ProShares Ultra Gold (NYSEARCA:UGL) Hits New 1-Year Low – What’s Next?

ProShares Ultra Gold (NYSEARCA:UGL) hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $38.66 and last traded at $38.8720, with a volume of 939,255 shares traded. The stock had previously closed at $41.46.

Latest ProShares Ultra Gold News

Investors following UGL have been watching these news items:

• Positive Sentiment: Longer-term support may come from central-bank gold buying. China buys gold for two straight years as central bank demand remains a key pillar of support
• Neutral Sentiment: Recent U.S. jobless claims and existing-home sales were weaker than expected, but gold still slid, indicating that rate and yield concerns are currently outweighing potential safe-haven support. Gold price tests $3,900/oz after U.S. weekly jobless claims rise to 200k
• Negative Sentiment: Hot inflation has lifted Treasury yields and expectations for further Federal Reserve rate increases, while a stronger U.S. dollar adds pressure. Higher yields reduce the appeal of non-interest-bearing gold; analysts warn bullion could fall below $3,900, with lower support levels in focus. These headwinds are the main reason UGL is declining. Gold Faces Pressure as Real Yields Climb After October CPI Report

ProShares Ultra Gold Stock Down 5.8%

The business has a fifty day moving average of $46.15 and a 200 day moving average of $55.36.

Hedge Funds Weigh In On ProShares Ultra Gold

A number of institutional investors have recently made changes to their positions in UGL. StoneX Group Inc. bought a new stake in shares of ProShares Ultra Gold in the third quarter worth $551,000. MGO One Seven LLC boosted its stake in ProShares Ultra Gold by 6.6% during the 3rd quarter. MGO One Seven LLC now owns 10,654 shares of the company’s stock valued at $487,000 after acquiring an additional 658 shares during the last quarter. Partners Wealth Management LLC bought a new position in ProShares Ultra Gold during the 3rd quarter valued at $1,602,000. Dedeker Financial LLC acquired a new position in ProShares Ultra Gold during the 3rd quarter worth $1,459,000. Finally, TB Alternative Assets Ltd. grew its holdings in ProShares Ultra Gold by 69.3% during the 3rd quarter. TB Alternative Assets Ltd. now owns 482,176 shares of the company’s stock worth $22,050,000 after acquiring an additional 197,440 shares in the last quarter.

ProShares Ultra Gold Company Profile

ProShares Ultra Gold (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance. The Fund generally invests in financial instruments as a substitute for investing directly in a commodity or currency in order to gain exposure to the commodity index, commodity or currency. The Funds may purchase United States Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less.