SPDR Gold Shares (NYSEARCA:GLD) Reaches New 1-Year High – Still a Buy?

SPDR Gold Shares (NYSEARCA:GLD)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $253.17 and last traded at $253.08, with a volume of 278003 shares traded. The stock had previously closed at $251.22.

SPDR Gold Shares Stock Performance

The stock’s fifty day moving average is $239.18 and its 200-day moving average is $225.85.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLD. Toronto Dominion Bank lifted its holdings in shares of SPDR Gold Shares by 23.6% during the 1st quarter. Toronto Dominion Bank now owns 5,649,510 shares of the exchange traded fund’s stock valued at $1,162,217,000 after purchasing an additional 1,079,452 shares in the last quarter. International Assets Investment Management LLC lifted its stake in SPDR Gold Shares by 21,571.1% in the third quarter. International Assets Investment Management LLC now owns 3,024,639 shares of the exchange traded fund’s stock valued at $735,169,000 after buying an additional 3,010,682 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of SPDR Gold Shares by 2.6% in the second quarter. Envestnet Asset Management Inc. now owns 1,128,933 shares of the exchange traded fund’s stock valued at $242,732,000 after buying an additional 28,683 shares during the period. Commonwealth Equity Services LLC increased its position in shares of SPDR Gold Shares by 7.5% during the second quarter. Commonwealth Equity Services LLC now owns 1,007,710 shares of the exchange traded fund’s stock worth $216,668,000 after acquiring an additional 70,290 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in shares of SPDR Gold Shares by 6.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 857,981 shares of the exchange traded fund’s stock worth $184,474,000 after acquiring an additional 54,974 shares during the period. 42.19% of the stock is currently owned by institutional investors.

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).