Grove Bank & Trust Grows Position in iShares Gold Trust $IAU

Grove Bank & Trust raised its stake in shares of iShares Gold Trust (NYSEARCA:IAU) by 6.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,618 shares of the exchange traded fund’s stock after acquiring an additional 10,150 shares during the period. iShares Gold Trust comprises approximately 1.2% of Grove Bank & Trust’s investment portfolio, making the stock its 22nd largest holding. Grove Bank & Trust’s holdings in iShares Gold Trust were worth $11,826,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of IAU. CGN Advisors LLC boosted its holdings in iShares Gold Trust by 3.2% during the second quarter. CGN Advisors LLC now owns 7,360 shares of the exchange traded fund’s stock worth $556,000 after purchasing an additional 231 shares during the last quarter. Howard Financial Services LTD. grew its position in iShares Gold Trust by 31.2% in the 2nd quarter. Howard Financial Services LTD. now owns 6,023 shares of the exchange traded fund’s stock worth $455,000 after purchasing an additional 1,433 shares in the last quarter. Private Client Services LLC increased its stake in iShares Gold Trust by 15.9% in the 2nd quarter. Private Client Services LLC now owns 12,375 shares of the exchange traded fund’s stock valued at $934,000 after buying an additional 1,695 shares during the last quarter. Diesslin Group Inc. increased its stake in iShares Gold Trust by 25.9% in the 2nd quarter. Diesslin Group Inc. now owns 10,904 shares of the exchange traded fund’s stock valued at $823,000 after buying an additional 2,240 shares during the last quarter. Finally, CX Institutional lifted its position in shares of iShares Gold Trust by 87.1% during the 2nd quarter. CX Institutional now owns 10,114 shares of the exchange traded fund’s stock worth $764,000 after buying an additional 4,708 shares in the last quarter. 59.67% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting iShares Gold Trust

Here are the key news stories impacting iShares Gold Trust this week:

• Positive Sentiment: A larger-than-expected decline in June JOLTS job openings to 7.36 million increased expectations that the U.S. labor market is cooling. This could reduce pressure on the Federal Reserve to keep rates higher, supporting non-yielding gold and, by extension, IAU. Gold price catching a bid as JOLTS job openings drop
• Positive Sentiment: A weaker dollar and falling oil prices have helped gold advance. Lower energy prices may ease inflation concerns and Treasury-rate expectations, while dollar weakness makes gold cheaper for overseas buyers. Lower oil and dollar weakness lift gold
• Positive Sentiment: Longer-term demand remains a favorable backdrop. The Bank of Korea has begun a domestic gold-buying program, adding to broader central-bank demand that has helped gold hold near the $4,000-an-ounce support area. China-related ETF demand is also helping offset higher yields. Bank of Korea starts long-term domestic gold buying program
• Positive Sentiment: Safe-haven demand ahead of the U.S. Nonfarm Payrolls report and continuing geopolitical uncertainty are providing additional support. Analysts also view the $4,000 level as an important long-term floor. Safe-haven demand grows ahead of NFP
• Neutral Sentiment: Gold is holding above its 20-day moving average, but technical resistance around $4,166 and $4,203 could limit near-term gains unless prices break higher. Can gold break above $4,203?
• Negative Sentiment: Higher real yields, elevated long-term Treasury yields, a rebounding dollar and stronger manufacturing data continue to raise the opportunity cost of holding gold. A stronger-than-expected payrolls report could revive expectations for higher rates and pressure IAU. Gold can recover despite higher real yields

iShares Gold Trust Stock Up 0.7%

Shares of NYSEARCA IAU opened at $76.69 on Wednesday. iShares Gold Trust has a twelve month low of $62.48 and a twelve month high of $104.40. The stock’s 50 day moving average price is $78.34 and its 200-day moving average price is $86.41. The company has a market capitalization of $63.34 billion, a PE ratio of 5.53 and a beta of 0.18.

About iShares Gold Trust

iShares Gold Trust (the Trust) is to own gold transferred to the Trust in exchange for shares issued by the Trust (Shares). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist of gold held by the Trust’s custodian on behalf of the Trust. The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the Sponsor), which is an indirect subsidiary of BlackRock, Inc The trustee of the Trust is The Bank of New York Mellon (the Trustee) and the custodian of the Trust is JPMorgan Chase Bank N.A., London branch (the Custodian).