Axxcess Wealth Management LLC Grows Stake in SPDR Gold Shares $GLD

Axxcess Wealth Management LLC grew its stake in shares of SPDR Gold Shares (NYSEARCA:GLD) by 17.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 47,162 shares of the exchange traded fund’s stock after acquiring an additional 7,076 shares during the period. Axxcess Wealth Management LLC’s holdings in SPDR Gold Shares were worth $18,691,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. WPG Advisers LLC bought a new position in SPDR Gold Shares in the 4th quarter worth about $25,000. Timmons Wealth Management LLC bought a new stake in SPDR Gold Shares during the 4th quarter valued at about $26,000. Chapman Financial Group LLC bought a new stake in SPDR Gold Shares during the 2nd quarter valued at about $26,000. Vestwell Advisors LLC purchased a new position in SPDR Gold Shares in the third quarter worth about $27,000. Finally, Eukles Asset Management purchased a new position in SPDR Gold Shares in the fourth quarter worth about $27,000. 42.19% of the stock is currently owned by institutional investors.

SPDR Gold Shares Stock Performance

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

Key Headlines Impacting SPDR Gold Shares

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 Company 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.