Redhawk Wealth Advisors Inc. cut its stake in shares of SPDR Gold Shares (NYSEARCA:GLD – Free Report) by 50.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 53,798 shares of the exchange traded fund’s stock after selling 55,714 shares during the period. SPDR Gold Shares comprises about 2.0% of Redhawk Wealth Advisors Inc.’s holdings, making the stock its 8th biggest holding. Redhawk Wealth Advisors Inc.’s holdings in SPDR Gold Shares were worth $19,818,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Corient Private Wealth LLC increased its stake in shares of SPDR Gold Shares by 571.3% during the fourth quarter. Corient Private Wealth LLC now owns 3,949,227 shares of the exchange traded fund’s stock worth $1,565,118,000 after purchasing an additional 3,360,966 shares in the last quarter. Morgan Stanley raised its position in shares of SPDR Gold Shares by 22.4% during the 4th quarter. Morgan Stanley now owns 13,893,741 shares of the exchange traded fund’s stock worth $5,506,229,000 after purchasing an additional 2,539,266 shares during the last quarter. Virtu Financial LLC purchased a new position in SPDR Gold Shares in the 4th quarter valued at about $474,952,000. Marino Management LLC purchased a new position in SPDR Gold Shares in the 4th quarter valued at about $438,475,000. Finally, Diamant Asset Management Inc. boosted its holdings in SPDR Gold Shares by 42,929.0% in the 1st quarter. Diamant Asset Management Inc. now owns 697,070 shares of the exchange traded fund’s stock worth $299,942,000 after buying an additional 695,450 shares during the last quarter. 42.19% of the stock is owned by hedge funds and other institutional investors.
SPDR Gold Shares Trading Up 1.0%
GLD stock opened at $402.54 on Tuesday. SPDR Gold Shares has a 12-month low of $305.19 and a 12-month high of $509.70. The business’s 50-day moving average is $380.88 and its 200 day moving average is $420.90. The stock has a market cap of $142.14 billion, a price-to-earnings ratio of -32.43 and a beta of 0.17.
Key Headlines Impacting SPDR Gold Shares
- Positive Sentiment: Weak U.S. jobs data reduced expectations for further Federal Reserve tightening, pressuring the dollar and Treasury yields while improving the appeal of non-yielding gold. Analysts cited potential upside targets for gold and silver. Gold and Silver Price Forecast: Jobs Shock Boosts Gold, Silver Eyes $65.20
- Positive Sentiment: Lower yields, strong central-bank demand and renewed investor inflows are giving gold ETFs additional momentum, directly supporting the outlook for GLD. Gold ETF Rally Gains Momentum: Will It Sustain?
- Positive Sentiment: Sprott’s Maria Smirnova said gold’s months-long decline was a correction rather than a trend reversal. Rising government debt, large fiscal deficits, central-bank buying and geopolitical fragmentation could reinforce gold’s long-term strategic role. Price correction improved the long-term risk-reward profile for gold and silver
- Positive Sentiment: One fund manager said gold’s nearly $300 breakout rally could lead to further gains, including a possible return toward $5,000 per ounce over the next two years. Gold could reclaim $5,000 an ounce in two years
- Neutral Sentiment: Gold is consolidating above a key 200-day technical average, with traders watching for confirmation that the recent bullish momentum will continue. Gold Price Analysis: Gold Consolidates Above 200-Day EMA
- Negative Sentiment: Upcoming U.S. CPI and PPI reports could drive volatility. Hotter-than-expected inflation may lift yields and the dollar, potentially limiting gold’s rebound, while technical resistance remains a hurdle. Weak Dollar Supports Rebound Ahead of U.S. CPI
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.
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