SPDR Gold MiniShares Trust (NYSEARCA:GLDM) Sets New 12-Month Low – Time to Sell?

SPDR Gold MiniShares Trust (NYSEARCA:GLDM) reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $76.20 and last traded at $76.3920, with a volume of 1,612,869 shares. The stock had previously closed at $78.81.

Key Stories Impacting SPDR Gold MiniShares Trust

These are some of the GLDM stories that stood out recently:

• Positive Sentiment: Standard Chartered expects gold to recover and reach $4,650 by year-end, citing a constructive outlook despite near-term inflation and rate concerns. Article: Gold prices find solid support at $4,000 as Standard Chartered sees rally to $4,650 by year-end
• Positive Sentiment: Ongoing central-bank purchases, including China adding to its gold reserves for a second consecutive year, may provide longer-term support for gold prices. Article: China buys gold for two straight years as central bank demand remains a key pillar
• Negative Sentiment: Gold continued to slide, testing the $3,900-per-ounce level amid rate-hike concerns. The pressure on bullion is the main near-term headwind for GLDM, which is designed to reflect the value of gold holdings. Article: Gold price tests $3,900/oz after U.S. weekly jobless claims rise to 200k

SPDR Gold MiniShares Trust Stock Down 2.9%

The stock’s 50 day moving average is $82.64 and its 200 day moving average is $88.46.

Hedge Funds Weigh In On SPDR Gold MiniShares Trust

Several institutional investors and hedge funds have recently made changes to their positions in GLDM. Sumitomo Mitsui Trust Group Inc. boosted its stake in SPDR Gold MiniShares Trust by 6.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 21,444,153 shares of the company’s stock valued at $1,762,280,000 after purchasing an additional 1,386,845 shares during the period. Resona Asset Management Co. Ltd. increased its position in SPDR Gold MiniShares Trust by 5.3% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 3,905,600 shares of the company’s stock worth $322,759,000 after buying an additional 196,900 shares during the period. WealthNavi Inc. increased its position in SPDR Gold MiniShares Trust by 98.4% during the 3rd quarter. WealthNavi Inc. now owns 3,202,560 shares of the company’s stock worth $263,186,000 after buying an additional 1,588,202 shares during the period. Rakuten Investment Management Inc. acquired a new stake in shares of SPDR Gold MiniShares Trust during the third quarter worth $227,567,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of SPDR Gold MiniShares Trust during the second quarter worth $157,696,000.

About SPDR Gold MiniShares Trust

The SPDR Gold MiniShares Trust (GLDM) is an exchange-traded fund that is based on the LBMA Gold Price index. The fund tracks the gold spot price, less expenses and liabilities, using gold bars held in London vaults. GLDM was launched on Jun 25, 2018 and is issued by State Street.