Summit Financial LLC Increases Stock Holdings in SPDR Gold Shares $GLD

Summit Financial LLC increased its holdings in SPDR Gold Shares (NYSEARCA:GLD) by 14.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,384 shares of the exchange traded fund’s stock after purchasing an additional 7,644 shares during the period. Summit Financial LLC’s holdings in SPDR Gold Shares were worth $23,931,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. WPG Advisers LLC purchased a new stake in shares of SPDR Gold Shares in the fourth quarter valued at $25,000. Timmons Wealth Management LLC purchased a new stake in shares of SPDR Gold Shares in the fourth quarter valued at $26,000. Eukles Asset Management purchased a new stake in shares of SPDR Gold Shares in the fourth quarter valued at $27,000. Vestwell Advisors LLC purchased a new stake in shares of SPDR Gold Shares in the third quarter valued at $27,000. Finally, USA Financial Formulas purchased a new stake in shares of SPDR Gold Shares in the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 42.19% of the company’s stock.

Key Stories Impacting SPDR Gold Shares

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

• Positive Sentiment: Gold is showing signs of a rebound after holding major support, suggesting buyers are stepping in after the recent selloff. Gold (XAU/USD) Price Forecast: Failed Breakdown Hints at Rebound
• Positive Sentiment: Safe-haven demand improved as Middle East tensions persisted and U.S.-Iran talk headlines supported a bid for precious metals. Gold and Silver Price Forecast: US-Iran Deal Hopes Lift XAUUSD and XAGUSD
• Positive Sentiment: Gold held key support around $4,000, and analysts said that level may act as a floor as investors cautiously return to the trade. Gold holds key $4,000 support as analysts watch for signs of a bottom
• Neutral Sentiment: The CME plans to offer 24/7 gold trading, which could improve access and liquidity but does not directly change fundamentals. CME to offer 24/7 gold and oil trading
• Neutral Sentiment: Gold remains caught between bargain-hunting support and macro pressure from higher-for-longer rate expectations and stronger U.S. inflation readings. Spot gold at $4,062/oz after U.S. May PPI rises 1.1%, core PPI up 0.4%
• Negative Sentiment: Several reports warn that gold remains under pressure from a stronger dollar, elevated yields, and fears the Fed may keep rates restrictive, which could limit any recovery in GLD. Gold slumps to 6-month low even as inflation fears rise. Here’s why bullion is out of favor

SPDR Gold Shares Stock Up 0.1%

Shares of NYSEARCA:GLD opened at $386.54 on Friday. The company has a market cap of $140.58 billion, a P/E ratio of -32.43 and a beta of 0.14. SPDR Gold Shares has a 52 week low of $299.89 and a 52 week high of $509.70. The business has a fifty day simple moving average of $421.49 and a 200-day simple moving average of $427.68.

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.