<SEC-DOCUMENT>0001193125-13-201018.txt : 20130506
<SEC-HEADER>0001193125-13-201018.hdr.sgml : 20130506
<ACCEPTANCE-DATETIME>20130506132636
ACCESSION NUMBER:		0001193125-13-201018
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130506
DATE AS OF CHANGE:		20130506

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:	333-180974
		FILM NUMBER:		13815340

	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>d532866dfwp.htm
<DESCRIPTION>DOES A BIG ETF DRIVE GOLD'S PRICE?
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<TITLE>Does a Big ETF Drive Gold's Price?</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed Pursuant To Rule 433 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registration No.&nbsp;333-180974 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>May&nbsp;6, 2013 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Does a Big ETF Drive Gold&#146;s Price? </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Some pros cite sales by SPDR Gold for the metal&#146;s 2013 decline </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">By&nbsp;ROB CURRAN </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Posted on wsj.com May&nbsp;3, 2013/Published in The Wall Street Journal
May&nbsp;6, 2013 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Want to know which way the price of gold is headed? Some brokers and money managers say you should keep an eye on gold
ETFs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">They say the recent collapse in the price of gold has highlighted a new leading indicator for the metal: the flow of money into and out
of exchange-traded funds in the sector, led by the giant&nbsp;SPDR Gold Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">And some suggest that investors who are thinking of buying
into gold-related funds may want to heed the recent past and go with the flows&#151;that is, stay away for now. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>A Big Buyer
</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;The overall gold market isn&#146;t that big,&#148; says Eric Marshall, portfolio manager at mutual-fund manager Hodges Capital
Management. &#147;So creating even a small amount of incremental demand through these ETFs, and making [gold] investible in a way it wasn&#146;t previously, definitely does have an impact on prices. And I think that impact works to the downside just
as it did to the upside a few years ago.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">SPDR Gold Shares, with a recent $50 billion in assets, has contributed a significant portion
of overall gold demand in recent years. The World Gold Council, the trade group of gold miners that sponsors the fund for marketing agent State Street Global Advisors, estimates that about $236 billion of gold was purchased in 2012. It says roughly
6% of that demand came from ETFs, of which SPDR Gold Shares is by far the largest. (The next largest,&nbsp;iShares Gold Trust, has assets of about $10 billion.) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Near the height of the gold bull market, in 2009 and 2010, ETFs accounted for roughly 13% of gold demand, according to the council. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Still, a World Gold Council official rejects the suggestion that ETFs play a predominant role in the price of gold. &#147;ETFs are a new, clever way for investors to access the gold market, but
they&#146;re not replacing or dominating investment, which is still dominated by bars and coins,&#148; says Jason Toussaint, chief executive of the council&#146;s World Gold Trust Services unit, which manages the fund. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Watching the Flows </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Others, though, are convinced that fund flows are pushing the gold price around. Over the years, many traders in the futures and bullion markets have come to keep an eye on ETF flows, following them on a
monthly&#151;if not daily&#151;basis. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;You watch the flow of money, and if there&#146;s money flowing out of the ETFs, it&#146;s going
to negatively impact the price of gold,&#148; says Jim Wyckoff, senior analyst at precious-metals dealer Kitco Metals Inc. &#147;No matter what the supply-and-demand fundamentals [for physical gold] may suggest, if that money&#146;s flowing, those
prices are going to move.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Buyers of bars and coins&#151;who accounted for 29% of overall gold purchases in 2012, according to the World
Gold Council&#151;tend to be long-term holders. If someone purchases or leases a safe to store their investment, and buys gold in increments of $1,500 or more, they are likely to think of their ownership tenure for the metal in terms of years,
rather than days or months. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">By contrast, the launch of SPDR Gold Shares in 2004 made getting into and out of the gold market easy. The ETF
was &#147;transformative&#148; and &#147;forged a conduit between the investment community and the gold market,&#148; says Ross Norman, chief executive of London bullion dealer Sharps Pixley. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Getting Out </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For seven years after its launch, the fund grew exponentially, becoming not
only one of the biggest buyers of gold but also at one point the second-largest ETF of any kind. The more gold prices rose, the more popular the fund became and the higher Wall Street brokers raised their price targets for the metal. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The exodus from SPDR Gold Shares began in February of this year. In 43 straight trading sessions through April&nbsp;11, the volume of gold held by the
fund either fell or was unchanged, according to State Street. Its holdings fell 13% from Jan. 1 through April&nbsp;11, while the price of gold fell less than 6%. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Then gold prices tumbled. On April&nbsp;12, gold fell almost 5%, to below $1,500, and on April&nbsp;15 it fell nearly 10% and closed below $1,400. One major brokerage firm had advised clients to bet
against gold a few days earlier. Goldman Sachs Group Inc. had long been a bull on gold, but it began to reduce its price targets in February, citing ETF flows as one of the primary reasons. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The price of gold, as measured by the benchmark contract on the Comex futures market, recouped some losses in late April, but still finished down 7.7% for the month and down more than 12% for the year.
Money continued steadily draining from SPDR Gold Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Now, gold investors who hold on may be facing their first annual loss since 2000.
And prospective new buyers might just want to wait until the ETF outflows slow or stop. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><I>Mr.&nbsp;Curran, a writer in Denton, Texas,
is a regular contributor to Dow Jones Newswires and The Wall Street Journal. Email him at&nbsp;<U>rob.curran@dowjones.com</U>.</I><B> </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">SPDR<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> 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<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> Gold Shares, 30th Floor, Boston, MA 02111. </FONT></P>
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