Wingate Wealth Advisors Reduces SPDR Gold Shares Holdings by 4.8%

Wingate Wealth Advisors Inc. has reduced its stake in SPDR Gold Shares (NYSEARCA: GLD) by 4.8% during the second quarter of 2023. According to the firm’s recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), Wingate now holds 3,876 shares of the exchange-traded fund (ETF) after selling 194 shares during this period. The value of Wingate’s holdings in SPDR Gold Shares is approximately $1,182,000.

In addition to Wingate’s adjustments, several other institutional investors have also modified their investments in SPDR Gold Shares. Notably, MJT & Associates Financial Advisory Group Inc. entered a new position in the ETF during the first quarter, investing around $30,000. Similarly, Columbia River Financial Group LLC and Stone House Investment Management LLC each acquired new stakes worth approximately $34,000 during the same period.

Legacy Wealth Management LLC ID significantly increased its position by 51.1%, now owning 136 shares worth $39,000 after purchasing an additional 46 shares last quarter. HWG Holdings LP also made a new investment in SPDR Gold Shares, amounting to about $53,000. Overall, institutional investors and hedge funds collectively own 42.19% of the ETF’s stock.

SPDR Gold Shares Performance Overview

As of the latest trading session on Friday, SPDR Gold Shares opened at $388.99. The ETF has experienced a twelve-month low of $236.13 and a high of $397.28. With a market capitalization of $138.95 billion, the ETF currently reports a negative price-to-earnings (PE) ratio of -32.43 and a beta of 0.15, indicating low volatility compared to the broader market.

The 50-day simple moving average stands at $338.26, while the 200-day simple moving average is at $316.27. SPDR Gold Trust, the entity behind SPDR Gold Shares, aims for its shares to reflect the performance of gold bullion prices, adjusted for the Trust’s expenses. The Trust is also responsible for creating and redeeming shares as needed, typically in blocks known as “Baskets,” each comprising 100,000 shares.

The activity surrounding SPDR Gold Shares highlights ongoing investor interest in gold as a stable asset amidst varying market conditions. As global economic uncertainties persist, interest in such investments appears to be on the rise, reflecting a strategic move by institutions to safeguard their portfolios.

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