SPDR Gold Shares (NYSEARCA:GLD) Sets New 12-Month Low – Here’s Why

SPDR Gold Shares (NYSEARCA:GLD) shares hit a new 52-week low on Thursday. The company traded as low as $353.02 and last traded at $353.9790, with a volume of 3,271,560 shares changing hands. The stock had previously closed at $365.17.

Top SPDR Gold Shares Stories

Here are a few of the latest stories about GLD:

• Positive Sentiment: Longer term, continued central-bank gold buying could help support bullion prices, while Standard Chartered has maintained an optimistic year-end outlook. China buys gold as central bank demand remains a key pillar Standard Chartered’s gold outlook
• Negative Sentiment: Hot October CPI and rising real yields have increased rate-hike concerns, pressuring gold; analysts warn prices could test lower support levels. Because GLD tracks gold bullion, continued weakness in the metal is a direct headwind for the fund. Gold faces pressure as real yields climb
• Negative Sentiment: Gold continued to slide amid weak U.S. housing and labor-market data, suggesting rate and inflation concerns are currently outweighing safe-haven support. Spot gold slides after existing-home sales fall

SPDR Gold Shares Trading Down 2.8%

The firm has a market capitalization of $125.05 billion, a PE ratio of -32.43 and a beta of 0.20. The business has a 50 day moving average price of $382.96 and a 200-day moving average price of $410.33.

Institutional Investors Weigh In On SPDR Gold Shares

Institutional investors have recently made changes to their positions in the stock. City Holding Co. increased its position in SPDR Gold Shares by 41.6% during the second 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 in the last quarter. DDFG Inc lifted its position in shares of SPDR Gold Shares by 57.5% in the second quarter. DDFG Inc now owns 48,753 shares of the exchange traded fund’s stock valued at $17,959,000 after acquiring an additional 17,793 shares in the last quarter. Arcus Capital Partners LLC boosted its stake in shares of SPDR Gold Shares by 90.3% during the first quarter. Arcus Capital Partners LLC now owns 8,442 shares of the exchange traded fund’s stock valued at $3,633,000 after acquiring an additional 4,005 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of SPDR Gold Shares by 20.8% during the second quarter. Wellington Management Group LLP now owns 80,567 shares of the exchange traded fund’s stock valued at $29,679,000 after acquiring an additional 13,877 shares during the last quarter. Finally, Lotus Asset Management LLC purchased a new stake in SPDR Gold Shares during the 2nd quarter worth about $638,000. 42.19% of the stock is currently owned by hedge funds and other institutional investors.

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.