Cowa LLC Cuts Holdings in SPDR Gold Shares $GLD

Cowa LLC lessened its stake in SPDR Gold Shares (NYSEARCA:GLD) by 14.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 8,225 shares of the exchange traded fund’s stock after selling 1,378 shares during the quarter. SPDR Gold Shares makes up approximately 1.0% of Cowa LLC’s portfolio, making the stock its 28th biggest position. Cowa LLC’s holdings in SPDR Gold Shares were worth $3,260,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of GLD. WPG Advisers LLC bought a new stake in shares of SPDR Gold Shares in the 4th quarter worth approximately $25,000. Chapman Financial Group LLC bought a new stake in shares of SPDR Gold Shares in the 2nd quarter worth approximately $26,000. Vestwell Advisors LLC bought a new stake in shares of SPDR Gold Shares in the 3rd quarter worth approximately $27,000. Eukles Asset Management bought a new stake in shares of SPDR Gold Shares in the 4th quarter worth approximately $27,000. Finally, USA Financial Formulas bought a new stake in shares of SPDR Gold Shares in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 42.19% of the company’s stock.

SPDR Gold Shares Stock Performance

Shares of GLD opened at $386.32 on Friday. The firm has a market cap of $140.50 billion, a price-to-earnings ratio of -32.43 and a beta of 0.14. SPDR Gold Shares has a fifty-two week low of $299.89 and a fifty-two week high of $509.70. The firm has a 50 day moving average price of $422.52 and a 200-day moving average price of $427.97.

Key Stories Impacting SPDR Gold Shares

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

• Positive Sentiment: Gold found buyers after testing major support, with some analysts saying the market may be forming a bottom near the $4,000 area. Gold (XAU/USD) Price Forecast: Undercut Setup Signals Potential Bottom
• Positive Sentiment: Some strategists argued the longer-term gold bull market is still intact despite the recent drop below key price levels, which could encourage dip buying in GLD. Don’t fear a drop below $4,000, gold’s bull market isnt broken – Thorsten Polleit
• Neutral Sentiment: Gold and GLD remain under pressure from higher-for-longer interest rate expectations, a stronger dollar, and elevated bond yields, which have driven the metal to recent six- and seven-month lows. Gold slumps to 6-month low even as inflation fears rise. Here’s why bullion is out of favor
• Neutral Sentiment: Mixed macro signals are keeping the ETF volatile: hotter-than-expected PPI and CPI readings are bearish for gold, while safe-haven demand from geopolitical tensions and talk of a potential bottom are offering some support. Update: Gold Rises on a Restart of Iranian Talks; U.S. Wholesale Inflation Rose More Than Expected in May
• Negative Sentiment: Several market reports warned that the recent decline may not be over, with GLD breaking key technical support and some traders betting the pain could last longer if rates stay elevated. As gold’s tumble continues, traders bet the pain may last for two more years

About SPDR Gold Shares

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.