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<SEC-DOCUMENT>0000950123-09-064306.txt : 20091119
<SEC-HEADER>0000950123-09-064306.hdr.sgml : 20091119
<ACCEPTANCE-DATETIME>20091119154458
ACCESSION NUMBER:		0000950123-09-064306
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20091119
DATE AS OF CHANGE:		20091119

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPDR GOLD TRUST
		CENTRAL INDEX KEY:			0001222333
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				522369757
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-158105
		FILM NUMBER:		091195845

	BUSINESS ADDRESS:	
		STREET 1:		C/O WORLD GOLD TRUST SERVICES LLC
		STREET 2:		424 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		424 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	streetTRACKS GOLD TRUST
		DATE OF NAME CHANGE:	20041008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY GOLD TRUST
		DATE OF NAME CHANGE:	20030310

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPDR GOLD TRUST
		CENTRAL INDEX KEY:			0001222333
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				522369757
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		C/O WORLD GOLD TRUST SERVICES LLC
		STREET 2:		424 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		424 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	streetTRACKS GOLD TRUST
		DATE OF NAME CHANGE:	20041008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY GOLD TRUST
		DATE OF NAME CHANGE:	20030310
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Filed Pursuant To Rule&nbsp;433<BR>
Registration No.&nbsp;333-158105<BR>
November&nbsp;19, 2009</B>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DATE</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11/18/2009</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TIME</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">09:00 - 10:00</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>STATION</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNBC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>LOCATION</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PROGRAM</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Squawk On The Street</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BROADCAST TRANSCRIPT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MARK HAINES, co-anchor:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All righty (sic), here we go with the opening bells here at the big board, the World Gold Counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ERIN BURNETT, co-anchor:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Oh, does that mean there&#146;s gold bugs running around?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HAINES: Yep. And State Street Global Advisers celebrating the fifth anniversary of the Spider
Gold Trust, ticker GLD. We&#146;ll speak to the World Gold Counsel chairman and managing director of
State Street Global Advisors in a few minutes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">* * *
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(Unrelated Material)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">* * *
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BURNETT: Gold continues to show off its luster, hovering at record high prices of&#151;of well over
$1100 an ounce today, $1150.20 cents. At the same time, investor appetite for gold has been rising
and rising and rising. And thanks to an ETF breakthrough five years ago today, people have been
able to invest in gold who never were before. We&#146;re talking about individual investors. For more
on this, let&#146;s go down to our own Bob Pisani; he&#146;s got two special guests. And they must have
Popeye arms to be able to carry those bars around.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BOB PISANI reporting:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We&#146;re pumping, pumping gold. This is a standard London gold bar. 400 ounces, about 25 pounds,
right? It&#146;s about $450,000. And we&#146;re going to be talking about that. This is the first
commodity ETF at GLD; it was the first gold ETF. It revolutionized commodity investing. Let&#146;s
talk to our guests here. Ian Telfer&#151;he&#146;s chairman of the World Gold Council and chairman of Gold
Corp. as well. And of course here Jim Ross from State Street. When I first did this five years
ago they came down on the floor. The World Gold Council didn&#146;t even want to be interviewed; they
were so concerned about various SEC regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;JIM ROSS (Senior Managing Director, State Street global Advisors): Yes, yes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: You remember Jim was here on that. Ian, things have changed a lot in the last five years,
haven&#146;t they?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;IAN TELFER (Chairman, World Gold Council): That&#146;s correct, yeah. It&#146;s become a huge success.
It&#146;s now got $40&nbsp;billion worth of gold in it. That&#146;s the second largest ETF in the world. And,
yes, we&#146;re
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">very proud of it now.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: It&#146;s not only the second largest ETF in the world; it&#146;s the sixth largest holder of gold
in the world. There is more gold being held in the GLD than China has in its own reserves, than
Switzerland has, Jim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;ROSS: Yes, it is. Now, it&#146;s been a fantastic story for investors who wanted the opportunity
to invest in gold and found it difficult in the physical form, and to be able to securitize it into
100&nbsp;percent physically backed gold bars in a vault in London has been fantastic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: Now, the one thing that I keep getting asked, Ian, by investors all the time is if I buy
the GLD, do I actually buy gold, do I actually hold real gold, and my answer is yes. Can you
explain why? And exactly, where is the gold being held?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;TELFER: Certainly, yes. When you buy the GLD, you do own the gold. The gold is stored in
London in a warehouse with everybody else&#146;s gold. We don&#146;t lend it. We don&#146;t rent it. We&#151;we
keep it there. And it is yours. But you cannot go physically to collect your own gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: That&#146;s right, you can&#146;t take physical delivery. You know, there&#146;s a lot of people who
were saying this GLD, these ETFs and commodity ETFs, they&#146;re great for investors but they&#146;re
contributing to a bubble in commodities, Jim. What do you say when people make that argument?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;ROSS: Well, GLD just to be clear is 8&nbsp;percent of the gold production in the world. So it&#146;s
not really taking that much out of the demand side. It&#146;s a really positive story. It really has
allowed investors to be able to express a view on gold. And historically, that had been a huge
challenge before this product came to market five years ago.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: So Ian, there&#146;s a lot of arguments now that gold&#146;s only going to go up to value. You guys
have been putting out statements to gold business that gold production is actually declining, that
the amount of gold you can get out of the ground is declining. That prices are only going to go up
because demand is going up. Is there something really behind this argument or is this something
just that the gold people are putting out at this point?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;TELFER: No, there is something behind this argument. If you look at the gold production of
the top seven or eight gold producers, more than half of them, their production&#146;s declining now
going forward. It&#146;s tougher to find, and it&#146;s tougher to mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: OK, so here&#146;s the tough question. You&#146;re on Gold Corp. too...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;TELFER: Right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: ...as the chairman of a big gold company, and you&#146;re chairman of the World Gold Council...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;TELFER: Right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: ...if I want to own gold, should I own a gold company or should I own physical gold?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;TELFER: Well, of course, I would say you own both.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: Oh, jeez.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;TELFER: You should own both. Over time, sometimes the metal out performs the shares and other
times the shares out performs the metal. So to have a balanced portfolio with the safeguard of
gold, I would say own both.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: You know, Jim, they often say that gold is not correlated to other assets. Actually, the
lack of correlation was pretty good last year...
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;ROSS: Yeah.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: ...it was one of the very few asset investments&#151;assets that didn&#146;t correlate well to the
rest of the market. Do you feel confident that will&#151;will continue in the near future or will gold
simply go back to being the sort of nothing investment?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;ROSS: Well, I think if you go back and look at historical trends on it, it&#146;s always been a
non-correlated asset to the equity market. And I think that&#146;s&#151;when we talk to investors who want
to&#151;want to place, you know, investment in gold, their thinking is they want something that doesn&#146;t
correlate with the market. There&#146;s no question there will be times when gold will go up; there
will be times when gold will go down. It is still an asset that, you know, has ups and downs in
it. But for the most part, it&#146;s a diversifier in your portfolio and investors are really looking
for diversity and I think you saw that play out last year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: Are there going to be other ways, Jim, to invest in commodities? Will we see more
commodity ETFs out there or have we sort of gotten about as creative as we&#146;re going to get?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;ROSS: I think there&#146;s always more creativity in our business, Bob. I think you will see more
over time; I think the challenge is to bring something as pure as GLD is difficult because you
can&#146;t always have everything physically backed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: Ian Telfer, Jim Ross, five years, congratulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;ROSS: Thanks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: Thanks for being with us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;TELFER: Thanks, Bob.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;ROSS: My pleasure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PISANI: And please take this back. This is not easy. All right, Mark and Erin, back to you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;ROSS: Great, thank you very&#151;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BURNETT: You just gave back a gold bar? Are you crazy?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HAINES: $450,000 worth?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BURNETT: Wow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> 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<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Gold Shares, 30th Floor, Boston, MA 02111.
</DIV>


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