Fifth Third Bancorp Reduces Position in SPDR Gold Shares $GLD

Fifth Third Bancorp reduced its position in SPDR Gold Shares (NYSEARCA:GLD) by 4.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 286,290 shares of the exchange traded fund’s stock after selling 12,207 shares during the quarter. Fifth Third Bancorp’s holdings in SPDR Gold Shares were worth $105,464,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Prepared Retirement Institute LLC boosted its holdings in SPDR Gold Shares by 1.6% during the 4th quarter. Prepared Retirement Institute LLC now owns 1,328 shares of the exchange traded fund’s stock valued at $526,000 after acquiring an additional 21 shares during the period. Hughes Financial Services LLC increased its stake in SPDR Gold Shares by 3.4% in the fourth quarter. Hughes Financial Services LLC now owns 667 shares of the exchange traded fund’s stock worth $264,000 after purchasing an additional 22 shares during the period. Parr Mcknight Wealth Management Group LLC increased its stake in SPDR Gold Shares by 3.3% in the fourth quarter. Parr Mcknight Wealth Management Group LLC now owns 772 shares of the exchange traded fund’s stock worth $306,000 after purchasing an additional 25 shares during the period. Viewpoint Capital Management LLC lifted its position in shares of SPDR Gold Shares by 2.8% during the first quarter. Viewpoint Capital Management LLC now owns 925 shares of the exchange traded fund’s stock worth $398,000 after purchasing an additional 25 shares during the last quarter. Finally, Summer Road LLC lifted its position in shares of SPDR Gold Shares by 11.1% during the first quarter. Summer Road LLC now owns 250 shares of the exchange traded fund’s stock worth $108,000 after purchasing an additional 25 shares during the last quarter. 42.19% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting SPDR Gold Shares

Here are the key news stories impacting SPDR Gold Shares this week:

• Positive Sentiment: Gold climbed back above $4,600 per ounce after the Treasury expanded long-duration bond buybacks. Investors interpreted the move as an effort to contain borrowing costs, pressuring the dollar and supporting non-yielding assets such as gold. Gold Above $4,600 on Weaker Dollar, Debt Fears
• Positive Sentiment: Gold is heading toward a weekly gain of roughly 5%, aided by bond-market jitters, fiscal concerns and dollar weakness. Technical momentum also improved as bullion moved above its 200-day moving average and key resistance levels. Gold rebounds as bond jitters, debt fears and weaker dollar revive bullion demand
• Positive Sentiment: Ray Dalio recommended reducing bond exposure and increasing allocations to gold and Bitcoin, arguing that recent Treasury actions indicate a debt crisis may be approaching. The comments reinforce the safe-haven investment case for GLD. Ray Dalio recommends gold and bitcoin
• Positive Sentiment: Unusually heavy bullish options activity signals increased speculative interest in GLD, with call-option volume about 76% above its average. Traders purchase GLD call options
• Neutral Sentiment: Next week’s July PCE inflation report and Federal Reserve Chair Kevin Warsh’s Jackson Hole speech could drive volatility by changing expectations for interest rates and the dollar. Gold looks to PCE inflation and Jackson Hole
• Negative Sentiment: Stronger-than-expected U.S. economic data, including an August composite PMI of 56.0, could support the dollar and reduce expectations for Federal Reserve easing, creating a potential short-term headwind for gold and GLD. Spot gold holds above $4,585

SPDR Gold Shares Trading Up 2.0%

NYSEARCA GLD opened at $423.36 on Friday. The company’s 50-day moving average price is $382.88 and its 200-day moving average price is $417.49. The stock has a market cap of $149.49 billion, a PE ratio of -32.43 and a beta of 0.17. SPDR Gold Shares has a 12 month low of $306.43 and a 12 month high of $509.70.

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.