SPDR Gold MiniShares Trust (NYSEARCA:GLDM) Sets New 12-Month Low – Time to Sell?

SPDR Gold MiniShares Trust (NYSEARCA:GLDM)’s share price hit a new 52-week low on Thursday. The stock traded as low as $76.20 and last traded at $76.3920, with a volume of 1,612,869 shares. The stock had previously closed at $78.81.

Key SPDR Gold MiniShares Trust News

Investors following GLDM have been watching these news items:

• Positive Sentiment: Ongoing central-bank purchases, including China adding to its gold reserves for a second consecutive year, may provide longer-term support for gold prices. Article: China buys gold for two straight years as central bank demand remains a key pillar
• Negative Sentiment: Hot U.S. inflation has lifted expectations for further Fed rate increases, pushing Treasury and real yields higher and supporting the dollar. These factors weigh on gold, which pays no interest, and analysts warn of further downside if key support breaks. Article: Gold Faces Pressure as Real Yields Climb After October CPI Report
• Negative Sentiment: Gold continued to slide, testing the $3,900-per-ounce level amid rate-hike concerns. The pressure on bullion is the main near-term headwind for GLDM, which is designed to reflect the value of gold holdings. Article: Gold price tests $3,900/oz after U.S. weekly jobless claims rise to 200k

SPDR Gold MiniShares Trust Stock Down 2.9%

The stock’s fifty day simple moving average is $82.64 and its 200-day simple moving average is $88.46.

Institutional Investors Weigh In On SPDR Gold MiniShares Trust

Several institutional investors have recently made changes to their positions in GLDM. Rakuten Investment Management Inc. acquired a new position in SPDR Gold MiniShares Trust in the 3rd quarter valued at $227,567,000. Public Employees Retirement System of Ohio acquired a new stake in shares of SPDR Gold MiniShares Trust during the 2nd quarter worth approximately $157,696,000. WealthNavi Inc. raised its position in SPDR Gold MiniShares Trust by 98.4% during the third quarter. WealthNavi Inc. now owns 3,202,560 shares of the company’s stock valued at $263,186,000 after purchasing an additional 1,588,202 shares in the last quarter. Regents of The University of California bought a new stake in SPDR Gold MiniShares Trust during the first quarter worth $133,351,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in SPDR Gold MiniShares Trust by 6.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 21,444,153 shares of the company’s stock worth $1,762,280,000 after purchasing an additional 1,386,845 shares during the last quarter.

SPDR Gold MiniShares Trust Company Profile

The SPDR Gold MiniShares Trust (GLDM) is an exchange-traded fund that is based on the LBMA Gold Price index. The fund tracks the gold spot price, less expenses and liabilities, using gold bars held in London vaults. GLDM was launched on Jun 25, 2018 and is issued by State Street.