<SEC-DOCUMENT>0000950123-11-051630.txt : 20110518
<SEC-HEADER>0000950123-11-051630.hdr.sgml : 20110518
<ACCEPTANCE-DATETIME>20110518153343
ACCESSION NUMBER:		0000950123-11-051630
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20110518
DATE AS OF CHANGE:		20110518

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPDR GOLD TRUST
		CENTRAL INDEX KEY:			0001222333
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				522369757
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-167132
		FILM NUMBER:		11854804

	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:	 [6221]
		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>y04880afwp.htm
<DESCRIPTION>IN GOLD WE TRUST?
<TEXT>
<HTML>
<HEAD>
<TITLE>fwp</TITLE>
</HEAD>
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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;333-167132<BR>
May&nbsp;18, 2011</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y04880ay0488001.gif" alt="(SPDR LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>In Gold We Trust?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BY CHRIS GOOLGASIAN, CPA, CFA, CAIA, SENIOR PORTFOLIO MANAGER, MULTI ASSET CLASS SOLUTIONS
(MACS), STATE STREET GLOBAL ADVISORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the investment world, it seems that every few months or years there is a new phrase that
enters the lexicon. During the tech bubble, &#147;eyeballs&#148; and &#147;clicks&#148; quickly turned into worries
about &#147;cash burn&#148;. The mortgage crisis introduced non fixed-income personnel to the phrase &#147;money
good&#148; which often wasn&#146;t so due to &#147;liar loans&#148;. A bull market in commodities led to discussions of
&#147;peak oil&#148;, and ending the last recession seemed to hinge on whether we&#146;d ever see any &#147;green
shoots&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Of late, there has been much consternation about the US &#147;monetizing its debt&#148; and &#147;devaluing its
currency&#148;, both of which tend to lead into the topic of gold. Yet gold, unlike some of the other
topics that have come and gone, is in the midst of a 10 plus year bull market, leading some to
wonder if we are in or entering a &#147;gold bubble.&#148; At SSgA, the Multi Asset Class&nbsp;Solutions (MACS)
team has placed a significant amount of resources into understanding gold, and this paper will
discuss some of our beliefs. We will do so by focusing on three questions we&#146;ve heard most often
from our clients:
</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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>How do you &#147;value&#148; gold?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Are we in a gold bubble?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>How much gold should I own?</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO YOU &#147;VALUE&#148; GOLD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the classic fashion of a Warren Buffett type &#147;thought experiment&#148;, let&#146;s say you were
locked in a room by a benevolent captor. Once a year, your captor asks you to guess the price of
gold. If you come within $100 of the actual price, he will let you go. If not, you stay another
year. He will provide you any <I>economic information </I>you like&#151;that is interest rates, inflation,
exchange rates, money supply, debt/GDP, you name it. He will also provide a statistician who can
develop statistical models that will incorporate this data in any way you see fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But here&#146;s the catch. You are never given any <I>price information </I>for any security or asset class.
You never know what the price of oil, gold, the Dow Jones or any other asset is. Let&#146;s say you
began your &#147;lock up&#148; in the year 2000. How many years would you have spent in the room? Would you
have guessed $1,400/ oz. in 2010? What will you guess in 2012? Would you have ever come within even
$500/oz. of the actual price?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The point here, of course, is whether having any data or statistics actually helps you &#147;value&#148;
gold. How would you even remotely connect the price of gold to any live piece of economic data? Our
belief is that for the most part, you can&#146;t. When an analyst or expert calls out their next gold
target on CNBC, and says &#147;$1,600 by year end&#148;, it is likely they have an embedded bias which is the
current price and trading history. Well you say, they are also just guessing when they say their
Dow target is 13,000 by year end. True enough, except that stock market guesses can be grounded in
a valuation approach. Take a guess as to earnings, and a guess as to the multiple investors will
pay for those earnings, and you have a stock market guess. Can&#146;t do that with gold. An expert who
says $1,600/oz. is his target likely says that because he knows the price is currently $1,380/oz.
The next time someone gives you a gold target, give him the &#147;benevolent captor&#148; routine and see
what their answer is.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So then what? We have an asset class that provides no earnings, no cash flow, no dividends or
interest and no prospects for any, ever (note that from a classical modeling perspective, this
presents quite a challenge to the statistician trapped in the room with you). In fact, there is a
cost to holding gold, and that is storage and security. So not only does this asset not produce any
cash flow, but effectively you must pay to own it and secure it. So, how do you value gold?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Across the industry, there is any number of proposed valuation constructs for gold. Here are three
US focused constructs that have received some attention in the marketplace:
</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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The inflation adjusted price of gold</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The value of the total gold stock relative to the US monetary base</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The value of the total gold stock relative to US equity market cap</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THE INFLATION ADJUSTED ARGUMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is one number that arises quite consistently when investors discuss a gold target price
and that is around $2,000 an oz. About $2,000/oz. is approximately the inflation adjusted high in
gold that was set if you take the nominal high from January&nbsp;1980 of about $850/oz. and inflate it
to today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So the logic here is that since 1979, gold has not kept up with inflation. Analysts, therefore,
posit that $2,000/oz. should become a reasonable target. Now this begs the question&#151;did the 1980
high in gold keep pace with prior inflation&#151;i.e., is that number perhaps &#147;frontloaded?&#148; And the
answer is yes. Inflation (ex food and energy) was up about 90% during the 1970s, yet gold was up
around 14 fold. So on that point, it may be fair to say that those who focus on this reference
point should understand what it had already priced in. Therefore, the key question is:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Is there any reason gold should keep pace with inflation?</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y04880ay0488002a.gif" alt="(GRAPHIC)">
</DIV>


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

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<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="y04880ay0488003.gif" alt="(SPDR LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The case for gold keeping pace with inflation isn&#146;t based so much on why gold should have more
value <I>on its own merits </I>in a highly inflationary world, as it is that paper assets will <I>lose
precipitously more value </I>in a highly inflationary world. High inflation will make paper dollars
less valuable every day while &#147;hard assets&#148; such as metals, land, energy and agriculture, may not
see this effect precisely because they are hard and can&#146;t be created, conjured or otherwise
diluted. What&#146;s interesting is that gold&#146;s use as an inflation hedge is one sided. It&#146;s not because
gold has more value from inflation. It&#146;s because it <I>won&#146;t lose value</I>. Ironically investors then bid
up an asset because it will &#147;lose less&#148;, and we end up with an asset whose price <I>rises </I>purely
because it&#146;s defensive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But we still haven&#146;t answered the question, <I>should gold keep pace with inflation</I>? Let&#146;s start with
gold&#146;s utility. As illustrated in Figure 1, the combined weights for jewelry and industrial demand
have averaged over 70% of demand for the past 5&nbsp;years, a significant factor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FIGURE 1: GOLD&#146;S TRAILING 5-YEAR AVERAGE DEMAND</B>
</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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% OF DEMAND</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">JEWELRY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">65</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INDUSTRIAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INVESTMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TOTAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Source: GFMS/World Gold Council, Third Quarter 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One could make the case that both jewelry and industrial use should reflect inflation
increases. For example, consumers of jewelry, who have seen their income rise at the rate of
inflation for say the past 30&nbsp;years, should be willing to purchase jewelry at some inflated rate
over that time. After all, most if not all of their other expenses have been rising with
inflation&#151;why shouldn&#146;t gold? Similarly, industrial users should react the same way. They have
cost and revenues rising with inflation, why should gold be an exception that doesn&#146;t keep pace?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Producers too, face inflation, be it labor costs or the fact that gold exploration has, by most
accounts, become more difficult since 2000 (see Figure 2). When one considers this chart, in light
of an ever rising price&#151;up nearly five times these last ten years, then to have mine production
virtually unchanged is quite a statement on the difficulties involved and therefore, the likely
higher costs involved as well. One would have expected that world production would have grown
significantly given the nearly five-fold increase in the price of gold during the past decade.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FIGURE 2: THE GLOBAL SOURCES OF GOLD</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>TONNES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010 Q1-Q3</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap colspan="1"><DIV style="margin-left:15px; text-indent:-15px">SUPPLY: MINE PRODUCTION&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,954</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Source: GFMS/World Gold Council.
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Why would producers incur inflationary costs if they didn&#146;t believe they could recoup them and more
through higher prices?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now one could say, that&#146;s a fair argument if the asset you are describing has utility. Oil for
example, is a key to modern commerce, and there are no replacements ready on a moment&#146;s notice.
Conversely, if all the gold in the world disappeared tomorrow, the jewelers would find a
substitute, the industrial manufactures would switch their metals and the capital markets would
likely focus on silver or platinum as the metal du jour. But gold&#146;s &#147;utility&#148; is where we need to
have, as they say in the movies, &#147;willing suspension of disbelief.&#148; Because while we can debate
whether it actually has utility or should be valuable in the human psyche, the bottom line is, <B><I>it
is</I></B>. And therefore, the production and demand issues around inflation must not be dismissed as &#147;yes,
but it&#146;s not needed&#148;. Clearly it&#146;s not actually needed, but that doesn&#146;t matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Once we accept this critical fact, our conclusion becomes clear: <B>gold&#146;s price should minimally
reflect long-term inflation trends. It&#146;s worth noting </B>that the record shows this has been the case
in the last half of the 20th century. Going back to 1957, we see US inflation averaging around 4%
and Gold returns around 7%. However, much of these excess returns occurred after President Richard
Nixon closed the gold window and took the US off the $35 an ounce exchange gold standard in 1971.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is also, of course, the 10,000 pound gorilla in the room concerning the question as to
whether gold should keep pace with inflation. The gorilla is gold&#146;s value as a medium of exchange.
Recent history, especially for US investors, has clearly illustrated what even a developed nation
will do to its currency. While papers and books are written on this topic, suffice is to say that
the US is literally printing money today to buy US treasuries and force &#147;liquidity&#148; into the
system. As this printing occurs, existing dollars become worth less, and inflation becomes more
likely. Gold, then, sees its (relatively)&nbsp;fixed supply increase in value. No wonder the calls for a
gold standard have returned. While unlikely, the point is well taken. In the absence of any
monetary or other authority, gold is sensible as a form of money because <I>it cannot be created</I>. This
concept further supports the idea that gold should at least keep pace with inflation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So, that said, does the inflation adjusted high of 1980 matter as a valuation tool? On its own
merits, we don&#146;t think it does, for as we&#146;ve noted previously, prior gold highs had frontloaded
inflation and over the past 60&nbsp;years or so, gold has beaten US inflation. But, that is not the end
of the debate. Because with gold, as we will discuss later, observing other investor&#146;s attitudes is
critical, and if one of those observables is a belief that gold should return to its 1980 inflation
adjusted high, that can be, as George Soros calls it, a &#147;reflexive argument&#148; which could come true.
</DIV>

<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%"></TD>
    <TD width="3%"></TD>
    <TD width="58%"></TD>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="bottom"><i><B>Precise in a world that
isn&#146;t<sup>SM</sup>.</B></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>FOR INVESTMENT PROFESSIONAL USE ONLY. NOT FOR PUBLIC USE.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y04880ay0488002.gif" alt="(WGC LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y04880ay0488003.gif" alt="(SPDR LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>GOLD STOCK RELATIVE TO THE MONETARY BASE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This valuation method attempts to analyze the US monetary base relative to the value of gold
held by the US Government. The rationale is that at extremes, gold will sell at some multiple of
the monetary base. Using past extremes, this multiple is said to have peaked at over one times the
monetary base. Where would that put gold today? According to the World Gold Council, the total
amount of gold mined in the history of civilization is 165,000 tons. At the recent 2010 highs of
around $1,400/oz., this means the value of all the gold in the world is around $7 trillion. Of
this, the US government is reported to own around 260&nbsp;million ounces, worth today about $360
billion. The US monetary base is around $2 trillion. So, at a multiple of one times, this would
mean an increase of $1.64 trillion to the value of gold held by the US. The math on that works out
to be a price of over $6,000 per ounce, a huge increase from today&#146;s levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, there are two immediate challenges that arise with this methodology. First, one has to ask
why this matters in isolation; why is it only relevant what the US holdings of gold are relative to
the US monetary base? Second, the historic level gold has traded at in the past has little
relevance to today. It&#146;s akin to some of our value investor friends who will only invest when they
see the market get to a 6 price/ earnings ratio again. Maybe it will happen and maybe it won&#146;t, but
in the interim, you could be sitting for decades with no return while the market ignores your
reference point bias. It&#146;s worth noting this works in both directions. It may be that in the
future, gold exceeds its prior levels relative to the monetary base. Our point is that being
anchored on a reference point either way is likely a weakness in the investment process. Like any
good model, the question should always be asked: and why will this occur again in the future? On
this we don&#146;t have a strong answer other than &#147;because it did in the past,&#148; which is really no
answer at all.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>GOLD STOCK RELATIVE TO EQUITY MARKET CAP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have seen some industry work in the marketplace (verified by State Street Global Advisors)
which analyzes the value of gold relative to the value of the US equities, via the Wilshire 5000.
This work illustrates that gold has previously peaked at 160% of the value of the Wilshire, while
today it trades around 60% of it. Again, while this is interesting and provides a bull case for a
higher target price, the question is whether this prior peak should have any significance. This
analysis may also provide guidance on where the next peak may be, but not anything on the current
worth or when we could get back to that peak. Is there an economic reason why gold should move
toward a previously attained ratio versus equities? We cannot think of any. Therefore, we cannot
validate a reason why &#147;this should occur again in the future.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Again, we ask, how do you value gold? Our answer, to be direct, is: </B><B><I>we don&#146;t</I></B><B>. Not to be trite about
it, but it is worth what others are willing to pay for it. </B>The value of gold is a lot like the
value of fine art or your house. We, therefore, feel that our efforts are much better spent on
understanding the mood of the &#147;others&#148;, and we do this by monitoring what we call &#147;observables&#148;.
Each month our team produces an internal research note which consists of our assessment of the key
observables that we think drive the market&#146;s mood on gold, using both fundamental and technical
factors. While there are approximately three dozen factors in all, a sampling of those factors can
be seen in Figure 3. We believe this to be a better approach to gold investing versus constructing
questionable valuation models or fixating on potentially spurious prior relationships at their
highs. Thus far, it has been a successful approach.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FIGURE 3: SAMPLING OF GOLD &#147;OBSERVABLES&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FUNDAMENTAL ANALYSIS</B>
</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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">5.</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INTEREST RATES:</b> NEAR HISTORIC LOWS THOUGH LONG END
BACKS UP 100 BPS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><I>BULLISH</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">9.</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD><DIV style="margin-left:15px; text-indent:-15px"><B>POLITICS:</b> US GRIDLOCK OFFICIAL, SPENDING LIKELY
CURTAILED</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><I>BEARISH</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">12.</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LT
INFLATION EXPECTATIONS:</b> SPIKES IN NUMEROUS
COMMODITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><I>BULLISH</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">15.</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ECON
GROWTH:</b> US EXPECTATIONS IMPROVING MAY LEAD TO
LESS QE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><I>NEUTRAL</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">16.</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD><DIV style="margin-left:15px; text-indent:-15px"><B>SAFE HAVEN:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">C. WAR/HEIGHTENED TENSIONS: IRAN, N. KOREA, GOLD DID NOT
REACT WELL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><I>BEARISH</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">D. COMMODITY/FOOD SHORTAGE: RUSSIAN WHEAT SHORTAGE,
HISTORIC FOOD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><I>BULLISH</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Source: SSgA. For illustrative purposes only.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ARE WE IN A GOLD BUBBLE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Related to this question would be: &#147;If not now, how will we know when?&#148; Supreme Court Justice
Potter Stewart famously once said of hard-core pornography: &#147;I know it when I see it&#148;. Is that
possible in a bubble or only with the benefit of hindsight? It&#146;s reputed that only a small number
of professional investors actively shorted the mortgage market going into the crisis. Now, of
course, it&#146;s clear that we had a housing bubble. What does a bubble feel like? Well, having the
displeasure of living through both the tech bubble and housing bubble, we have some recent insight
on this. Here are three of the observables we measure with respect to &#147;bubble territory&#148;:
</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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The asset becomes widely owned. The classic tale of your barber giving you technology stock
recommendations in March&nbsp;2000. Your neighbors are flipping condos in Miami in 2006. Neither
seemingly do this as a day job.</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The asset becomes easy to own psychologically&#151;i.e. there are few objections, naysayers or
cynics.</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A proliferation of products/ways to access the asset occurs. In the tech bubble, this could
be seen through IPO activity, new sector tech funds and the launch of internet specific funds.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These are subjective and behavioral observations to be sure. But when thinking back on other
bubbles, they would probably have helped frame the debate. You could have looked at tech stocks&#146;
spiraling price/earnings ratios or annual housing appreciation, but in retrospect, you didn&#146;t need
to, as there was a demonstrable behavioral change. In gold&#146;s case, there is no template for a P/E
or appreciation versus a &#147;norm&#148;. Therefore, the &#147;observables&#148; become critical. Taking these one by
one:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. WE DO NOT YET BELIEVE GOLD IS WIDELY OWNED.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is estimated by the World Gold Council in its report, <I>The Strategic Case for Gold: January
2011</I>, that US pension plans&#146; gold investments comprise less than 0.30% of their entire holdings. We
would doubt individual investors are much different. How do we know this? Anecdotally. <B>As the quote, &#147;The plural of anecdote is not data&#148;, is something of a creed in our
group, we don&#146;t say this lightly. </B>Having run a number of advisor and retail client meetings in the
past year, we
</DIV>




 <DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%"></TD>
    <TD width="3%"></TD>
    <TD width="58%"></TD>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="bottom"><i><B>Precise in a world that
isn&#146;t<sup>SM</sup>.</B></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>FOR INVESTMENT PROFESSIONAL USE ONLY. NOT FOR PUBLIC USE.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y04880ay0488002.gif" alt="(WGC LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y04880ay0488003.gif" alt="(SPDR LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">feel that our experiences from these meetings are quite useful. At
each meeting, we stop and ask how many of the crowd personally owns
an investment in gold? The highest percentage of people saying they
owned gold was 20%. This continues to be a positive observation.
When the gold cycle ends, it will end with everyone owning gold. We
are not there yet. It&#146;s true that ETFs have seen tremendous asset
growth, but it appears that the ownership has been very
concentrated in, for instance, hedge funds such as John Paulson and
George Soros&#146;. To us, &#147;Main Street&#148; does not yet seem fully
engaged.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. WE STILL BELIEVE GOLD IS &#147;DIFFICULT TO OWN&#148;.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We frequently hear from clients that &#147;it&#146;s already had a
great 10&nbsp;year move, it&#146;s speculative, and how much upside can be
left?&#148; Similarly, while gold has received a significant increase in
headlines, there is no shortage of skeptics&#151;one need only google
&#147;Warren Buffett on Gold&#148; to see the oracle&#146;s consistently negative
view. Buffett, the greatest investor of our time, is, therefore,
the most famous critic of gold. He points out that it has no
earnings, yield or way to return cash to the investor. We agree.
However, that doesn&#146;t mean one can&#146;t make money in gold. While he
won&#146;t own gold, he also never owned Apple (up around 1,200% since
January of 2000) or Google (up 442% since August of 2004) or
shorted subprime mortgages (nor have we). So while Berkshire
Hathaway has gone up a very respectable 240% since January of 2000,
Gold has increased <I>nearly five-fold </I>during the same period. It
strikes us that Buffett believes that only asset classes and
investments that fit his specific investment beliefs can be
sensible investments. We, however, are agnostic about how to beat
the market. We just want to do it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. NO PROLIFERATION OF ASSETS.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ETF space is dominated by just two gold ETFs, and there
currently are just a small number of gold mutual funds. It is true
that &#147;gold ATMs&#148; are starting to gain some attention, and the
increase in &#147;We buy gold&#148; advertisements cannot be denied. However,
from an investable perspective, we have not seen anywhere near the
proliferation of products in comparison with the explosion of tech
related products which arrived on the market in the late 1990s and
early 2000s.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lastly, in conjunction with Ned Davis Research, we took a look at
some other &#147;bubbles&#148; to see where gold currently stands in terms
of duration and magnitude. As can be seen in Figure 4, while gold
has had a strong 10-year run, it still pales in comparison to
other &#147;bubbles&#148;, with the prior gold run reaching a 1,836% return,
the Nasdaq 950%, and Uranium 1,171%. Of course gold isn&#146;t required
to follow any of these patterns, but it&#146;s important to know that
&#147;bubbles&#148; can reach four digit returns over a ten year period, and
gold has only achieved 40% of that move.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THE END OF GOLD</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our view, therefore, is that we are not yet in a &#147;bubble&#148; and
it&#146;s worth noting that once you are in a bubble, for a time, there
is still money to be made as illustrated in Figure 4. Some day,
however, we could have a true gold bubble on our hands. Note the
use of the word &#147;could&#148;. Some asset classes see bull markets and
subsequent crashes, but their bull market phase may never have
truly qualified as a &#147;bubble&#148;. Look at the housing or banking
stocks climb prior to their precipitous drop in 2007/08.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y04880ay0488004.gif" alt="(LINE CHART)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">But if we did enter a gold &#147;bubble&#148;, how bad could the aftermath
be? We think it could be monumentally bad. Consider that gold is
both a single security and almost an entire asset class on its own
(no offense to silver, platinum and palladium, but gold is their
big brother). When the tech bubble happened, you could have moved
to financials and kept your equity weight in line, or even within
tech, you could have underweighted web companies and overweighted
hardware, semiconductors or software. The point is that there were
numerous ways in which an investor (with good hindsight of course)
could have fled the troubled securities yet still had similar
equity exposure. In a way, this prevented the web bubble from
being even worse.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold has none of this in its favor. If investors decide to flee
gold as an investment, then gold the asset class will be crushed.
There are no offshoots that investors can transition to which
will cushion the asset class fall. Furthermore, without any
valuation support to cling to, investors may have a hard time
rationalizing holding on if a freefall begins. The end of gold
could be quicker and more severe than the technology or real
estate bubbles. Note from the right hand side of Figure 4 how
hard that fall can be.
</DIV>


<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%"></TD>
    <TD width="3%"></TD>
    <TD width="58%"></TD>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="bottom"><i><B>Precise in a world that
isn&#146;t<sup>SM</sup>.</B></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>FOR INVESTMENT PROFESSIONAL USE ONLY. NOT FOR PUBLIC USE.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y04880ay0488002.gif" alt="(WGC LOGO)"></TD>
</TR>
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</TABLE>
</DIV>



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</DIV>




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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y04880ay0488003.gif" alt="(SPDR LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SO, HOW MUCH GOLD SHOULD I HOLD IN MY PORTFOLIO?</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Before it&#146;s all said and done, we are likely to see some significant advances in products and
portfolio protection involving gold. One can envision a day in which your brokerage account may be
translated into gold instead of US dollars. Notable hedge fund managers such as John Paulson have
reportedly done exactly this by offering share classes of their hedge funds denominated in gold.
It&#146;s been reported that Paulson&#146;s personal holdings are almost entirely in this share class. That&#146;s
how much he dislikes holding dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So let&#146;s try to answer the question: how much gold should you own? If a portfolio tool existed that
allowed you to convert some or all of your portfolio into gold&#146;s return instead of dollar returns,
and this was a costless transaction, how much of your portfolio would you hedge to gold? Ten,
twenty, fifty or one hundred percent? Whatever your answer is to this question is probably as good
a start as any in terms of setting your actual gold allocation today. In looking at the industry
for help, precise data on actual gold allocations is difficult to come by. We have seen estimates,
such as the World Gold Council&#146;s <I>The Strategic Case for Gold, January&nbsp;2011</I>, that gold comprises
just 1% of the world&#146;s total global assets, and our experience with both Institutional and advisory
based clients would support this. If anything, 1% might be on the high side of the typical
portfolio&#146;s actual ownership. From a practical standpoint, when working with an institutional
client we must also consider investment policy constraints and tracking error goals. In our client
portfolios which are tactically able to hold gold, we generally hold a position in the low- to
mid-single digits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A related question is what should the funding source for gold be? Fixed income or equities? We have
viewed gold as a &#147;risky asset&#148;. Indeed, its volatility indicates as much, with gold&#146;s volatility
nearly the same as the S&#038;P 500&#146;s<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> at around 21 for the past three years. Additionally,
with no &#147;principal value&#148; to return, it looks more like a non-dividend paying equity than a fixed
income instrument. However, in a true inflationary spiral, one would probably like gold to offset
some or all of their fixed income portfolio. Given this split personality, we believe in
dynamically funding our gold positions from both the equity and fixed income portfolios, with our
other tactical views dictating which and how much.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the topic of tactical asset allocation, we believe gold can have a very useful role in a
portfolio both within a strategic allocation to commodities and also as a separate allocation which
can be utilized as both a tactical inflation/deflation play or a &#147;true safe haven play.&#148; We are
often asked, how can gold be both an inflationary and a deflationary hedge? The answer is, it can&#146;t
in the long run. What&#146;s happening today, though, is not the long run. What&#146;s happening today is
that the rise in the gold price is reflecting the fact that today&#146;s deflation will spur tomorrow&#146;s
inflation, due to the mechanism called the US Government. As the Government will seemingly do
everything in its power to fend off deflation in the short term, it is, therefore, likely to be
creating more inflation and currency debasement in the longer term.
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>GOLD AS A DOOMSDAY HEDGE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So your weird uncle Ned has built a bomb shelter and been storing Twinkies, Spam and bottled
water in his cellar for 20&nbsp;years. Lately, you find yourself thinking similar thoughts. Before you
buy more Spam, what role does Gold have in this plan? There is an excellent book by Barton Biggs
called &#147;Wealth, War &#038; Wisdom&#148; in which Biggs dissects exactly what &#147;works&#148; during calamitous events
like war. The answer is precious jewels, but also things like heavy coats, blankets, water, bottles
of wine, candy bars and producing farmland. A friend grew up in war torn Bosnia and left this
writer with an indelible image once. He said that in war, gold bars are useless. You can&#146;t barter
with them, they are indivisible! What you really need are smaller denominations&#151;coins, rings,
necklaces, etc., which can be used to make smaller trades without your being taken advantage of and
having to trade a gold bar for a candy bar. The lesson here is not to confuse the gold you may hold
as an investment with the gold you may wish to hold personally for a (God forbid) doomsday event.
If your true interest in holding gold is for a doomsday event, you should consider physical
holdings, smaller denominations and the security involved.
</DIV>

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From a safe haven perspective, while moving to cash is always an option, gold can actually prosper
whereas cash will be unmoved. Saving capital by moving out of a risky asset to a risk-free one can
be a powerful way to preserve capital, but making money by moving out of a risky asset into an
asset that provides a positive return is a result that builds capital.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold is clearly a unique asset class. It has caused brilliant investors like Buffett and
Soros to be on exactly opposite sides of the argument. It is likely, therefore, that it requires a
unique investment approach. Traditional valuation approaches seem ill equipped to be effective
because they lack any true linkage to a cash flow. We are not bothered by the fact that gold&#146;s
investment characteristics don&#146;t fit a predefined box. Rather than a dogmatic approach that must
rest on valuation, our approach is dynamic and grounded in &#147;observables&#148; that we think drive the
market. We do not believe gold is yet in a &#147;bubble&#148;, but do recognize the potential for that to
happen and the potential downside if it does. We think a rational approach to &#147;how much should I
own&#148; is to think about how much of your currency exposure you would ideally like to hedge to gold
in a costless transaction. We also think gold can have a special role in tactical portfolios as
both an inflation hedging vehicle and a flight to safety vehicle. Therefore, as of this writing,
the signs that we see are still long term bullish for gold, and we will continue to tactically own
it when we believe it&#146;s beneficial to do so.
</DIV>



<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%"></TD>
    <TD width="3%"></TD>
    <TD width="58%"></TD>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="bottom"><i><B>Precise in a world that
isn&#146;t<sup>SM</sup>.</B></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>FOR INVESTMENT PROFESSIONAL USE ONLY. NOT FOR PUBLIC USE.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y04880ay0488002.gif" alt="(WGC 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="y04880ay0488003.gif" alt="(SPDR 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>
www.spdrgoldshares.com

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FOR INVESTMENT PROFESSIONAL USE ONLY. NOT FOR PUBLIC USE.</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The views expressed in this material are the views of Chris Goolgasian through the period ended
January&nbsp;31, 2011 and are subject to change based on market and other conditions. The information
provided does not constitute investment advice and it should not be relied on as such. All material
has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. This
document contains certain statements that may be deemed forward-looking statements. Please note
that any such statements are not guarantees of any future performance and actual results or
developments may differ materially from those projected. Past performance is not a guarantee of
future results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investing in gold, commodities or other precious metals is a speculative activity and entails risk.
Prices are affected by factors such as cyclical economic conditions, political events, trading
activity of speculators and arbitraguers in the underlying commodities and monetary policies of
various countries. Gold, commodities and other precious metals are also subject to governmental
action for political reasons. Markets, therefore, may be volatile and there may be sharp
fluctuations in prices. There can be no assurance that gold will maintain its long-term value in
terms of purchasing power in the future or that gold will continue to exhibit low to negative
correlation with other asset classes. You could lose money my investing in gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETFs
net asset value. Brokerage commissions and ETF expenses will reduce
returns.</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">Frequent trading of ETFs could significantly increase commissions and other costs such that they
may offset any savings from low fees or costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commodities and commodity-index linked securities may be affected by changes in overall market
movements, changes in interest rates, and other factors such as weather, disease, embargoes, or
political and regulatory developments, as well as trading activity of speculators and arbitrageurs
in the underlying commodities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The SPDR Gold Trust (&#147;GLD&#148;) has filed a registration statement (including a prospectus) with the
Securities and Exchange Commission (&#147;SEC&#148;) 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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. There can be no assurance that the active
trading market for GLD shares will be maintained. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;SPDR&#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. STANDARD &#038; POOR&#146;S, S&#038;P, and S&#038;P 500 are registered
trademarks of Standard &#038; Poor&#146;s Financial Services LLC. 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 investors&#146; rights may be found in GLD&#146;s prospectus.
</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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information: State Street Global Markets, LLC, One Lincoln Street, Boston, MA, 02111 <B>&#149;</B> 866.320.4053 <B>&#149;</B> www.spdrgoldshares.com.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Not FDIC Insured &#151; No Bank Guarantee &#151; May Lose Value</B>
</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="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; 2011 State Street Corporation. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>IBG-3283
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exp. Date: 2/28/2012
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IBG.IGWT.0211</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

 <DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%"></TD>
    <TD width="3%"></TD>
    <TD width="58%"></TD>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="bottom"><i><B>Precise in a world that
isn&#146;t<sup>SM</sup>.</B></i>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>FOR INVESTMENT PROFESSIONAL USE ONLY. NOT FOR PUBLIC USE.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y04880ay0488002.gif" alt="(WGC 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: 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"><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>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
