Sheets Smith Wealth Management Has $736,000 Position in iShares Gold Trust $IAU

Sheets Smith Wealth Management lessened its position in iShares Gold Trust (NYSEARCA:IAU) by 38.2% in the second quarter, HoldingsChannel.com reports. The fund owned 9,748 shares of the exchange traded fund’s stock after selling 6,031 shares during the period. Sheets Smith Wealth Management’s holdings in iShares Gold Trust were worth $736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Godfrey Financial Associates Inc. bought a new stake in shares of iShares Gold Trust in the 4th quarter valued at about $25,000. Monetary Solutions Ltd bought a new position in iShares Gold Trust during the fourth quarter worth about $26,000. Merkkuri Wealth Advisors LLC bought a new position in iShares Gold Trust during the first quarter worth about $26,000. Fairway Wealth LLC grew its holdings in iShares Gold Trust by 525.0% during the first quarter. Fairway Wealth LLC now owns 300 shares of the exchange traded fund’s stock worth $26,000 after purchasing an additional 252 shares during the period. Finally, Rossby Financial LCC increased its position in iShares Gold Trust by 75.7% during the fourth quarter. Rossby Financial LCC now owns 325 shares of the exchange traded fund’s stock worth $26,000 after buying an additional 140 shares during the last quarter. Institutional investors own 59.67% of the company’s stock.

Key Stories Impacting iShares Gold Trust

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

• Positive Sentiment: Longer-term demand remains supportive. Analysts cited rising U.S. government debt, potential currency debasement and de-dollarization as reasons investors and foreign central banks may continue favoring gold over alternative assets such as Bitcoin. Some forecasts see additional upside if fiscal concerns persist. Gold’s renewed momentum is sending a warning about America’s $40 trillion debt
• Positive Sentiment: Gold has rebounded roughly 15% since June, and several analysts continue to view the broader trend as bullish while prices remain above important longer-term support. Gold is Glittering This Quarter
• Neutral Sentiment: Markets are awaiting Federal Reserve Chair Kevin Warsh’s Jackson Hole remarks and further rate guidance. A divided Fed could produce significant volatility, with gold traders monitoring support around $4,500-$4,575 and resistance near $4,700-$4,800. Gold is on the radar screen and the Fed is split down the middle
• Negative Sentiment: Near-term selling intensified after Warsh emphasized that inflation remains a greater concern than a slowing labor market, reviving expectations for a possible September rate hike. Higher yields and a firmer U.S. dollar reduce the appeal of non-yielding gold. Gold prices drop 1% as Warsh says inflation is a bigger concern
• Negative Sentiment: Gold fell sharply over several sessions and broke below its 200-day moving average, a potentially bearish technical signal. The latest employment revisions and easing inflation expectations also reduced demand for gold as a defensive hedge. Gold News: Gold Price Breaks 200-Day MA as Warsh Revives September Hike Bets

iShares Gold Trust Stock Down 3.2%

NYSEARCA:IAU opened at $83.82 on Friday. The stock’s 50 day moving average price is $79.09 and its two-hundred day moving average price is $85.36. The firm has a market capitalization of $69.23 billion, a price-to-earnings ratio of 5.53 and a beta of 0.18. iShares Gold Trust has a 12-month low of $64.41 and a 12-month high of $104.40.

About iShares Gold Trust

iShares Gold Trust (the Trust) is to own gold transferred to the Trust in exchange for shares issued by the Trust (Shares). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist of gold held by the Trust’s custodian on behalf of the Trust. The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the Sponsor), which is an indirect subsidiary of BlackRock, Inc The trustee of the Trust is The Bank of New York Mellon (the Trustee) and the custodian of the Trust is JPMorgan Chase Bank N.A., London branch (the Custodian).