VanEck Merk Gold ETF (NYSEARCA:OUNZ) Sets New 12-Month Low – Should You Sell?

Shares of VanEck Merk Gold ETF (NYSEARCA:OUNZ) hit a new 52-week low during trading on Thursday. The company traded as low as $37.00 and last traded at $37.0940, with a volume of 155,208 shares trading hands. The stock had previously closed at $38.28.

Key Stories Impacting VanEck Merk Gold ETF

Here are a few of the latest stories about OUNZ:

• Positive Sentiment: Central-bank buying remains a potential source of support for gold, with China continuing to add to its reserves. China buys gold for two straight years as central bank demand remains a key pillar of support
• Neutral Sentiment: Short interest in OUNZ rose 79.1% between mid- and late October, but shorted shares represented only about 0.7% of shares outstanding, limiting the significance of the increase.
• Negative Sentiment: Recent coverage reports gold falling below key levels as hotter inflation, rising real yields, a stronger dollar, and increased expectations for Fed rate hikes weigh on bullion. Analysts warn of further downside if gold breaks below support near $3,900. Gold Faces Pressure as Real Yields Climb After October CPI Report

VanEck Merk Gold ETF Stock Down 2.9%

The stock has a 50 day simple moving average of $40.13 and a 200 day simple moving average of $42.98. The company has a market cap of $2.50 billion, a price-to-earnings ratio of 6.97 and a beta of 0.19.

Hedge Funds Weigh In On VanEck Merk Gold ETF

A number of hedge funds have recently bought and sold shares of OUNZ. Morton Capital Management LLC CA grew its position in shares of VanEck Merk Gold ETF by 0.5% during the 3rd quarter. Morton Capital Management LLC CA now owns 3,535,862 shares of the company’s stock valued at $141,081,000 after buying an additional 16,512 shares during the last quarter. Ameritas Advisory Services LLC raised its position in shares of VanEck Merk Gold ETF by 93.9% during the 2nd quarter. Ameritas Advisory Services LLC now owns 486,660 shares of the company’s stock worth $18,780,000 after purchasing an additional 235,673 shares during the period. Pekin Hardy Strauss Inc. raised its position in shares of VanEck Merk Gold ETF by 10.1% during the 3rd quarter. Pekin Hardy Strauss Inc. now owns 294,079 shares of the company’s stock worth $11,734,000 after purchasing an additional 27,000 shares during the period. Solstein Capital LLC raised its position in shares of VanEck Merk Gold ETF by 7.8% during the 2nd quarter. Solstein Capital LLC now owns 280,248 shares of the company’s stock worth $10,815,000 after purchasing an additional 20,294 shares during the period. Finally, Accordant Advisory Group Inc lifted its holdings in shares of VanEck Merk Gold ETF by 2.3% in the 3rd quarter. Accordant Advisory Group Inc now owns 279,054 shares of the company’s stock worth $11,134,000 after purchasing an additional 6,252 shares during the last quarter.

About VanEck Merk Gold ETF

The VanEck Merk Gold Trust (OUNZ) is an exchange-traded fund that is based on the LBMA Gold Price index. The fund tracks the gold spot price, less expenses, using gold bars and coins held in London vaults. Investors can redeem their shares for gold in increments of 1 troy oz. OUNZ was launched on May 16, 2014 and is managed by VanEck.