Kaydan Wealth Management Inc. Buys 17,756 Shares of SPDR Gold Shares $GLD

Kaydan Wealth Management Inc. purchased a new position in shares of SPDR Gold Shares (NYSEARCA:GLD) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 17,756 shares of the exchange traded fund’s stock, valued at approximately $6,762,000. SPDR Gold Shares makes up approximately 2.4% of Kaydan Wealth Management Inc.’s holdings, making the stock its 11th largest holding.

A number of other hedge funds also recently made changes to their positions in the business. Toth Financial Advisory Corp grew its stake in shares of SPDR Gold Shares by 182.8% in the 3rd quarter. Toth Financial Advisory Corp now owns 1,021 shares of the exchange traded fund’s stock valued at $389,000 after purchasing an additional 660 shares during the period. Whalen Wealth Management Inc. boosted its stake in SPDR Gold Shares by 46.9% in the 3rd quarter. Whalen Wealth Management Inc. now owns 2,797 shares of the exchange traded fund’s stock valued at $1,065,000 after buying an additional 893 shares in the last quarter. FSA Investment Group LLC acquired a new stake in SPDR Gold Shares in the 3rd quarter valued at $4,351,000. MJT & Associates Financial Advisory Group Inc. grew its position in SPDR Gold Shares by 175.2% in the third quarter. MJT & Associates Financial Advisory Group Inc. now owns 289 shares of the exchange traded fund’s stock valued at $110,000 after acquiring an additional 184 shares during the period. Finally, Elm3 Financial Group LLC acquired a new position in SPDR Gold Shares during the third quarter worth $215,000. Institutional investors and hedge funds own 42.19% of the company’s stock.

Key Headlines Impacting SPDR Gold Shares

Here are the key news stories impacting SPDR Gold Shares this week:

• Positive Sentiment: China’s central bank added 21 tonnes of gold in September, its largest monthly increase in three years and the 23rd consecutive month of purchases. Continued official-sector demand provides a fundamental support for GLD over the longer term. China central bank gold purchases
• Positive Sentiment: Analysts point to central-bank accumulation, portfolio diversification and potential future changes in interest-rate policy as reasons the recent decline could represent a long-term entry opportunity for gold investors. Four bullish reasons for gold
• Neutral Sentiment: Central banks added 39 net tonnes to reserves in August, while industry experts said geopolitical uncertainty and declining confidence in traditional reserve assets could sustain strategic demand for gold. However, these supportive trends are longer-term and may not offset immediate interest-rate headwinds. Central bank gold purchases in August
• Negative Sentiment: The Federal Reserve’s latest communications and meeting minutes kept the possibility of another rate increase alive. Higher Treasury yields and a stronger U.S. dollar raise the opportunity cost of holding non-yielding gold, pushing bullion toward a two-month low and weighing directly on GLD. Gold falls as Fed signals another hike
• Negative Sentiment: Better-than-expected U.S. weekly jobless claims reinforced the view that the economy may withstand restrictive monetary policy, further supporting yields and limiting safe-haven demand. Technical analysts are watching the roughly $4,100 gold-support area; a sustained break could extend the correction. Gold after lower jobless claims

SPDR Gold Shares Stock Performance

Shares of NYSEARCA GLD traded up $2.11 during midday trading on Thursday, reaching $377.99. 5,731,916 shares of the company traded hands, compared to its average volume of 11,683,089. The firm has a market cap of $140.01 billion, a PE ratio of -32.43 and a beta of 0.18. The stock’s 50-day simple moving average is $397.44 and its 200-day simple moving average is $402.03. SPDR Gold Shares has a 12 month low of $360.12 and a 12 month high of $509.70.

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). 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.