iShares Gold Trust (NYSEARCA:IAU) Sets New 52-Week High – Here’s Why

iShares Gold Trust (NYSEARCA:IAU)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $52.07 and last traded at $52.05, with a volume of 162952 shares trading hands. The stock had previously closed at $51.78.

iShares Gold Trust Stock Up 0.6 %

The firm’s fifty day moving average is $49.38 and its 200 day moving average is $46.43.

Institutional Trading of iShares Gold Trust

A number of institutional investors and hedge funds have recently modified their holdings of IAU. Global Trust Asset Management LLC increased its position in shares of iShares Gold Trust by 250.0% during the second quarter. Global Trust Asset Management LLC now owns 700 shares of the exchange traded fund’s stock worth $31,000 after purchasing an additional 500 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of iShares Gold Trust during the second quarter worth $31,000. Opal Wealth Advisors LLC acquired a new stake in shares of iShares Gold Trust in the second quarter valued at about $34,000. Pacifica Partners Inc. purchased a new position in shares of iShares Gold Trust in the second quarter worth about $35,000. Finally, Chris Bulman Inc purchased a new position in shares of iShares Gold Trust in the second quarter worth about $43,000. Hedge funds and other 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.