CrossGen Wealth LLC Invests $1.67 Million in SPDR Gold Shares $GLD

CrossGen Wealth LLC acquired a new position in shares of SPDR Gold Shares (NYSEARCA:GLD) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 4,208 shares of the exchange traded fund’s stock, valued at approximately $1,668,000. SPDR Gold Shares makes up 1.5% of CrossGen Wealth LLC’s portfolio, making the stock its 25th largest holding.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Morgan Stanley grew its stake in shares of SPDR Gold Shares by 22.4% in the fourth 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 in the last quarter. First Eagle Investment Management LLC raised its stake in shares of SPDR Gold Shares by 2.7% during the third quarter. First Eagle Investment Management LLC now owns 2,531,196 shares of the exchange traded fund’s stock valued at $899,764,000 after purchasing an additional 66,416 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of SPDR Gold Shares during the third quarter valued at about $556,282,000. Ameriprise Financial Inc. lifted its holdings in SPDR Gold Shares by 3.4% in the third quarter. Ameriprise Financial Inc. now owns 1,555,831 shares of the exchange traded fund’s stock worth $554,139,000 after purchasing an additional 50,756 shares during the period. Finally, Barclays PLC lifted its holdings in SPDR Gold Shares by 1.4% in the third quarter. Barclays PLC now owns 1,125,376 shares of the exchange traded fund’s stock worth $400,037,000 after purchasing an additional 15,932 shares during the period. 42.19% of the stock is owned by institutional investors.

SPDR Gold Shares Stock Down 0.4%

Shares of GLD opened at $387.12 on Friday. The firm has a market capitalization of $140.80 billion, a PE ratio of -32.43 and a beta of 0.14. The firm has a 50-day moving average price of $418.52 and a 200 day moving average price of $428.27. SPDR Gold Shares has a 52-week low of $299.89 and a 52-week high of $509.70.

Key SPDR Gold Shares News

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

• Negative Sentiment: Gold prices are retreating as the dollar tests yearly highs and traders reprice the Fed’s “higher-for-longer” message after the policy meeting. Gold, silver sink as dollar tests yearly highs following hawkish Fed – Kitco PM Report
• Negative Sentiment: Gold is also being pressured by stronger U.S. data, including a rebound in the Philly Fed survey and solid labor-market readings, which reduce expectations for near-term easing. Gold prices remain under pressure as Philly Fed Survey rebounds to 10.3 in June
• Neutral Sentiment: Some analysts say gold ETFs still deserve a place in long-term portfolios because of central-bank buying and diversification benefits, which may help limit downside over time. Why Gold ETFs Still Deserve a Place in Long-Term Portfolios
• Neutral Sentiment: Broader geopolitical uncertainty and central-bank reserve accumulation continue to provide a long-term backdrop of support, even as short-term pricing weakens. Central banks are bringing gold reserves home as geopolitical risks rise
• Negative Sentiment: Technical analysts warn that gold has broken lower from recent resistance and may be heading toward key support zones, suggesting more near-term downside for GLD if the selling continues. Gold (XAU/USD) Price Forecast: Can Bulls Defend Fibonacci Support?

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.