| Filed Pursuant To Rule 433 Registration No. 333-209926 September 30, 2016
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George Milling-Stanley
Head of Gold Strategy
Q3’ 2016
Gold as a Strategic Asset
For Public Use.
State street
Global adivisors
Spdr
IBG-21180
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Table of Contents
1.Gold Price
2.Internal Dynamics
3.Gold exposure by Investors
4.Strategic Arguments
5.Gold versus Competing Asset Classes
6.Call to Action
Appendix
Appendix A: Important Disclosures
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IBG-21180
The material contained in this presentation is current as of the presentation date, unless otherwise indicated.
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Gold Price: Recent History 2001 to 2010 3 IBG-20836 Source: Bloomberg Finance, L.P., State Street Global Advisors. As of December 30, 2010. Past performance is not a guarantee of future results. Performance does not reflect charges and expenses associated with any fund or brokerage commissions associated with buying and selling a fund. Performance shown is not meant to represent that of any particular fund. $0
$200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 1/2/2001 1/2/2002 1/2/2003 1/2/2004 1/2/2005 1/2/2006 1/2/2007 1/2/2008 1/2/2009 1/2/2010 Gold Spot $/Oz 12/27/2002 $349.30 12/30/2003 $416.25 12/02/2004 $454.20 12/12/2005 $536.50 5/12/2006 $725.00 11/08/2007 $841.10 3/17/2008 $1,011.25 12/02/2009 $1,212.50 11/09/2010 $1,421.00 4/02/2001 $255.55
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Gold Price: What Happened in 2011
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Source: Bloomberg Finance, L.P., State Street Global Advisors. As of December 31, 2011.
Past performance is not a guarantee of future results.
Performance does not reflect charges and expenses associated with any fund or brokerage commissions associated with buying and selling a fund. Performance shown is not meant to represent that of any particular fund. $1,250$1,350$1,450$1,550$1,650$1,750$1,850$1,950Gold Spot $/Oz1/07/2011 $1,369.542/21/2011 $1,406.454/20/2011 $1,502.0007/26/2011 $1,619.328/10/2011 $1,772.008/22/2011 $1,877.509/06/2011 $1,895.00
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$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
$1,900
3/30/2012
5/30/2012
7/30/2012
9/30/2012
11/30/2012
1/31/2013
3/31/2013
5/31/2013
7/31/2013
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9/30/2013
11/30/2013
1/31/2014
3/31/2014
5/31/2014
7/31/2014
9/30/2014
11/30/2014
1/31/2015
3/31/2015
5/31/2015
7/31/2015
9/30/2015
11/30/2015
1/31/2016
3/31/2016
5/31/2016
7/31/2016
Gold Spot $/Oz
5/30/2012 $1,540.00
10/04/2012 $1,791.75
1/02/2013 $1,693.75
6/28/2013 $1,192.00
3/14/2014 $1,385.00
11/05/2014 $1,142.00
1/22/2015 $1,295.75
7/24/2015 $1,080.80
12/17/2015 $1,049.40
5/03/2016 $1,294.00
Gold Price: What Happened Next?
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Source: Bloomberg Finance, L.P., State Street Global Advisors. As of July 31, 2016.
Past performance is not a guarantee of future results.
Performance does not reflect charges and expenses associated with any fund or brokerage commissions associated with buying and selling a fund. Performance shown is not meant to represent that of any particular fund.
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Internal Dynamics
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IBG-20836
Source: Thomson Reuters GFMS, World Gold Council.
As of June 30, 2016.
-2,000.0
-1,000.0
0.0
1,000.0
2,000.0
3,000.0
4,000.0
5,000.0
6,000.0
2006
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2007
2008
2009
2010
2011
2012
2013
2014
2015
H1’16
Historical Data for Gold Demand
Jewellery
Total bar and coin invest.
ETFs and similar
Technology
Central banks
Tonnes
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Internal Dynamics
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IBG-20836
Official Gold Holdings by Central Banks
Source: IMF IFS, World Gold Council. As of June 30, 2016.
Holdings are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. Ranking Country Tonnes % of reserves Ranking Country Tonnes % of reserves
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United States 8,133.5 76% 21 Kazakhstan 238.2 33% |
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Germany 3,378.2 70 22 Belgium 227.4 38 |
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IMF 2,814.0 — 23 Philippines 196.0 10 |
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Italy 2,451.8 69 24 Venezuela 194.0 64 |
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France 2,435.8 65 25 Algeria 173.6 5 |
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China 1,823.3 2 26 Thailand 152.4 4 |
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Russia 1,498.7 16 27 Singapore 127.4 2 |
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Switzerland 1,040.0 7 28 Sweden 125.7 9 |
9 Japan 765.2 3 29 South Africa 125.2 11
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Netherlands 612.5 63 30 Mexico 121.1 3 |
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India 557.8 6 31 Libya 116.6 6 |
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ECB 504.8 28 32 Greece 112.7 63 |
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Turkey 474.4 17 33 Korea 104.4 1 |
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Taiwan 422.7 4 34 BIS 104.0 — |
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Portugal 382.5 71 35 Romania 103.7 11 |
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Saudi Arabia 322.9 2 36 Poland 102.9 4 |
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United Kingdom 310.3 9 37 Iraq 89.8 7 |
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Lebanon 286.8 24 38 Australia 79.9 7 |
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Spain 281.6 20 39 Kuwait 79.0 10 |
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Austria 280.0 45 40 Indonesia 78.1 3 |
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Internal Dynamics
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IBG-20836
Gold Supply Trends
Source: Thomson Reuters GFMS, World Gold Council. As of June 30, 2016.
(1,000)
0
1,000
2,000
3,000
4,000
5,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1H2016
Mine production
Net producer hedging
Recycled gold
Tonnes
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Global Investors have Little Exposure to Gold
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Size of Global Markets*
Source: BIS, Thomson Reuters GFMS, Hedge Fund Research, Preqin, World Federation of Exchange, World Gold Council.
* Equities = estimates include the global market capitalization of all publicly traded stocks and REITs; Debts & Money Markets = total value of outstanding bonds and money market instruments; Alternative Investments = total open interest on major commodity futures plus above ground stocks of precious metals, assets under management of private equity and hedge funds; Gold = private holdings of gold bullions (central bank holdings of gold and bonds were excluded) . For illustrative purposes only.
Equities
68,628,950,380,000
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Debt & Money Markets 81,482,268,700,000
Alternative Investments 8,140,049,494,567
Gold 1,643,000,000,000
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Equities
Data ending June 30, 2016.
Source: Bloomberg Finance, L.P., State Street Global Advisors.
The correlation coeffcient measures the strength and direction of a linear relationship between two variables. It measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean with 0 being uncorrelated and 1 being perfectly correlated. Gold: LBMA Gold Price PM USD Index.
Fixed Income 0.41 0.41 0.16
0.15 0.42
0.32
-1.00
-0.50
0.00
0.50
1.00
STATE STREET GLOBAL ADIVISORS Bloomberg Barclays US Agg Total Return Value Unhedged USD Barclays EM Local Currency
Government Diversified Index Bloomberg Barclays US
Corporate High Yield Total
Return Index Value Unhedged
Bloomberg Barclays EuroAgg
Total Return Index Value
Unhedged EUR
Bloomberg Barclays Global Agg
Corporate Total Return Index
Value Unhedged USD
Bloomberg Barclays US
Treasury Total Return
Unhedged USD
0.38
0.30
0.17
0.37
0.31
0.05
-1.00
-0.50
0.00
0.50
1.00
S&P GSCI Index
S&P GSCI Energy Index
Brent Crude Oil
S&P GSCI Agriculture Index
S&P GSCI Industrial Metals
Index
S&P GSCI Livestock Index
0.22
0.04
0.27
0.20
0.13 -0.17 -1.00 -0.50 0.00 0.50 1.00
Hong Kong Hang Seng
Index
S&P 500 Index
MSCI Emerging
Markets Index
Straits Times Index
MSCI ACWI Index NIKKEI 225 Index Commodities 10
Gold has Historically had Low Correlation Relative to most Assets in the Long Run IBG-20836
10 Year Correlation
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Gold’s Correlation to Asset Classes has Historically Decreased During Economic Contractions
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Source: Bloomberg Finance, L.P., State Street Global Advisors.
Data as of June 30, 2016.
Expansion and contractions as per the National Bureau of Economic Research (NBER).
The correlation coeffcient measures the strength and direction of a linear relationship between two variables. It measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean with 0 being uncorrelated and 1 being perfectly correlated. Gold: LBMA Gold Price PM USD Index.
Gold’s correlation to other assets during expansions and contractions since 1990
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
0.30
0.40
0.50
Contraction
Jul 1990 to Mar 1991
Expansion
Mar 1991 to Mar 2001
Contraction
March 2001 to Nov 2001
Expansion
Nov 2001 to Dec 2007
Contraction
Dec 2007 to Jun 2009
Expansion
Jun 2009 to current
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S&P GSCI Index
MSCI ACWI Index
S&P 500 Index
MSCI Emerging Markets Index
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Gold’s Historical Volatility
Data as of June 30, 2016.
Source: Bloomberg Finance, L.P., State Street Global Advisors.
Standard deviation is a historical measure of the volatility of returns. If a portfolio has a high standard deviation, its returns have been volatile; a low standard deviation indicates returns have been less volatile. Standard Deviation is normally shown over a time period of 36 months, but the illustrations noted in this material may reflect a shorter time frame. This may not depict a true historical measure, and shouldn’t be relied upon as an accurate assessment of volatility. Gold: LBMA Gold Price PM USD Index. 3mth (%) 6 mth (%) 12 mth (%) 3 Years (%) 5 Years (%) 10 Years (%)
LBMA Gold Price PM USD 17.95
| 17.10 |
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15.16 16.36 18.84 19.30 |
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S&P 500 Index 13.41 16.07 15.92 11.02 12.04 15.54
Straits Times Index STI 19.16 18.61 17.34 12.80 14.07 19.52
Hong Kong Hang Seng Index 18.92 21.19 21.95 18.03 20.55 23.14
MSCI Emerging Markets Index 17.43 18.72 17.86 16.61 19.14 24.13
Nikkei 255 Index 23.40 25.60 23.03 18.33 19.02 21.10
MSCI ACWI Index 15.31 15.12 14.36 11.63 13.71 17.39
Shanghai Shenzhen CSI 300 Index 22.90 30.11 38.03 30.11 28.19 34.82
S&P GSCI Index 23.18 25.10 25.59 21.12 20.20 24.40
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Gold has Historically Provided a Hedge Against Currency Depreciation
Correlation
Data ending June 30, 2016.
Source: Bloomberg Finance, L.P., State Street Global Advisors.
Past performance is not a guarantee of future results.
The correlation coeffcient measures the strength and direction of a linear relationship between two variables. It measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean with 0 being uncorrelated and 1 being perfectly correlated. Gold: LBMA Gold Price PM USD Index.
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0.41
0.35
0.20
-0.41
-0.36
-0.40
-1.00
-0.50
0.00
0.50
1.00
Australian Dollar
Euro
British Pounds
Japanese Yen
Canadian
Swiss Franc
10 year historical correlation of -0.42 versus The Dollar Index
10 year correlation versus other major currencies
$70
$80
$90
$100
$110
$120
$130
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
Gold (LHS)
Dollar Index (RHS)
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The Call to Action
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Gold is building a base at four times the price before level at turn of the century
Investors are either underweight in gold, or they have abandoned gold altogether
We believe this presents an opportunity to start rebuilding strategic allocations
Source: Bloomberg Finance, L.P., State Street Global Advisors. As of July 31, 2016.
1/4/2000 = $281.50 7/31/2016 = $1,342.00
Past performance is not a guarantee of future results.
Performance does not reflect charges and expenses associated with any fund or brokerage commissions associated with buying and selling a fund. Performance shown is not meant to represent that of any particular fund.
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
1/4/2000 $281.50
$1,126.00 is 4x the price in 1/4/2000
Gold Spot $/Oz
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Standardized Performance 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
11/18/2004
NAV 8.93% 6.67% 24.10% 12.34% 3.06% -2.97% 7.53% 9.44%
Market Value 9.03% 7.55% 24.70% 12.59% 2.02% -2.82% 7.52% 9.35%
LBMA Gold Price PM 8.96% 6.77% 24.60% 12.79% 3.47% -2.58% 7.96% 9.88%
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit spdrs.com for most recent month-end performance.
The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. If you trade your shares at another time, your return may differ.
Effective March 20, 2015, the SPDR Gold Trust (GLD) adopted the LBMA Gold Price PM as the reference benchmark price of gold in calculating the Net Asset Value (NAV) of the Trust. Prior to that date, the Trust used the London PM Fix as the reference benchmark price in calculating the NAV.
Gross Expense Ratio: 0.40%
The gross expense ratio is the fund’s total annual operating expenses ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund’s most recent prospectus.
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Appendix A: Important Disclosures
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Gold as a Strategic Asset Definitions
17 IBG-21180 Barclays EM Local Currency Government Diversified Index A benchmark designed to measure the performance of fixed-rate local currency sovereign debt of emerging market countries. The index includes government bonds issued by countries outside the US in local currencies that have a remaining maturity of one year or more. They must be rated B3/B-/B- or higher, be fixed-rate and have certain minimum amounts outstanding, depending on the currency denomination of the bonds. Bloomberg Barclays EuroAgg Total Return Index Value Unhedged EUR The Bloomberg Barclays Euro Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, euro-denominated, fixed rate bond market, including treasuries, government-related, corporate and securitized issues. Inclusion is based on currency denomination of a bond and not country of risk of the issuer. Bloomberg Barclays Global Agg Corporate Total Return Index Value Unhedged USD The Bloomberg Barclays Global Aggregate Index is a measure of global investment grade debt from 24 local currency markets. This multi- currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. Bloomberg Barclays US Agg Total Return Value Unhedged USD The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Bloomberg Barclays US Corporate High Yield Total Return Index Value Unhedged The Bloomberg Barclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded Bloomberg Barclays US Treasury Total Return Unhedged USD The Bloomberg Barclays US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. Brent Crude Spot Price (Used in Macro Sensitivity) Current spot price in current pipeline export quality Brent blend as supplied at Sullom Voe. Contraction Contraction is a phase of the business cycle in which the economy as a whole is in decline. More specifically, contraction occurs after the business cycle peaks but before it becomes a trough. According to most economist, a contraction is said to occur when a country’s real GDP has declined for two or more consecutive quarters. Dollar Index: The USD Index measures the performance of the US dollar against a basket of currencies: the euro (EUR), the yen (JPY), the British pound (GBP), the Canadian dollar (CAD), the Swiss franc (CHF) and the Swedish krona (SEK). Expansion Expansion is the phase of the business cycle when the economy moves from trough to a peak. It is a period when the level of business activity surges and gross domestic product (GDP) expands until it reaches a peak. A period of expansion is also known as an economic recovery Hong Kong Hang Seng Index The Hang Seng Index is a free-float capitalization-weighted index of a selection of companies from the Stock Exchange of Hong Kong. The components of the index are divided into four subindices: Commerce and Industry, Finance, Utilities, and Properties. The index was developed with a base level of 100 as of July 31, 1964. MSCI ACWI Index The MSCI ACWI Index is a free-float weighted equity index. It was developed with a base value of 100 as of December 31 1987. MXWD includes both emerging and developed world
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markets. For developed markets only, please see MXWO.
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Gold as a Strategic Asset Definitions (continued)
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IBG-21180
MSCI Emerging Markets Index
The MSCI Em (Emerging Markets) Index is a free-float weighted equity index that captures large and mid cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Net producer hedging
This measures the impact in the physical market of mining companies’ gold forward sales, loans and options positions. Hedging accelerates the sale of gold, a transaction which releases gold (from existing stocks) to the market. Over time, hedging activity does not generate a net increase in the supply of gold. De-hedging – the process of closing out hedged positions – has the opposite impact and will reduce the amount of gold available to the market in any given quarter.
Nikkei 225
The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. *We are using official divisor for this index
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Rolling Volatility
Rolling volatility is the annualized average return for a period ending with the listed year. Rolling volatility is useful for examining the dispersion of returns for a given security or market index. Volatility can either be measured by using the standard deviation or variance between returns from that same security or market index. Commonly, the higher the volatility, the riskier the security.
S&P 500 Index
Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the 1941-43 base period.
Shanghai Shenzhen CSI 300 Index
The CSI 300 Index is a free-float weighted index that consists of 300 A-share stocks listed on the Shanghai or Shenzhen Stock Exchanges. Index has a base level of 1000 on 12/31/2004.
S&P GSCI Agriculture Index
The S&P GSCI Agriculture Index, a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark for investment performance in the agricultural commodity markets.
S&P Goldman Sachs Commodity Index, or S&P GSCI
A production-weighted index launched in 1992 that tracks the performance of 24 commodity futures contracts. The index, tilts to commodities that are more heavily produced globally, so its weights more heavily to crude oil than, say, to cocoa.
S&P GSCI Energy Index
The S&P GSCI Energy Index, a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark for investment performance in the energy commodity market
S&P GSCI Industrial Metals Index
The S&P GSCI Industrial Metals Index provides investors with a reliable and publicly available benchmark for investment performance in the industrial metals market
S&P GSCI Livestock Index
The S&P GSCI Livestock Index, a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark for investment performance in the livestock
commodity market.
Straits Times Index STI
The Straits Times Index (STI), maintained & calculated by FTSE, is the most globally-recognized benchmark index and market barometer for Singapore. Dating back to 1966, it tracks the performance of the top 30 largest and most liquid companies listed on the Singapore Exchange. *Ticker changed from FSSTI on 10/9/2015. **Also revamped on January 10, 2008, for prices prior to that see STIOLD Index.
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Important Disclosures
19 IBG-21180 For Public Use. Trademarks and service marks referenced herein are the property of their respective owners. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, SSGA. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the MSCI Parties) makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (SPDJI), and has been licensed for use by SSGA. Standard & Poor’s, S&P and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (S&P). Barclays POINT/Global Family of Indices.© 2016 Barclays Inc. Used with permission. All the index performance results referred to are provided exclusively for comparison purposes only. It should not be assumed that they represent the performance of any particular investment. This material has been created for informational purposes only and does not constitute investment advice and it should not be relied on as such. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, or liability for, decisions made based on this material. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.
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Important Disclosures
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IBG-21180
Investing in commodities entails significant risk and is not appropriate for all investors.
Important Information Relating to SPDR Gold Trust:
The SPDR Gold Trust (“GLD®”) has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents GLD has filed with the SEC for more complete information about GLD and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov or by visiting www.spdrgoldshares.com. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus if you request it by calling 1-866-320-4053.
GLD is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and is not subject to regulation under the Commodity Exchange Act of 1936 (the “CEA”). As a result, shareholders of the Trust do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.
GLD shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of GLD shares relates directly to the value of the gold held by GLD (less its expenses), and fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. GLD does not generate any income, and as GLD regularly sells gold to pay for its ongoing expenses, the amount of gold represented by each Share will decline over time.
Investing involves risk, and you could lose money on an investment in GLD. Please see the GLD prospectus for a detailed discussion of the risks of investing in GLD shares. The GLD prospectus is available by clicking here.
SPDR® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and has been sublicensed by S&P Dow Jones Indices LLC (“SPDJI” and together with its affiliates and SPFS, “S&P”) for use by State Street Global Advisors. No financial product offered by State Street Global Advisors, a division of State Street Bank and Trust Company, or its affiliates is sponsored, endorsed, sold or promoted by S&P. S&P makes no representation regarding the advisability of investing in such product(s) nor does S&P have any liability in relation thereto.
For more information: State Street Global Markets, LLC (marketing agent), One Lincoln Street, Boston, MA, 02111; T: 1 866 320 4053 spdrgoldshares.com
STATE STREET
GLOBAL ADIVISORS
Web: www.ssga.com
© 2016 State Street Corporation — All Rights Reserved.
Tracking Code: IBG-21180
Expiration Date: October 31, 2016
Not FDIC Insured No Bank Guarantee May Lose Value
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Thank You!
21 IBG-21180
STATE STREET
GLOBAL ADIVISORS
George Milling-Stanley
Head of Gold Strategy
State Street Global Advisors
SPDR® GOLD TRUST has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any Authorized Participant will arrange to send you the prospectus if you request it by calling toll free at 1-866-320-4053 or contacting State Street Global Markets, LLC, One Lincoln Street, Attn: SPDR® Gold Shares, 30th Floor, Boston, MA 02111.