iShares Gold Trust (NYSEARCA:IAU) Hits New 52-Week Low – Should You Sell?

iShares Gold Trust (NYSEARCA:IAU) shares reached a new 52-week low during trading on Thursday. The company traded as low as $72.39 and last traded at $72.5740, with a volume of 2,453,904 shares trading hands. The stock had previously closed at $74.87.

More iShares Gold Trust News

Investors following IAU have been watching these news items:

• Positive Sentiment: Some longer-term support remains: China has continued adding to its gold reserves, and Standard Chartered sees potential for gold to recover by year-end despite near-term headwinds. China buys gold for two straight years Standard Chartered gold outlook
• Negative Sentiment: Hot U.S. CPI has lifted real yields and expectations for further Fed tightening; higher yields increase the opportunity cost of holding non-interest-bearing gold. Reports also point to a stronger dollar, adding pressure to bullion. Gold faces pressure as real yields climb Gold falls as dollar surges and rate-hike bets rise
• Negative Sentiment: Gold has slipped below $4,000 an ounce, with market commentary warning of further losses if support near $3,900 gives way. That weakness is weighing directly on IAU. Analysts warn of further gold losses

iShares Gold Trust Trading Down 2.8%

The company has a market capitalization of $57.37 billion, a P/E ratio of 5.53 and a beta of 0.20. The company’s 50 day moving average is $78.52 and its 200-day moving average is $84.09.

Hedge Funds Weigh In On iShares Gold Trust

Several hedge funds and other institutional investors have recently bought and sold shares of IAU. BlackRock Inc. raised its stake in shares of iShares Gold Trust by 1.3% in the second quarter. BlackRock Inc. now owns 8,732,671 shares of the exchange traded fund’s stock worth $659,404,000 after buying an additional 109,246 shares during the period. HighTower Advisors LLC increased its stake in shares of iShares Gold Trust by 0.9% in the third quarter. HighTower Advisors LLC now owns 3,275,859 shares of the exchange traded fund’s stock worth $255,845,000 after purchasing an additional 28,013 shares in the last quarter. Proficio Capital Partners LLC increased its stake in shares of iShares Gold Trust by 5.7% in the second quarter. Proficio Capital Partners LLC now owns 2,191,169 shares of the exchange traded fund’s stock worth $165,455,000 after purchasing an additional 118,328 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of iShares Gold Trust by 8.8% in the second quarter. Bank of New York Mellon Corp now owns 1,840,038 shares of the exchange traded fund’s stock worth $138,941,000 after purchasing an additional 149,558 shares in the last quarter. Finally, AlTi Global Inc. raised its position in shares of iShares Gold Trust by 3.3% during the 3rd quarter. AlTi Global Inc. now owns 1,705,920 shares of the exchange traded fund’s stock valued at $133,232,000 after purchasing an additional 54,474 shares during the period. Institutional investors own 59.67% of the company’s stock.

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).