Van Eck Merk Gold Trust (NYSEARCA:OUNZ) Sets New 52-Week High – Still a Buy?

Van Eck Merk Gold Trust (NYSEARCA:OUNZ) hit a new 52-week high during trading on Tuesday . The stock traded as high as $26.60 and last traded at $26.56, with a volume of 25719 shares. The stock had previously closed at $26.47.

Van Eck Merk Gold Trust Price Performance

The business’s fifty day moving average price is $25.24 and its 200 day moving average price is $23.73. The stock has a market cap of $1.10 billion, a P/E ratio of 6.97 and a beta of 0.12.

Hedge Funds Weigh In On Van Eck Merk Gold Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers boosted its stake in shares of Van Eck Merk Gold Trust by 103.2% during the second quarter. Cetera Investment Advisers now owns 1,495,062 shares of the company’s stock valued at $33,579,000 after purchasing an additional 759,192 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Van Eck Merk Gold Trust by 112.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 747,171 shares of the company’s stock valued at $16,781,000 after buying an additional 395,364 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Van Eck Merk Gold Trust by 70.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 699,438 shares of the company’s stock worth $15,709,000 after buying an additional 289,147 shares during the period. Strategic Financial Concepts LLC grew its holdings in Van Eck Merk Gold Trust by 1,530.7% during the 2nd quarter. Strategic Financial Concepts LLC now owns 234,898 shares of the company’s stock worth $5,276,000 after acquiring an additional 220,493 shares during the last quarter. Finally, Silver Oak Securities Incorporated increased its position in Van Eck Merk Gold Trust by 50.7% in the 3rd quarter. Silver Oak Securities Incorporated now owns 276,303 shares of the company’s stock valued at $7,076,000 after acquiring an additional 92,918 shares during the period.

About Van Eck Merk Gold Trust

The VanEck Merk Gold Trust (OUNZ) is an exchange-traded fund that is based on the LBMA Gold Price index. The fund tracks the gold spot price, less expenses, using gold bars and coins held in London vaults. Investors can redeem their shares for gold in increments of 1 troy oz. OUNZ was launched on May 16, 2014 and is managed by VanEck.