holding Co. now owns 22,914 shares of the exchange traded fund’s stock worth $8,441,000 after buying an additional 6,733 shares during the period. DDFG Inc lifted its holdings in SPDR Gold Shares by 57.5% during the 2nd quarter. DDFG Inc now owns 48,753 shares of the exchange traded fund’s stock valued at $17,959,000 after buying an additional 17,793 shares in the last quarter. Crescent Grove Advisors LLC boosted its position in SPDR Gold Shares by 25.3% in the 4th quarter. Crescent Grove Advisors LLC now owns 15,719 shares of the exchange traded fund’s stock valued at $6,230,000 after buying an additional 3,175 shares during the period. Arcus Capital Partners LLC boosted its position in SPDR Gold Shares by 90.3% in the 1st quarter. Arcus Capital Partners LLC now owns 8,442 shares of the exchange traded fund’s stock valued at $3,633,000 after buying an additional 4,005 shares during the period. Finally, Cidel Asset Management Inc. grew its stake in SPDR Gold Shares by 69.8% in the 1st quarter. Cidel Asset Management Inc. now owns 3,368 shares of the exchange traded fund’s stock worth $1,449,000 after acquiring an additional 1,384 shares in the last quarter. 42.19% of the stock is currently owned by hedge funds and other institutional investors.

SPDR Gold Shares News Summary

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

• Positive Sentiment: Renewed U.S.-Iran tensions and risks surrounding the Strait of Hormuz are supporting safe-haven demand for gold, while higher oil prices could increase inflation concerns and strengthen the longer-term appeal of bullion. U.S. Strikes Raise Hormuz Risks: ETF Areas to Win/Lose
• Positive Sentiment: Julius Baer said the Treasury’s larger bond-buyback program is renewing concerns about U.S. fiscal sustainability and potential dollar debasement, factors that could encourage investors to hold gold through GLD. Treasury’s ramped-up bond buybacks soften the U.S. dollar and boost the gold price
• Neutral Sentiment: Analysts continue to describe gold’s broader trend as structurally bullish because of rising global money supply and government debt, although forecasts for substantially higher prices are longer-term and do not offset immediate volatility. Gold price is going to $20,000
• Negative Sentiment: Fed Chair Kevin Warsh’s hawkish message increased expectations for a rate hike and pushed yields higher. Because GLD holds non-yielding gold, elevated interest rates raise its opportunity cost and are pressuring the fund. Fed’s hawkishness will drive gold price toward $4,200
• Negative Sentiment: Gold ETF inflows have recently reversed after the selloff, suggesting some investors are taking profits. Technical analysts are watching key support levels as the metal tests whether it can stabilize after its recent rally. Gold ETF Inflows Reverse Course

SPDR Gold Shares Stock Performance

Shares of NYSEARCA:GLD opened at $408.42 on Tuesday. The firm has a market cap of $144.21 billion, a PE ratio of -32.43 and a beta of 0.17. The firm’s 50 day simple moving average is $386.36 and its 200-day simple moving average is $415.88. SPDR Gold Shares has a one year low of $314.64 and a one year high of $509.70.

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.