Redwood Investment Management LLC Sells 10,185 Shares of SPDR Gold MiniShares Trust $GLDM

Redwood Investment Management LLC reduced its stake in shares of SPDR Gold MiniShares Trust (NYSEARCA:GLDM) by 60.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 6,613 shares of the company’s stock after selling 10,185 shares during the period. Redwood Investment Management LLC’s holdings in SPDR Gold MiniShares Trust were worth $613,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its stake in SPDR Gold MiniShares Trust by 288.4% in the first quarter. PNC Financial Services Group Inc. now owns 268 shares of the company’s stock valued at $25,000 after purchasing an additional 199 shares in the last quarter. Godfrey Financial Associates Inc. acquired a new stake in SPDR Gold MiniShares Trust during the fourth quarter worth about $26,000. HHM Wealth Advisors LLC grew its stake in SPDR Gold MiniShares Trust by 236.7% during the first quarter. HHM Wealth Advisors LLC now owns 303 shares of the company’s stock worth $28,000 after buying an additional 213 shares in the last quarter. Root Financial Partners LLC increased its holdings in SPDR Gold MiniShares Trust by 548.2% in the 4th quarter. Root Financial Partners LLC now owns 363 shares of the company’s stock valued at $31,000 after buying an additional 307 shares during the period. Finally, Networth Advisors LLC bought a new position in SPDR Gold MiniShares Trust in the 4th quarter valued at about $33,000.

More SPDR Gold MiniShares Trust News

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

• Positive Sentiment: Gold strengthened after June JOLTS job openings fell more than expected to 7.36 million. The softer labor-market data may reduce pressure on the Federal Reserve to maintain or raise interest rates, supporting non-yielding assets such as gold. Gold price catching a bid as JOLTS job openings drop to 7.36 million
• Positive Sentiment: Lower oil prices are easing inflation expectations, while some dollar weakness has helped lift gold and improve the outlook for GLDM. Gold moves higher as oil prices drop
• Positive Sentiment: The Bank of Korea began a long-term domestic gold-buying program, adding to broader central-bank demand that analysts view as an important floor for gold near $4,000 an ounce. Bank of Korea starts long-term domestic gold buying program
• Positive Sentiment: Chinese ETF demand, safe-haven buying ahead of the U.S. employment report and continuing geopolitical uncertainty are helping offset pressure from higher yields. Gold firms as Fed uncertainty and China ETF demand offset yield pressure
• Neutral Sentiment: Gold is holding above its 20-day moving average, with resistance near $4,166 and $4,203. A break above those levels could reinforce momentum for GLDM, but failure to break out would leave the metal range-bound. Gold price forecast: Can gold break above $4,203?
• Negative Sentiment: Higher real yields, firm long-term Treasury yields and persistent inflation are raising the opportunity cost of holding gold. Strong economic data could give the Fed more room to keep policy restrictive. Gold can recover despite higher real yields as rate pressures ease
• Negative Sentiment: Friday’s Nonfarm Payrolls report is the next major catalyst. Strong employment data could strengthen the dollar and revive rate-hike expectations, potentially weighing on gold and GLDM. Gold price forecast: Safe-haven demand grows ahead of NFP

SPDR Gold MiniShares Trust Stock Performance

Shares of NYSEARCA:GLDM opened at $80.70 on Wednesday. The firm has a 50 day moving average of $82.42 and a 200-day moving average of $90.88. SPDR Gold MiniShares Trust has a 12 month low of $65.64 and a 12 month high of $109.74.

SPDR Gold MiniShares Trust Company Profile

The SPDR Gold MiniShares Trust (GLDM) is an exchange-traded fund that is based on the LBMA Gold Price index. The fund tracks the gold spot price, less expenses and liabilities, using gold bars held in London vaults. GLDM was launched on Jun 25, 2018 and is issued by State Street.