SPDR Gold Shares $GLD Stock: GKV Capital Management Co. Inc. Trims Stake

GKV Capital Management Co. Inc. cut its holdings in SPDR Gold Shares (NYSEARCA:GLD) by 96.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 600 shares of the exchange traded fund’s stock after selling 15,523 shares during the period. GKV Capital Management Co. Inc.’s holdings in SPDR Gold Shares were worth $229,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of GLD. First Eagle Investment Management LLC raised its stake in SPDR Gold Shares by 1.5% during the second quarter. First Eagle Investment Management LLC now owns 2,491,623 shares of the exchange traded fund’s stock worth $917,864,000 after acquiring an additional 35,882 shares during the period. Envestnet Asset Management Inc. lifted its holdings in SPDR Gold Shares by 0.5% in the second quarter. Envestnet Asset Management Inc. now owns 1,169,683 shares of the exchange traded fund’s stock worth $430,888,000 after acquiring an additional 5,793 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in SPDR Gold Shares by 1.8% in the first quarter. PNC Financial Services Group Inc. now owns 707,998 shares of the exchange traded fund’s stock worth $304,644,000 after acquiring an additional 12,415 shares during the last quarter. PPSC Investment Service Corp lifted its holdings in SPDR Gold Shares by 2.2% in the third quarter. PPSC Investment Service Corp now owns 789,050 shares of the exchange traded fund’s stock worth $300,502,000 after acquiring an additional 16,678 shares during the last quarter. Finally, Bank of Korea acquired a new position in SPDR Gold Shares in the second quarter valued at approximately $250,411,831. 42.19% of the stock is owned by institutional investors and hedge funds.

SPDR Gold Shares Stock Down 2.8%

Shares of GLD stock opened at $354.89 on Friday. The business has a 50 day moving average of $382.00 and a two-hundred day moving average of $409.78. SPDR Gold Shares has a 52 week low of $352.91 and a 52 week high of $509.70. The company has a market cap of $129.71 billion, a P/E ratio of -32.43 and a beta of 0.20.

Key Stories Impacting SPDR Gold Shares

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

• Positive Sentiment: Société Générale sees a potential tailwind from index rebalancing in the new year, estimating it could generate about $3.3 billion in gold buying after the recent decline. Article: Gold could see $3.3 billion in buying on index rebalancing
• Positive Sentiment: BlackRock’s investment strategist said gold continues to benefit from key sources of demand and can diversify portfolios, offering a longer-term supportive view despite near-term weakness. Article: BlackRock on gold and silver demand
• Negative Sentiment: Hot U.S. inflation data pushed Treasury and real yields higher and strengthened the dollar, while markets increased bets on Fed rate hikes. Gold slid below $3,900 an ounce, and analysts warned of further downside; the late-session report said the same pressures continued to weigh on bullion. Article: Gold faces pressure as real yields climb Article: Gold and silver slide as yields surge

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.