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

SPDR Gold Shares (NYSEARCA:GLD) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $270.69 and last traded at $270.52, with a volume of 4149293 shares changing hands. The stock had previously closed at $266.29.

SPDR Gold Shares Stock Performance

The stock’s fifty day moving average is $251.16 and its 200-day moving average is $244.13.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GLD. Proficio Capital Partners LLC boosted its holdings in SPDR Gold Shares by 24,245.2% during the fourth quarter. Proficio Capital Partners LLC now owns 60,753,703 shares of the exchange traded fund’s stock worth $14,710,294,000 after purchasing an additional 60,504,152 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in SPDR Gold Shares by 21,571.1% during the third quarter. International Assets Investment Management LLC now owns 3,024,639 shares of the exchange traded fund’s stock worth $735,169,000 after purchasing an additional 3,010,682 shares during the last quarter. Raymond James Financial Inc. acquired a new position in SPDR Gold Shares during the fourth quarter worth $450,109,000. Leigh Baldwin & CO. LLC acquired a new position in SPDR Gold Shares during the fourth quarter worth $401,829,000. Finally, Ameriprise Financial Inc. boosted its holdings in SPDR Gold Shares by 10.9% during the fourth quarter. Ameriprise Financial Inc. now owns 1,387,693 shares of the exchange traded fund’s stock worth $335,909,000 after purchasing an additional 136,120 shares during the last quarter. Institutional investors and hedge funds own 42.19% of the company’s stock.

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).