SPDR Gold Shares (NYSEARCA:GLD – Get Free Report) was the target of a large increase in short interest in October. As of October 15th, there was short interest totaling 15,390,586 shares, an increase of 71.8% from the September 30th total of 8,957,421 shares. Currently, 4.1% of the company’s stock are short sold. Based on an average trading volume of 7,389,767 shares, the days-to-cover ratio is presently 2.1 days.
SPDR Gold Shares Trading Up 1.6%
Shares of GLD opened at $361.65 on Tuesday. The company has a 50-day moving average of $389.34 and a two-hundred day moving average of $412.67. The stock has a market cap of $132.33 billion, a P/E ratio of -32.43 and a beta of 0.18. SPDR Gold Shares has a 12-month low of $354.67 and a 12-month high of $509.70.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of Korea acquired a new stake in SPDR Gold Shares in the second quarter valued at $250,411,831. CI Investments Inc. raised its stake in shares of SPDR Gold Shares by 96.7% in the 1st quarter. CI Investments Inc. now owns 282,364 shares of the exchange traded fund’s stock valued at $121,498,000 after purchasing an additional 138,846 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of SPDR Gold Shares by 83.0% during the first quarter. Fifth Third Bancorp now owns 298,497 shares of the exchange traded fund’s stock worth $128,440,000 after purchasing an additional 135,373 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of SPDR Gold Shares during the first quarter worth about $46,816,000. Finally, International Assets Investment Management LLC grew its stake in SPDR Gold Shares by 1,034.0% in the third quarter. International Assets Investment Management LLC now owns 115,000 shares of the exchange traded fund’s stock worth $43,797,000 after purchasing an additional 104,859 shares in the last quarter. Hedge funds and other institutional investors own 42.19% of the company’s stock.
SPDR Gold Shares News Roundup
Here are the key news stories impacting SPDR Gold Shares this week:
- Positive Sentiment: Gold rebounded more than 2% as plunging oil prices reduced inflation concerns and weakened expectations for additional Federal Reserve rate hikes. Lower rates and yields generally support gold and GLD. Gold News: XAUUSD Rebounds as Oil Plunge Pressures Fed Hike Expectations
- Positive Sentiment: Bargain hunters returned after gold suffered its worst October since 2008, helping the metal test resistance near $3,978. Improved investor sentiment also supported early Asian trading. Gold and Silver Price Forecast
- Neutral Sentiment: Lower real yields provided some support, but investors are awaiting key U.S. employment data for clues about the Federal Reserve’s rate path. Gold: Lower Real Yields Offer Support Before the Employment Test
- Neutral Sentiment: GLD’s October short-interest report may influence trading sentiment, although the supplied report does not provide specific changes in short positions. SPDR Gold Shares Stock Short Interest Report
- Negative Sentiment: Expectations for tighter U.S. monetary policy remain a headwind for gold, which was still below the psychologically important $4,000 level. Gold Rises, But Expectations of Tighter U.S. Monetary Policy Weigh
- Negative Sentiment: A valuation analysis argues that gold remains about 22% overvalued despite falling 31% from its peak, suggesting further downside risk if momentum stays negative. Gold Price Outlook
- Negative Sentiment: GLD experienced a $1.8 billion outflow in October, its weakest monthly flow since June, indicating reduced investor demand for the fund. GLD Suffers $1.8 Billion October Outflow
About SPDR Gold Shares
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.
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