iShares Gold Trust (NYSEARCA:IAU) Sees Unusually-High Trading Volume – Time to Buy?

iShares Gold Trust (NYSEARCA:IAU) saw strong trading volume on Friday . 26,767,832 shares traded hands during mid-day trading, an increase of 347% from the previous session’s volume of 5,986,495 shares.The stock last traded at $50.73 and had previously closed at $51.06.

iShares Gold Trust Stock Down 0.7 %

The firm has a 50 day moving average price of $49.85 and a 200-day moving average price of $46.68.

Hedge Funds Weigh In On iShares Gold Trust

A number of institutional investors and hedge funds have recently modified their holdings of IAU. Archer Investment Corp increased its stake in iShares Gold Trust by 813.8% in the third quarter. Archer Investment Corp now owns 594 shares of the exchange traded fund’s stock valued at $30,000 after purchasing an additional 529 shares during the last quarter. Global Trust Asset Management LLC raised its stake in iShares Gold Trust by 250.0% during the 2nd 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 in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in iShares Gold Trust in the second quarter valued at $31,000. Opal Wealth Advisors LLC acquired a new position in iShares Gold Trust in the second quarter valued at $34,000. Finally, Pacifica Partners Inc. purchased a new position in shares of iShares Gold Trust during the second quarter worth about $35,000. Institutional investors and hedge funds 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.