Rehmann Capital Advisory Group Cuts Stock Position in SPDR Gold Shares $GLD

Rehmann Capital Advisory Group decreased its stake in shares of SPDR Gold Shares (NYSEARCA:GLD) by 27.3% in the second quarter, Holdings Channel reports. The institutional investor owned 21,175 shares of the exchange traded fund’s stock after selling 7,955 shares during the quarter. Rehmann Capital Advisory Group’s holdings in SPDR Gold Shares were worth $7,790,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Corient Private Wealth LLC lifted its holdings in SPDR Gold Shares by 571.3% in the fourth quarter. Corient Private Wealth LLC now owns 3,949,227 shares of the exchange traded fund’s stock valued at $1,565,118,000 after acquiring an additional 3,360,966 shares during the period. Morgan Stanley grew its stake in shares of SPDR Gold Shares by 22.4% during the 4th quarter. Morgan Stanley now owns 13,893,741 shares of the exchange traded fund’s stock valued at $5,506,229,000 after purchasing an additional 2,539,266 shares during the period. Virtu Financial LLC purchased a new stake in shares of SPDR Gold Shares during the 4th quarter valued at about $474,952,000. Marino Management LLC bought a new stake in SPDR Gold Shares during the fourth quarter valued at approximately $438,475,000. Finally, Diamant Asset Management Inc. increased its holdings in SPDR Gold Shares by 42,929.0% during the first quarter. Diamant Asset Management Inc. now owns 697,070 shares of the exchange traded fund’s stock valued at $299,942,000 after buying an additional 695,450 shares during the last quarter. 42.19% of the stock is owned by institutional investors.

SPDR Gold Shares Price Performance

Shares of SPDR Gold Shares stock opened at $408.42 on Tuesday. SPDR Gold Shares has a 1-year low of $314.64 and a 1-year high of $509.70. The company’s fifty day simple moving average is $386.36 and its 200-day simple moving average is $415.88. The stock has a market capitalization of $144.21 billion, a PE ratio of -32.43 and a beta of 0.17.

Key Headlines Impacting SPDR Gold Shares

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 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.