Kaydan Wealth Management Inc. Makes New $6.76 Million Investment in SPDR Gold Shares $GLD

Kaydan Wealth Management Inc. purchased a new stake in SPDR Gold Shares (NYSEARCA:GLD) in the third quarter, Holdings Channel.com reports. The firm purchased 17,756 shares of the exchange traded fund’s stock, valued at approximately $6,762,000. SPDR Gold Shares makes up about 2.4% of Kaydan Wealth Management Inc.’s investment portfolio, making the stock its 11th biggest position.

Several other institutional investors and hedge funds have also added to or reduced their stakes in GLD. Private Wealth Management Group LLC acquired a new stake in SPDR Gold Shares in the 1st quarter valued at about $30,000. Parvin Asset Management LLC bought a new stake in shares of SPDR Gold Shares during the first quarter valued at approximately $31,000. Longview Financial Advisors Inc. acquired a new stake in shares of SPDR Gold Shares in the first quarter valued at approximately $35,000. NBH Bank acquired a new stake in shares of SPDR Gold Shares in the second quarter valued at approximately $41,000. Finally, Compass Financial Services Inc raised its position in SPDR Gold Shares by 48.8% in the 4th quarter. Compass Financial Services Inc now owns 122 shares of the exchange traded fund’s stock worth $48,000 after purchasing an additional 40 shares during the last quarter. Institutional investors and hedge funds own 42.19% of the company’s stock.

SPDR Gold Shares News Summary

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

• Positive Sentiment: China’s central bank added 21 tonnes of gold in September, its largest monthly increase in three years and the 23rd consecutive month of purchases. Continued official-sector demand provides a fundamental support for GLD over the longer term. China central bank gold purchases
• Positive Sentiment: Analysts point to central-bank accumulation, portfolio diversification and potential future changes in interest-rate policy as reasons the recent decline could represent a long-term entry opportunity for gold investors. Four bullish reasons for gold
• Neutral Sentiment: Central banks added 39 net tonnes to reserves in August, while industry experts said geopolitical uncertainty and declining confidence in traditional reserve assets could sustain strategic demand for gold. However, these supportive trends are longer-term and may not offset immediate interest-rate headwinds. Central bank gold purchases in August
• Negative Sentiment: The Federal Reserve’s latest communications and meeting minutes kept the possibility of another rate increase alive. Higher Treasury yields and a stronger U.S. dollar raise the opportunity cost of holding non-yielding gold, pushing bullion toward a two-month low and weighing directly on GLD. Gold falls as Fed signals another hike
• Negative Sentiment: Better-than-expected U.S. weekly jobless claims reinforced the view that the economy may withstand restrictive monetary policy, further supporting yields and limiting safe-haven demand. Technical analysts are watching the roughly $4,100 gold-support area; a sustained break could extend the correction. Gold after lower jobless claims

SPDR Gold Shares Stock Up 0.6%

NYSEARCA:GLD traded up $2.11 during trading hours on Thursday, hitting $377.99. 5,731,916 shares of the stock were exchanged, compared to its average volume of 11,683,089. The company’s 50 day moving average is $397.44 and its two-hundred day moving average is $402.03. The company has a market capitalization of $140.01 billion, a P/E ratio of -32.43 and a beta of 0.18. SPDR Gold Shares has a twelve month low of $360.12 and a twelve 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.