FLP Wealth Management LLC significantly increased its investment in SPDR Gold Shares (NYSEARCA: GLD) during the third quarter of 2023, raising its holdings by an impressive 1,568.2%. This surge is documented in the company’s recent filing with the Securities and Exchange Commission (SEC). Following this acquisition, FLP now owns 13,863 shares of the exchange-traded fund (ETF), having purchased an additional 13,032 shares during the quarter. The increased stake in SPDR Gold Shares represents about 5.7% of FLP Wealth Management’s overall portfolio, making it the firm’s third-largest investment position.
At the close of the most recent quarter on September 30, 2023, FLP Wealth Management’s holdings in SPDR Gold Shares had a market value of approximately $4.93 million. This move reflects a broader trend among institutional investors, as several other firms have also adjusted their positions in the gold-focused ETF. For instance, Chapman Financial Group LLC entered a new investment in SPDR Gold Shares during the second quarter, valued at around $26,000.
In addition, Steigerwald Gordon & Koch Inc. established a new stake valued at approximately $31,000 in the same period. Other notable investments include Traub Capital Management LLC and Kilter Group LLC, each acquiring new positions during the second quarter, valued at about $34,000. Legacy Wealth Management LLC ID also increased its position by 51.1% in the first quarter, now holding 136 shares valued at approximately $39,000.
As of now, institutional investors and hedge funds collectively hold 42.19% of SPDR Gold Shares.
SPDR Gold Shares Stock Performance
On Thursday, SPDR Gold Shares opened at $411.93, having experienced significant price fluctuations over the past year. The ETF reached a fifty-two week low of $239.58 and a high of $413.76. The current fifty-day moving average stands at $383.24, while the two-hundred-day moving average is at $343.89. The fund currently boasts a market capitalization of $149.08 billion, a price-to-earnings ratio of -32.43, and a beta of 0.09.
Understanding SPDR Gold Shares
The SPDR Gold Trust operates as an investment trust, with the primary aim of allowing its shares to reflect the performance of gold bullion prices, minus the trust’s expenses. The trust engages in the business of gold investment, creating and redeeming shares in large blocks known as “Baskets,” each consisting of 100,000 shares. This process occurs continuously and is facilitated through authorized participants, following the delivery or distribution of gold and cash corresponding to the Baskets being created or redeemed.
For those interested in tracking further developments, up-to-date information on institutional holdings and trading activity for SPDR Gold Shares can be found at HoldingsChannel.com.
