-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MA6UTN0kvyd/eK6acc694/QWUyDgguT44IsUZ4hXfcxNaLpM4UE5jXTuM4DnfnCq
 in1h4e4Tgltg81uT8B9UYQ==

<SEC-DOCUMENT>0000950123-10-064593.txt : 20100709
<SEC-HEADER>0000950123-10-064593.hdr.sgml : 20100709
<ACCEPTANCE-DATETIME>20100709152239
ACCESSION NUMBER:		0000950123-10-064593
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20100709
DATE AS OF CHANGE:		20100709

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:	333-167132
		FILM NUMBER:		10946267

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>y03678efwp.htm
<DESCRIPTION>FREQUENTLY ASKED QUESTIONS
<TEXT>
<HTML>
<HEAD>
<TITLE>fwp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 70%">Filed Pursuant To Rule&nbsp;433<BR>
Registration No.&nbsp;333-167132<BR>
July&nbsp;9, 2010

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y03678ey0367819.gif" alt="(SPDR GOLD SHARES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Frequently Asked Questions</B>
</DIV>
<DIV style="font-size: 3pt; margin-top: 6pt; width: 100%; border-top: 2px solid #000000">&nbsp;</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><B>INVESTING IN GOLD</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. WHAT ARE THE BENEFITS OF INVESTING IN GOLD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investors buy gold for both tactical and strategic reasons. Positive industry demand and supply
dynamics mean that investors have recently bought gold for price appreciation purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, many investors buy gold for strategic reasons. Chief among these is the role that gold can
play in portfolio diversification. Because the price of gold does not correlate with the price of
mainstream financial assets, it is an effective tool for diversifying one&#146;s portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold also has a history as an effective hedge against inflation and dollar weakness. Gold has also
proved to be a safe-haven in times of geopolitical or financial duress.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. HOW VOLATILE IS THE GOLD PRICE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The gold price has been slightly less volatile than major stock market indices, such as the S&#038;P
500<SUP style="FONT-size: 85%; vertical-align: text-top"><SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> </SUP>Index, and is much less volatile than other commodities. For example, at the end of
2009, the 1-year volatilities of lead, copper, and brent crude oil were 50%, 39% and 50%
respectively. The corresponding volatility of the gold price was only 21%.<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are
good reasons why gold has tended to be less volatile than other commodities. First, the gold market
is deep and liquid, and is supported by the availability of large above-ground stocks. Because gold
is virtually indestructible, nearly all of the gold that has ever been mined still exists. Unlike
base metals or even other precious metals such as silver, much of it is in near-market form.<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result, in the event of a sudden supply-side shock or rapid increase in demand, recycled
gold can, and frequently does, come back onto the market, potentially dampening a possible price
spike.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The second reason rests in the geographical diversity of mine production and gold reserves. These
are much more diverse globally than other commodities, such as oil where production is highly
concentrated in the Middle East. This leaves gold better positioned to avoid the impact of a
regional or country-specific economic or political shock. Contrast this with oil, for example,
where the price will often move aggressively driven by economic or political events in the Middle
East.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. HOW CAN I INVEST IN GOLD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are a whole host of ways for investors to gain access to the gold market. These include: gold
coins and bars, exchange traded funds, futures and options, warrants, allocated and unallocated
gold accounts, gold accumulation plans, gold certificates, gold orientated funds and structural
gold products.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. IS GOLD CORRELATED TO OTHER METALS LIKE SILVER AND COPPER?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold exhibits a positive correlation to some of the other metals, particularly silver. For a 10
year period ending December&nbsp;2009, the correlation coefficient<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP> between gold and silver
was 0.67.<SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP> The correlation to other commodities is weaker, as the correlation
coefficient between a diversified spectrum of commodities (as represented by the S&#038;P GSCI Index)
and gold was 0.26.<SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP> In addition, gold does not correlate with mainstream financial
assets, like stocks and bonds, underpinning its role as a portfolio diversifier.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. WHERE DO YOU GET THE SPOT PRICE FOR GOLD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The spot price for gold is determined by market forces in the 24-hour global over-the-counter (OTC)
market for gold. The OTC market accounts for most global gold trading, and prices quoted reflect
the information available to the market at any given time. The spot price can be found on:
www.thebulliondesk.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The London Bullion Market Association has about 60 full members and numerous associates. The London
Fix, an internationally recognized benchmark of the gold price, is set by five of those member
firms and is based upon actual buy and sell orders for gold in the global OTC market. A good
analogy for the London Fix versus OTC trading would be to consider the London Fixes similar to
opening/closing prices for stocks and to consider the spot price for gold as the continuous market
price throughout the trading day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The COMEX division of the New York Merantile Exchange is a
derivatives exchange that acts as a marketplace to trade futures and options contracts on metals,
including gold. Typically, gold futures contracts trade at a premium to the spot price. Further
discussion can be found in the prospectus.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><i><b>Precise in a world that isn&#146;t<SUP style="FONT-size: 85%; vertical-align: text-top">TM.</SUP></b></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y03678ey0367820.gif" alt="(GOLD LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y03678ey0367821.gif" alt="(SPDR GOLD SHARES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INVESTING IN SPDR</B><SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> <B>GOLD SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following are responses to frequently asked questions concerning the custody of the gold
transferred to the SPDR Gold Trust (&#147;the Trust&#148;). For further information about the custody of the
Trust&#146;s gold, including information about the duties and obligations of the custodian of the
Trust&#146;s gold and certain risks associated with the custody of the Trust&#146;s gold, please refer to the
Trust&#146;s most recent Annual Report on Form 10-K and most recent Prospectus filed with the Securities
and Exchange Commission. For your convenience, the Trust&#146;s website (www.spdrgoldshares.com)
provides links to the Trust&#146;s most recent Annual Report and Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. CAN YOU TAKE PHYSICAL POSSESSION OF THE GOLD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee, Bank of New York, does not deal directly with the public. The trust handles creation
and redemption orders for the shares with Authorized Participants, who deal in blocks of 100,000
shares. An individual investor wishing to exchange shares for physical gold would have to come to
the appropriate arrangements with his or her broker.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. IS THE GOLD INSURED?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian, HSBC Bank (USA), will maintain such insurance for its business, including its
bullion and custody business, as it deems appropriate. The Trustee and the Sponsor, WGTS, may
review this insurance coverage periodically and upon notice, subject to confidentiality
restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian is responsible for the safekeeping of the gold held on behalf of the Trust in
accordance with the terms of the Allocated Bullion Account Agreement and is required to exercise
reasonable care in the performance of its obligations. The Custodian is responsible for loss or
damage suffered by the Trust as a direct result of any negligence, fraud, or willful default in the
performance of its duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian&#146;s liability is only for the market value of the gold held
in the Trust Allocated Account or Trust Unallocated Account, respectively, at the time such
negligence, fraud or willful default is discovered by the Custodian, provided that the Custodian
notifies the Trustee promptly of its discovery.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. WHERE IS THE GOLD HELD? IS IT SAFE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The gold that underlies Gold Shares is held in the form of allocated 400 oz. London Good Delivery
Bars in the London vaults of HSBC Bank USA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Their safekeeping methods have stood the test of time for centuries, as both individuals and
institutions (including many governments) continue to store their gold in the London vaults. We
have tremendous confidence in the Custodian&#146;s efforts to ensure the safety of the Trust&#146;s gold
bullion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. WHAT HAPPENS TO THE GOLD IF THERE IS A TERRORIST ATTACK AND IT IS STOLEN OR DAMAGED?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Though damage or loss as a result of such events is unlikely, should the gold be destroyed or
damaged in a terrorist attack, the Custodian is not liable for any delay in performance or
non-performance of any of its obligations under the Custody Agreements. See &#147;Force Majeure&#148; section
of the prospectus. Should the gold in the Trust Allocated Account or Trust Unallocated Account be
stolen or damaged, the Custodian would only be liable for the market value of the gold held in the
Trust Allocated Account or Trust Unallocated Account if it were determined that such loss or damage
were the result of negligence, fraud or willful default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These are the legal considerations governing the operations of the Custodian. Actual experience in
the aftermath of the terrorist attack that destroyed the World Trade Center in New York was that
there was effectively no disruption to the operations of a custodian whose vault was unavailable
for months, until it was eventually recovered undamaged. That Custodian was able to carry on more
or less normal operations by using gold deposited at other locations, or by borrowing gold in the
market, and did not have to default on a single transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. HOW IS GLD TREATED FROM A TAX STANDPOINT?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The United States Internal Revenue Service (IRS)&nbsp;treats gold as a collectible for long-term capital
gains tax purposes. As such, gains recognized by individuals from the sale of SPDR Gold Shares are
subject to the applicable capital gains rate if held for more than one year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This rule extends to
all gold held by the Trust. Although there are some restrictions applicable to retirement plans
such as IRAs and 401(k)s investing in collectibles, SPDR Gold Shares received a private letter
ruling permitting investment by such retirement plans.
</DIV>




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><i><b>Precise in a world that isn&#146;t<SUP style="FONT-size: 85%; vertical-align: text-top">TM.</SUP></b></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y03678ey0367820.gif" alt="(GOLD LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y03678ey0367821.gif" alt="(SPDR GOLD SHARES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>11. HOW DO I FIND THE INTRA-DAY NAV OF GLD?</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The indicative intra-day NAV of GLD can be found at www.spdrgoldshares.com. The indicative
intra-day value is calculated on the mid point of the bid/offer gold spot price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. HOW OFTEN IS THE TRUST AUDITED, AND DO THE AUDITORS HAVE ACCESS TO THE VAULT TO PHYSICALLY<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COUNT THE GOLD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreements among the Trustee, Bank of New York and the Custodian, HSBC USA, NA allow for the
Trustees to visit and inspect the Trust&#146;s holdings of gold held by the custodian twice a year. In
addition, The Trust&#146;s independent auditors may audit the Gold holdings in the vault as part of
their audit of the Financial Statements of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. WHO IS THE CUSTODIAN OF THE TRUST&#146;S GOLD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HSBC Bank USA, N.A., or the Custodian, serves as the custodian of the Trust&#146;s gold. The Custodian
is a national banking association organized under US federal law. The Custodian is subject to
supervision by the Federal Reserve Bank of New York and the Federal Deposit Insurance Corporation.
The Custodian&#146;s London custodian office is located at 8 Canada Square, London, E14 5HQ, United
Kingdom. In addition to supervision and examination by the US federal banking authorities, The
Custodian&#146;s London custodian operations are subject to supervision by the UK Financial Services
Authority. The Custodian is also a market-maker, clearer and approved weigher under the rules of
the London Bullion Market Association, or the LBMA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The global parent company of the Custodian is HSBC Holdings plc, a public limited company
incorporated in England.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. WHERE IS THE TRUST&#146;S GOLD PHYSICALLY HELD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust&#146;s gold bars are physically stored by the Custodian at its London, England vaults. The
Custodian holds all of the Trust&#146;s gold bars, although the Custodian may temporarily use
subcustodians to hold gold bars received by the Trust in connection with creation orders made by
Authorized Participants pending transfer of the gold bars to the Custodian&#146;s London vault premises.
The Custodian will seek to promptly transport any gold bars held by a subcustodian to the
Custodian&#146;s London vault premises. More information about the subcustodians used by the Custodian
is described below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. HOW IS GOLD TRANSFERRED TO OR WITHDRAWN FROM THE TRUST?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon, as trustee of the Trust, or the Trustee, and the Custodian have
entered into agreements which establish the Trust&#146;s unallocated account and the Trust&#146;s allocated
account. The Trust&#146;s unallocated account is principally used to facilitate the transfer of gold
between Authorized Participants and the Trust in connection with the creation and redemption of
Baskets (a &#147;Basket&#148; equals a block of 100,000 SPDR Gold Shares). The Trust&#146;s Authorized
Participants are the only persons that may place orders to create and redeem Baskets and, in
connection with the creation of Baskets, are solely responsible for the delivery of gold to the
Trust. The Trust never purchases gold in connection with the creation or redemption of Baskets or
for any other reason. All gold transferred in and out of, and held by, the Trust must comply with
the rules, regulations, practices and customs of the LBMA, including &#147;The Good Delivery Rules for
Gold and Silver Bars.&#148; The specifications of a London Good Delivery Bar are discussed below. The
Trust&#146;s unallocated account is also used to facilitate the monthly sales of gold made by the
Trustee to pay the Trust&#146;s expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except when gold is transferred in and out of the Trust or when a small amount of gold remains
credited to the Trust&#146;s unallocated account at the end of a business day (which the Custodian is
directed to limit to no more than 430 ounces), the gold transferred to the Trust is held in the
Trust&#146;s allocated account in bar form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When Baskets are created or redeemed, the Custodian transfers gold in and out of the Trust through
the unallocated accounts it maintains for each Authorized Participant and the unallocated and
allocated gold accounts it maintains for the Trust. After gold has been first credited to an
Authorized Participant&#146;s unallocated account in connection with the creation of a Basket, the
Custodian transfers the credited amount from the Authorized Participant&#146;s unallocated account to
the Trust&#146;s unallocated account. The Custodian then allocates specific bars of gold from
unallocated bars which the Custodian holds, or instructs a subcustodian to allocate specific bars
of gold from unallocated bars held by or for the subcustodian, so that the total of the allocated
gold bars represents the amount of gold credited to the Trust&#146;s unallocated account to the extent
such amount is representable by whole bars. The amount of gold represented by the allocated gold
bars is debited from the Trust&#146;s unallocated account and the allocated gold bars are credited to
and held in the Trust&#146;s allocated account. The process of withdrawing gold from the Trust for a
redemption of a Basket follows the same general procedure as for transferring gold to the Trust for
a creation of a Basket, only in reverse.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian updates its records at the end of each business day (London time) to identify the
specific bars of gold allocated to the Trust and provides the Trustee with regular reports
detailing the gold transfers in and out of the Trust&#146;s unallocated account and the Trust&#146;s
allocated account. The Trust&#146;s website includes a list of the gold bars held in the Trust&#146;s
allocated account. The list identifies each bar by bar number, brand, weight, fineness and fine
weight and is updated once a week.
</DIV>




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><i><b>Precise in a world that isn&#146;t<SUP style="FONT-size: 85%; vertical-align: text-top">TM.</SUP></b></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y03678ey0367820.gif" alt="(GOLD LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y03678ey0367821.gif" alt="(SPDR GOLD SHARES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>16. WHO ARE THE TRUST&#146;S AUTHORIZED PARTICIPANTS AND WHAT IS THEIR FUNCTION?</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Authorized Participants are the only persons that may place orders to create and redeem Baskets;
the Trust does not deal directly with individual investors. Authorized Participants must be (1)
registered broker-dealers or other securities market participants, such as banks and other
financial institutions, which are not required to register as broker-dealers to engage in
securities transactions and (2)&nbsp;Depository Trust Company (DTC)&nbsp;participants. Each Authorized
Participant must establish an unallocated account with the Custodian in order to be able to process
the gold transfers associated with creating and redeeming Baskets. Authorized Participants can
place an order to create or redeem one or more Baskets on every day the NYSE Arca is open for
trading. The Trust issues new Baskets to Authorized Participants in exchange for their delivery of
gold to the Trust upon a creation and transfers gold to Authorized Participants in exchange for
their delivery of Baskets to the Trust upon a redemption. In creating or redeeming Baskets,
Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians
and other securities market participants that wish to create or redeem Baskets. An order for one or
more Baskets may be placed by an Authorized Participant on behalf of multiple clients. A list of
the Trust&#146;s current Authorized Participants may be found in the Annual Report or Prospectus of the
Trust most recently filed with the Securities and Exchange Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>17. WHAT IS AN UNALLOCATED ACCOUNT?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An unallocated account is an account with a bullion dealer, which may also be a bank, to which a
fine weight amount of gold is credited. Transfers to or from an unallocated account are made by
crediting or debiting the number of ounces of gold being deposited or withdrawn. As gold held in an
unallocated account is not segregated from the bullion dealer&#146;s assets, credits to an unallocated
account represent only the bullion dealer&#146;s obligation to deliver gold and do not constitute
ownership of any specific bars of gold. The account holder is entitled to direct the bullion dealer
to deliver an amount of physical gold equal to the amount of gold standing to the credit of the
account holder. When delivering gold, the bullion dealer allocates physical gold from its general
stock to the account holder with a corresponding debit being made to the amount of gold credited to
the unallocated account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust&#146;s unallocated account is only used for the transfer of gold to and from the Trust&#146;s
allocated account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>18. WHAT IS AN ALLOCATED ACCOUNT?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An allocated account is an account with a bullion dealer, which may also be a bank, to which
individually identified gold bars owned by the account holder are credited. The gold bars in an
allocated account are specific to that account and are identified by a list which shows, for each
gold bar, the refiner, assay or fineness, serial number and gross and fine weight. The account
holder has full ownership of the gold bars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust&#146;s allocated account is only used for holding
the allocated gold bars of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>19. WHEN IS GOLD NOT HELD IN THE TRUST&#146;S ALLOCATED ACCOUNT?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the gold owned by the Trust is held in the Trust&#146;s allocated account in bar form, with three
exceptions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gold involved in creation or redemption activity on any given day will pass through
the Trust&#146;s unallocated account before being allocated to the Trust&#146;s allocated account or
transferred to an Authorized Participant&#146;s unallocated account, as the case may be. The quantity of
gold involved in creation or redemption activity on any given day has, over the life of the Trust,
generally been small in comparison with the total gold holdings of the Trust. Additionally,
creation and redemption activity has not taken place every trading day.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Because gold is
allocated or deallocated by the Custodian only in multiples of whole bars (each bar must be between
350 and 430 fine troy ounces), each transfer of gold between the Trust&#146;s allocated account and the
Trust&#146;s unallocated account connected with a creation or redemption of a Basket may result in a
small amount of gold being held in the Trust&#146;s unallocated account after the completion of the
transfer. The Custodian has been instructed to hold no more than 430 ounces of gold in the Trust&#146;s
unallocated account at the close of each business day (London time). 430 ounces is the maximum
weight allowed for a London Good Delivery Bar under the rules of the LBMA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee sells a
small quantity of gold every month in order to pay the Trust&#146;s expenses. In connection with these
sales, the Custodian deallocates gold bars from the Trust&#146;s allocated account sufficient to meet
the monthly expenses and credits this amount to the Trust&#146;s unallocated account. The appropriate
quantity of gold is then sold from the Trust&#146;s unallocated account. Over the life of the Trust, the
amounts of gold involved in these monthly sales have been very small in comparison to the total
holdings of the Trust.</TD>
</TR>
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><i><b>Precise in a world that isn&#146;t<SUP style="FONT-size: 85%; vertical-align: text-top">TM.</SUP></b></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y03678ey0367820.gif" alt="(GOLD LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y03678ey0367821.gif" alt="(SPDR GOLD SHARES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>20. WHAT STANDARDS MUST BE MET BY THE GOLD TRANSFERRED TO THE TRUST?</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All gold represented by a credit to any Authorized Participant&#146;s unallocated account and to the
Trust&#146;s unallocated account and all gold bars held in the Trust&#146;s allocated account with the
Custodian must be of at least a minimum fineness (or purity) of 995 parts per 1,000 (99.5%) and
otherwise conform to the rules, regulations practices and customs of the LBMA, including the
specifications for a London Good Delivery Bar. Typically referred to as 400-ounce bars, a London
Good Delivery Bar must contain between 350 and 430 fine troy ounces of gold, be of good appearance
and be easy to handle and stack. The fine gold content of a gold bar is calculated by multiplying
the gross weight of the bar (expressed in units of 0.025 troy ounces) by the fineness of the bar. A
London Good Delivery Bar must also bear the stamp of one of the melters and assayers who are on the
LBMA approved list. Additional specifications for a London Good Delivery Bar are described in &#147;The
Good Delivery Rules for Gold and Silver Bars&#148; published by the LBMA. For more information about the
LBMA, please see the LBMA&#146;s website at www.lbma.org.uk.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>21. IS THE TRUST&#146;S GOLD EVER TRADED, LEASED OR LOANED?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold held in the Trust&#146;s allocated account in bar form or credited to the Trust&#146;s unallocated
account is the property of the Trust and is not traded, leased or loaned under any circumstances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>22. WHEN DOES THE CUSTODIAN EMPLOY SUBCUSTODIANS FOR THE HOLDING OF THE TRUST&#146;S GOLD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian may employ subcustodians to provide temporary custody and safekeeping of gold bars
until transported to the Custodian&#146;s London vault premises. These subcustodians may in turn select
other subcustodians to perform such temporary custody and safekeeping. The Custodian will seek to
promptly transport gold bars that have been allocated in the vault of a subcustodian to the
Custodian&#146;s London vault. The transport of the gold bars is at the Custodian&#146;s cost and risk. The
subcustodians selected and available for use by the Custodian as of December&nbsp;31, 2009 are: The Bank
of England, Brinks Ltd., Via Mat International and LBMA market-making members that provide bullion
vaulting and clearing services to third parties. The Custodian will notify the Trustee if it
selects any additional subcustodians or stops using any subcustodian it has previously selected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>23. WHAT EFFECT WOULD THE INSOLVENCY OF THE CUSTODIAN HAVE ON THE TRUST&#146;S ALLOCATED ACCOUNT <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND THE TRUST&#146;S UNALLOCATED ACCOUNT?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust has full ownership rights to the specific bars of gold allocated to the Trust&#146;s allocated
account. In the case of the insolvency of the Custodian, a liquidator may seek to freeze access to
the gold held in all of the accounts maintained by the Custodian, including the Trust&#146;s allocated
account. Although the Trust would own the properly allocated gold bars, the Trust could incur
expenses in connection with asserting control over such gold bars and the actions of the liquidator
could delay creations and redemptions of Baskets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold which is transferred to or from the Trust in connection with the creation or redemption of
Baskets will be held for a time in the Trust&#146;s unallocated account and, previously or subsequently,
in the unallocated account of the purchasing or redeeming Authorized Participant. During those
times, the Trust and the Authorized Participant, as the case may be, will have no proprietary
rights to any specific bars of gold held by the Custodian and will each be an unsecured creditor of
the Custodian with respect to the amount of gold held in such unallocated accounts. In the event
the Custodian becomes insolvent, the Custodian&#146;s assets might not be adequate to satisfy a claim by
the Trust or the Authorized Participant for the amount of gold held in their respective unallocated
accounts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>24. WHEN CAN THE TRUSTEE OR THE SPONSOR REMOVE OR REPLACE THE CUSTODIAN OR HIRE ADDITIONAL<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSTODIANS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Trustee determines that maintaining gold with the Custodian is not in the best interests of
the Trust&#146;s shareholders, the Trustee will so advise World Gold Trust Services, LLC, the sponsor of
the Trust, or the Sponsor. The Trustee will then take such reasonable action as the Sponsor may
direct concerning the Custodian. In the absence of such instruction, the Trustee may initiate
action to remove the gold bars from the Custodian or take such other action as the Trustee
determines appropriate to safeguard the interests of the Trust&#146;s shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the Sponsor may direct the Trustee to employ one or more other custodians in addition
to or in replacement of the Custodian. The Trustee, with the Sponsor&#146;s approval, may employ one or
more other custodians selected by the Trustee for the safekeeping of gold and for services in
connection with the deposit and delivery of gold. Before gold bars may be placed with any
additional or successor custodian, the Trustee will determine that the custody agreements and any
related custody arrangements applicable to the additional or successor custodian substantially
satisfy specified requirements set forth in the Trust Indenture.
</DIV>




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><i><b>Precise in a world that isn&#146;t<SUP style="FONT-size: 85%; vertical-align: text-top">TM.</SUP></b></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y03678ey0367820.gif" alt="(GOLD LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<DIV align="left" style="font-size: 10pt; margin-top: 2pt"><IMG src="y03678ey0367821.gif" alt="(SPDR GOLD SHARES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>STATE STREET GLOBAL MARKETS, LLC</B><BR>
State Street Financial Center<BR>
One Lincoln Street<BR>
Boston, MA 02111

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">866.320.4053<BR>
spdrgoldshares.com

</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 10pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Zephyr StyleAdvisor, January-December&nbsp;2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>World Gold Council.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Correlation Coefficient is a measure that determines the degree to which two
variables&#146; movements are associated. A correlation of &#043;1 implies that as one security moves up or
down, the other security will move by an equal amount in lockstep, in the same direction. If the
correlation is 0, the movements of the securities are completely random and have no correlation.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Zephyr StyleAdvisor, SSgA Strategy &#038; Research.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 8pt"><B>FOR PUBLIC USE.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares (the &#147;Shares&#148;) of the SPDR Gold Trust (the &#147;Trust&#148;) trade like stocks, are subject to
investment risk and will fluctuate in market value. The value of the Shares relates directly to the
value of the gold held by the Trust (less Trust expenses) and fluctuations in the price of gold
could materially adversely affect an investment in the Shares. Investors should be aware that there
is no assurance that gold will maintain its long-term value in terms of purchasing power in the
future. The Trust does not generate any income and as the Trust regularly sells gold to pay for its
ongoing expenses, the amount of gold represented by each Share will decline over time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 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 Trust 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 website at www.sec.gov. Alternatively, the Trust or any Authorized Participant
will arrange to send you the prospectus if you request it by calling 866.320.4053 or contacting
State Street Global Markets, LLC, One Lincoln Street, Attn: SPDR Gold Shares, 30th Floor, Boston,
MA 02111.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The prospectus contains material information about the Trust and its Shares which is material
and/or which may be important to you. You should read the entire prospectus, including &#147;Risk
Factors&#148; before making an investment decision about the Shares.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Shareholders of the Trust will not have the protections associated with ownership of shares in an
investment company registered under the Investment Company Act of 1940 or the protections afforded
by the Commodity Exchange Act of 1936. The Trust is not registered as an investment company under
the Investment Company Act of 1940 and is not required to register under such act. Neither the
Sponsor nor the Trustee of the Trust is subject to regulation by the Commodity Futures Trading
Commission. Shareholders will not have the regulatory protections provided to investors in
Commodity Exchange Act regulated instruments or commodity pools.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;SPDR<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP>&#148; is a registered trademark of Standard &#038; Poor&#146;s Financial Services LLC (&#147;S&#038;P&#148;)
and has been licensed for use by State Street Corporation. No financial product offered by State
Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&#038;P or its
affiliates, and S&#038;P and its affiliates make no representation, warranty or condition regarding the
advisability of buying, selling or holding units/ shares in such products. Further limitations that
could affect investor&#146;s rights may be found in the SPDR Gold Shares prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neither diversification nor asset allocation ensure profit or guarantee against loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust is sponsored by World Gold Trust Services, LLC (the &#147;Sponsor&#148;), a wholly-owned subsidiary
of the World Gold Council. State Street Global Markets, LLC (the &#147;Marketing Agent&#148;) is the
marketing agent of the Trust and an affiliate of State Street Global Advisors. For more information: State Street
Global Markets, LLC, One LincoIn Street, Boston, MA, 02111 <b>&#149;</b> 866.320.4053 <b>&#149;</b>
www.spdrgoldsharese.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 8pt"><B>Not FDIC Insured &#151; No Bank Guarantee &#151; May Lose Value</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#169; 2010 State Street Corporation. All Rights Reserved. IBG-1373&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exp. Date: 7/31/2010
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IBG.GLD.FAQ.0710
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"  style="font-size: 6pt"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><i><b>Precise in a world that isn&#146;t<SUP style="FONT-size: 85%; vertical-align: text-top">TM.</SUP></b></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y03678ey0367820.gif" alt="(GOLD LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 8pt">SPDR<SUP style="FONT-size: 85%; vertical-align: text-top"><SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP></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"><SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> </SUP>Gold Shares, 30th Floor, Boston, MA 02111.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>y03678ey0367819.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y03678ey0367819.gif
M1TE&.#EAT`)V`.8``,N\0,N[/]S2?^WHOUU2`(M[`"XI`/;SW\*P'^7=G\:U
M+]/&7PL*`+ZJ#T4]`/KY[_+NSSHS`!<4`)>&`.#7CW1G`,_!3ZZ:`**0`.GB
MKR(>`%%(`-C,;W]Q`&A<`%A86*&1%F1A3:>6$%Y<4K.@!8)Y,7QT-YN,&XE^
M+'!K0FIF1P4%!96((79P/(^#)JV;"PL+"V9?+#T[)GAN&T4^"TU,0H^"&UY<
M1X1X&UM3%CT[,8-Y)C@T%DI$$!$/!55/&RTJ%B(?"S(P)E];/$]*(7YS(5Q3
M"T='1S@U(4E%)DY*+````/___[JE````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````````````"'Y!```````
M+`````#0`G8```?_@`""@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH:*CI*613:BIJJNLK:ZOL+&RL[2UMK>XN;J[O+V^O\#!PL/$Q<;'R,G*R\S-
MSL_0T=+3U-76U]C9VMO<W=[?X.'BX^3EYN?HZ>KK[.WN[_#Q\O/T]?;W^/GZ
M^_S]_O\``PH<2+"@P8,($RI<R+"APX<0(TJ<2+&BQ8L8,VK<R+&CQX\@0XH<
M2;*DR9,H4ZI<R;*ERY<P8\J<2;.FS9LX<^K<R;.GSY]`@PH=2K2HT:-(DRI=
MRK2ITZ=0HTJ=2K6JU:M8LVK=RK6KUZ]@PXH=2[:LV;/_3GP(04(6B1`?_UR@
MG4L7HX@/>%/(*H%WQ(FZ@`,;)+"$@0-5(4*(:/'A[RL0'UJ("#'B12H/2Y94
M$,RY,[T.F3,;Z-"DQ`@0J%*D:.LJ<=O)+9H4,!":P6;/N'.CZ\`@0H<-$C('
M.8):!(@7(TJX8O$!A/,F(FH`R<Q@PVS-NK-K]S:!@88+J#`XR+R"`(@1'TJ@
M&,%ZE0H4S#_8J."C\(8)J"XXL+V]O_]I!?0&7@69.?!##AHLL8(,)HQ@@@DH
ML&)""GR5H`0,2TA@!!$1,+#$84V,A]]_))9XS`7>@<=;:$M$X`$/*WR(PP@I
MJ"""*B0X^,$.^\&`!`'CL8B??AI@8.*12/9R@?\&!H#77007%)'$?H5%L$$$
M2_0PQ`@Q>$```1[,H,(--#!@@`-!MBA##.+Q%R(#(R8IITX!!,"!``(,,,`!
M\%Q@@`;A21`!=(HUX8(06"YQI@1,LBB:`QI$$)RB.IC0!'(WTC:BI'-V"A,"
M=>(Y`!.DEFHJ/!I\UP0&AC5!@@HL$(J:;`0P29NCH?VY`6F$_@5"H15H,*(#
M37IJ+$B@VBE``GJ:ZNRSI;Y#@`&I&+`!*NJYVEPKF.':8BMOM>6"7DT0P`!X
M341`[;'L4A1JL]#&*V^T[70`)2H>7-L$",HU@8)CK6!0`;$&N&BD*R=8ZN^L
M%1"0RJ[M1FQ0G0O@F<'_`!#,J_'&I$KL\7\-U,GL`1R7;#*]YES@@0&3LAAI
M!>A^*?/,,W>`;@$TYUQ`G*CD[',%!:2B,L^I5(SGT4@GK?3222/P\=.W)(LG
M!7H^</+56#-Q3IK>AB8!:5U[2RUA87M]6Q-E.\H?;08<K,JH67,<`-1TLU(Q
MU0-8'??><9N3:-JA%0"XRV0/?N_@+%;`<@1$U^VX,`J$*L#%&?-M^>7E$.BH
M!`X0`!SBH`,N`0:A9]9PT+,4H/K.^:G.,P:KJ_ZXIZ!:8#'&E^>NN[/E%!Y:
MG!C\'?;,':9MJP$>XKH!KIW+?"N+(,IB+XO5-0':AZIPK>@&;L^>7<@!&*TG
M_\F[EV]^Q^3XGAD!/.>,ZRJ:AXTZ*ATDF/;\J"S/XKJQ%"Y!RSC+C`=483^U
MH<M[=:&8`/"FM_,Y\('H&T>W<"4!`G0`?ZAXGRKBUS4,3@!P&-0>_UY!NLR0
M!@.3$EQF\$>=_(7F;`@,2^0"("H(VO"&O"/'!5H6-FL=#%?$2Y[\6*$]7!V/
M9<R3Q:0<AHH)N"XTJOB@HJJUOAAF16K+@A<.M\C%"(X#A8B[5NEPA4'9C-%1
M95Q%"9>`'QZJ4`(;K"(J@C1`*T*E3K830!?WR,<<ED-EP@M;((VGOC)R<(PP
M=(4*E[`JPA5(%?H[VZ0:9T>@*#!/>^JC)C>),G0(#/]Y9W34H`I)Q%!*@)*L
M6.2J"A`D=:U0%;?:5`LKV9-D,:MRG,RE+KT8#MC%+DX7Z$`1@9@SF_4,C:M8
M9-@\4(#KL8B)LI#BAS`P`?L1((6Q2UXS_U9'6L8$?'=B%MQV2<YR:BU]FV-%
M`;O6/V0^;'"HTQ^+TMB*=;((;;@:I.F\R9*I5<V<``UH)\,QP=#XQD@3J(`0
MV0D+]1VO:^I;POQXF"%:Z$>(9KJ/`3;*40,HKJ/6HB<_-1*Y/%Z,?`)-J4K_
M2-&TM;2=H!L4&5/AS-!`<Z0[F>'M<*G2GOITH.'H#N+@I,%71#1L#@#/3%-!
M409T;Q4SK)-4ITK5JEIUJ@W_P"E"P+G`?_[TJV`%:B\WL%!<5<=(177%43=W
MGU0L%14!<A2@7#'.\\U-J_P`G_@R&=:^^O54Z)@`D$!J+0_$*6>QP)G/O@2T
MI^;LJ0VCV2N,QK3*6A9I3L,K/6JWT[]Z]K.`U>Q(2XHG<8+VM*CUHVB]=\G4
MNO:USUKMQ_`H*K["]K:XY:5LCY2L\>7VM\!5[6YUDZP[X2VXR$UN:,O1`&:1
MZ@`)4,`J`I#)`PQ`NJB8(2NNFM56+""3$(@N*NJ$W52`K[Q-D&IFFP`^JV;W
MJ@'(*@*<:]T%#-<7D<.D<O?+7^&*@P+Q2H#3%,#34AU`NG!C1;P>((#NH@(!
M!295_P*:0*H!3+?"12N5A<<K+P@@H*[."D`"H'7@^\:"MI/#77]7S&+=@B,#
MI4J`!0(`8%)Y6&\'6$#XR/<`ZNKVN4<;L815(>0$4(Q\,&;"AE,1``RC`J5,
MP&Z3E8PT),-M:19X[HQ]S(0'H'>W"+@=E%M,YC*78\I,L&_1!I"`93VWO`VH
MW,5^K&15*$!O#H:;@Q4@``L@P,E,=O*?NTPJ"G"8"0)019:5G.#M%EH5'.#`
ME[W)50:6^=*8]N\W],B$";NB<NM%Q:*53.<EHZ+&=VV"D)D07@$$(+-`1IJ0
M-TP^"UBMQ^F5\%23#"^E+4`!I8)`!@2@8SM6VJN93K:RE_\;#DZGFK)X`FH#
M-%SJ57":`ZFX\[-R3.%Y67C*?"IRKN7%`1!K6-702H"#/Z;3+$9XV?"&=SDX
MK>8FF%NW@R;U.54!:%1PV@*KL)V*2<6!6`<9PW";&P+(!ZKG:G$`<X.;GB8^
M`$,W(<QS+E4&C,79%+\[WB`/N8N]47`F\`D5XG,6P%6Q`(=7F\BD2G5ZUUUC
MB5]8R?E^%@6FG&ATFQP5C6:%`M`;`*L=(-3]T6NT1<[TILNK'/G.0&8;(`"]
MK1K;X]5;N6,^56#7>;Q"/OFX/9P*3O/ZYEI\U@-:CNA47-G>^,[8VE.!`*M!
M8-V<N22RG<[WOFOZ&Z..%Y=)Q6G_&\/]6?<FU0-6CHJ/I[G?XS95J)-,OIXW
MP>M,&+S:Y>5INH"OAGX/O>CC=0X+%/@`SFY"U9UU``ID]=[WAB[2&T"!!FJY
MVZ:./.%7P?926;X)-7Z`XP7`@3%W&N]=P:)I1\_\YD,K'>V=](.E*GU?3!7I
MU$A6G;P2N>\FWOG@#_^^30R0[M?6^.)/O_K'3WY[T-#CZX^__$G??G<<^_OS
MS__\ZT^.SW<U;_H7@`(X+_S'#:0%?P.8@`I(?P7X#.UV2PL8@1)(@`UX#/=G
M>Q.8@1K(;!6("TJ'2>BW@2(X@B/7@:V`12%(@BJX@B7(?\J7=BP8@S+X=\/U
M+O@W@SB8_X.RA6*^E8,^^(,42$N]95M`6(1&^'2.4US_AX%'V(1.2(-S<C<P
M^(146(7/ER0H1CE6N(5<&(2Z<8!:V(5B.(9>"!@*9&EDF(9JR(!B<8%K^(9P
M6(97)#DW&(=V>(=4@45A>(=\V(<:PQ0?Z(>".(@E,Q1Z1X2$F(B*R(8W`3X]
MN(B0&(E_^"F2LWR2>(F8*(<D(84`F(F>^(F3Z!$'^(B@6(JFR(@1D84#=XJL
MV(I(R!#WYXJR.(NA&!!*AX:TF(NZ^(KZ`(:KN(O`&(RQ)0\/.(7">(S("(7B
M4"?AE(S.^(P;$PX?2(K06(W6.(S8,(0I>(W<V(TM:`S^9XG>.#F.Y'B%QV"#
MY9B.ZEB+N^"+V[B.\`B/47-^\5B/]L@Q)\B,2WB/_-B/&F-<QNB/`CF0!%F0
'!FDR@0``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>y03678ey0367820.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y03678ey0367820.gif
M1TE&.#EA(@`R`,0```\/#Z^OKT]/3Y^?GV]O;\_/SU]?7R\O+X^/C^_O[]_?
MWQ\?'[^_OW]_?S\_/P```/___P``````````````````````````````````
M`````````````````````````"'Y!```````+``````B`#(```7_("2.9&F>
M:*H,A..Z!E*DM*@03^ZV#J`SM=,@)YB9%(W<(1&T"1X.A:@A>#D:T@1N$0@6
M#H\&I&!06G4#2```Z-*>!/7B(0@P1PS"7,Q8`.XG.'$,#P=`"0,-B@A2"D\.
M"0&%*`E0"80+"0E).9UT4D]B"`]N)64!"@^9"F`&0"(%HP!`3VD+"R8)``X0
M24`'`&DF7[,0MQ!#I2*$J`N\20@I!:J]#PR5<21)"I)I=#5##`4`!A`N)0T`
MU1#,-95BYP1+)%`0!@?L#U(U![A)U:]$U#OGX$&3@NM\T>-U#YF^(/T26M-F
M\%\[&N_,\=*S;\J#2`_2`!!00Y*XD1I+_Q!BH&`!R3+14*3"-0K(@VPD=@&$
M`$R82F`LG3E4)J),T$Q?;@:,Q:9+K02W`(U0,!(D)`5E//V`(,BASQ(XQ$A:
M<(C!"P-9MN3#ER*4&B(=1QCP$6=-)AJLPHPQ,,?9"QU=UK3Q\@0M!"157C2P
MLPG`@J\U<#PP8*3$"B5QFSCJ9*5'C@65FU@.P*E3C-"B4ZM>G4(J:Q'G5$Y\
M/2(VB6EB:,/F94+O"7'#6)*P/4:<;Q()GNQR4$Z+CP6&4QZ>^\!';A)S#$B&
M]*A!05S2YUQQB]QW34DD/:8Y-^3Z<1OUN#XHL&WJ0%X%`;V'?5.M0OCX,30;
M!/N),,<G#K$EWT4,YTPCP!T%$HB31[N(!YLZYNA@W0ES'""`3P/TY9-9(P10
EA@$#N)9*(@*``9EN*XF0D6ZWY:!(03'16.*!Y.CHXX^ZA0``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>y03678ey0367821.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y03678ey0367821.gif
M1TE&.#EAT`)X`.8``````*.*(M'$D.CAQ[JG6:Z8/<6U=*B1+W]_?_/PX]S3
MK,N]@OGW\>WIU;^_OS\_/^+:N;2?2];+GK^N9^_O[Q\?'R\O+]_?WP\/#U]?
M7\_/SZ^OKX^/CT]/3Y^?GV]O;\K*RF)B8K6UM8R,C/3T]):6EEA86'=W=\#`
MP`L+"VQL;(&!@=75U186%NKJZJ&AH:NKJR`@(%!04'%Q<7Q\?&IJ:F=G9T)"
M0L7%Q2PL+%)24J2DI%5551`0$$%!004%!38V-E=75RHJ*G5U=?___P``````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````````````"'Y!```````
M+`````#0`G@```?_@$2"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH:*CI*6FIZBIJJNLK:ZOL+&RL[2UMK>XN;J[O+V^O\#!PL/$Q<;'R,G*R\S-
MSL_0T=+3U-76U]C9VMO<W=[?X.'BX^3EYN?HZ>KK[.WN[_#Q\O/T]?;W^/GZ
M^_S]_O\``PH<2+"@P8,($RI<R+"APX<0(TJ<2+&BQ8L8,VK<R+&CQX\@0XH<
M2;*DR9,H4ZI<R;*ERY<P8\J<2;.FS9LX<^K<R;.GSY]`@PH=2K2HT:-(DRI=
MRK2ITZ=0HTJ=2K6JU:M8LVK=RK6KUZ]@IX$0H0@$"A)ATZ)L,$"!M`LA_TR`
M0`0B+EFU>#<F&#!`@(`%!`@<"'"`&0(`#S80<:%"!(P0+@R14#%"1`@61#1T
M`)"!0M[/!QGPE?`W<`#"@0WXY9N@F08`%0``^#!CA*`3)0RA.!$9A0T/LC',
M!DV<'UL(?@N</ET@\&IKP#T009`!0XHA)4+`4'&AT(D7E'>D`-`!`84-%3@4
M7]]N+W(!$PA$8!YX@0`%?+N]-A_[08[-+<P00@FY#5+""B;0T`)B0`@!&P47
M8*`>>Q1^(]H`I`FPW&D1$*":`.8X4(%B&5A0PX(`Q&!!!3($80(.#C@`@@DZ
MR%"!!3'$U@,/'3P`H06*52AD-'PIX%=@R@40V/\$?D$P0`/L4%"!`T1\\``1
M*[!`P@T6P-;E>+(!D,(/*\+F`P@LA$#"`U=*2>60<!*SUP`&$)#D:0<$AA^4
M]&CP@`;364`!#"]@V=T%&V006YC!9>#!H2>0`()M&720V9]Q9FK+A:352<!R
MJ:TV``/\6`#H!I9>4&AEAGCP@&P5>.`9(1?8)@(*1'3P`1$46*#IKZOX!9A@
M&Q(@@`1\D2J0!C$VVQVPT`)SG%_QS8>:L??E=Q`%U3$:I@4<..`MHP]DL,%A
MXV)0[IOCDFL>`D`2,L"&]-9K[VD@1OO5M`)XBJ=SV0X0$06;M1MF!@:'B4'!
M!F.``!$)AUFNA(1<R-?_Q1AGK#%K^F)59&G$!M`ADP(XR:=%'#!J`0+41>QR
MPA^\/)L#LQ[B`<L(4,GRFQ?@C,`&-7?<%%_O(<DA`20[V5I(Z,HV8:X&A^L`
M>@;'Z`'""JO<+'`2)T(PHQB\!H!T1&S@K8]"&S6G7_Z>%BJRHZ:4,J,5E+<!
MH$2(&^:;1+S:+B%SCWNE('K#FDB7%DPM6\P`#')8XN@^G39.<Y(V[&!*$F`?
MW$O'=,&B[3[@0>$R-TY(Z6$^?,@%LFG`;(R'#=XW`*K+IOKD,?%[9P#-82MP
M3]P*9W"7+H-N^B"H`X!!T(1@3<2B"P\G2&S242!;D+B;M#9\\M&'+7YQ'W6!
M_P,/"%^ZA$T?GQGJ@B;B=]X(EP_`A-8#0#/6S&>_$5]U6KM<AP;05E-<Q2:T
M\0IKXY):C/"6OD'TRF!7(IWL#F$VQ"!`.(RS`)OF]H#84$Q_%+F0D01@-)$A
M350GFTKZ$D>$"Q!O7'PC1/K8]$+9U'!P")R?(F88.!LR*@//`B%#^D)".VVH
M`$UZ$EC$%C'SV>\0Z6M7V,@EB`B%J0+Y*X0#@BC$AW`*9/_2G*@ZEQ<-&,];
M(V)4#!T7L0]XAHJ"8)QL+%6(!@3FCGC,HQ[QZ)8NVL-(;0/5&#5U'BL5T&XM
M]!D7!^$`G_GL;H[#&=D2Z3-#),`OF,RD)C>9R=_Y4?\=[J%6]WA7GX!]\I0K
MX5=\/G4M^X`/E;!4R<>*B+E0E4R)L<RE2&99PI$E,86Z3`1;DD6(.85O$L,\
M9BB,J:Q@!N-"1]I0GCSD%V<B<W<!F``#&,#*Y1B`FP'PI(:.N`!"&(!>]@E`
MOH@PKP`(8@"#*8`@QGE$"-B+3NBTYJ;XPK;`U)*:<&NF/BG!`#S9YYSJG`!A
M#GH:!7Q*G+RC5D/?B2\%+.`T"EUG.P6!T`!`@`@:0J)?YL/*#_E%`0NUZ&D\
M.=!4Z$Z:`&-I2S<A`=XUDRTU/8`G$3H?B!)@$!?]*3M/LP`(-`!*&@K@:$Y#
MA`1P2$D@A>H\E70:N/'EH@?_*&H#R#A33_"K;;T[J0"[*@H-E9,(PS*B4`>Q
M(9\.8EYKQ29I[H56D35@,$:RUT7K-8!N$F:=9*T$/T?Y/P\1,[#!DJI?>2<O
MYH1S$!I::TW7*II^64NAV.H74P=C+.4@,:((%4!!`V!2`;0&.0:P%C`1:PA>
M&M&$21L`5UG;"GL&0`*#F$\!E&,`022`LP^%K%03H)RS"@:W@N"L.M]ZFHX6
M2ZKSB8!3'SL(P:QS,#(E*Q%+N)Q?TI87"C5A+5$J7L+8\5Y'7%I-2:F<K"Z7
MHH11Y\6Z*=3?!F"O]$I2<]HK4%UN[W)N$V-`OSN,`0S+`$9R2U^69%HBC)"3
M31+H_X*=LQ<!>/*2F)07)OO(3@A;N`%IE<!L]?=%`$_S0QPCL(H%,DQ16BNL
MV5KMBF=\C^U5*XR;&RN-=WP/$1[IM0!$(8^'7`_7ZO>$MY0QD9?,CLII=CG3
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M3>]+E-E:9S9EO?=-B:_J.M_5YK?`)?&Q6=O9U`-/^"&(]F-Q(UEI"H_X(N;$
MY\Q]6.(8/\2BA5U*SF7\XX,P$J/=-DB0?US6HX0Q^-AM\H&[>-K':G;+!Z[J
MAA^-9'SA]LS=G6U2;GOG$L\U*Z-<<J#S6^B@HJ:%>VWTA"=[=[VS3YJ;[NYD
M2[N5^J:ZP&=)+ULB7.O>[OFX<0GV>E^H3KL[L\S+WFU!>^J?CIXWV\LM<F$S
:I^AS=_=[P`JP@.<]X<R6^]\'3W@#@0<"`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
