iShares Gold Trust (NYSEARCA:IAU) Reaches New 1-Year High – Here’s Why

iShares Gold Trust (NYSEARCA:IAU) hit a new 52-week high during trading on Wednesday . The stock traded as high as $50.68 and last traded at $50.67, with a volume of 89771 shares. The stock had previously closed at $50.28.

iShares Gold Trust Stock Performance

The business has a fifty day moving average of $48.27 and a two-hundred day moving average of $45.84.

Hedge Funds Weigh In On iShares Gold Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IAU. Private Ocean LLC bought a new stake in iShares Gold Trust during the 1st quarter worth approximately $29,000. Global Trust Asset Management LLC lifted its stake in shares of iShares Gold Trust by 250.0% in the second quarter. Global Trust Asset Management LLC now owns 700 shares of the exchange traded fund’s stock worth $31,000 after acquiring an additional 500 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in iShares Gold Trust during the 2nd quarter valued at approximately $31,000. Opal Wealth Advisors LLC bought a new position in iShares Gold Trust during the 2nd quarter worth approximately $34,000. Finally, Pacifica Partners Inc. acquired a new position in shares of iShares Gold Trust in the 2nd quarter worth approximately $35,000. 59.67% of the stock is owned by institutional investors and hedge funds.

iShares Gold Trust Company Profile

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.