<SEC-DOCUMENT>0001193125-13-365070.txt : 20130912
<SEC-HEADER>0001193125-13-365070.hdr.sgml : 20130912
<ACCEPTANCE-DATETIME>20130912131033
ACCESSION NUMBER:		0001193125-13-365070
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130912
DATE AS OF CHANGE:		20130912

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:		131093522

	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>d597407dfwp.htm
<DESCRIPTION>SSGA'S MAZZA COMMENTS IN ARTICLE POSTED ON FORBES.COM
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<TITLE>SSGA'S Mazza comments in Article Posted on Forbes.com</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant To Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No.&nbsp;333-180974 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>September&nbsp;12, 2013 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gold
Market&#146;s Focus On Fed Overshadows Other Central Bank Actions &#151; State Street Global Advisors </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Posted on Forbes.com </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>By Debbie Carlson of Kitco News </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The gold market&#146;s
almost-singular focus on the September Federal Open Market Committee meeting and whether or not the Federal Reserve will taper its asset-purchase program overlooks what other central banks are doing with their monetary policy, said an
exchange-traded fund executive with State Street STT 0% Global Advisors, home of the SPDR Gold Shares (NYSE:GLD). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The FOMC meets Sept. 17-18 and the
market consensus is building on the likelihood the Fed will announce that it will reduce the $85 billion worth of U.S. Treasury and mortgage-backed securities it purchases each month by $10 billion to $15 billion. Several market watchers and gold
analysts said how much or when the Fed starts to taper is less important than the sense the Fed wants to reel in its ultra-loose monetary policy, which has supported gold prices for several years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The anticipation of this event has overshadowed most other fundamental factors including expansionary monetary policy by the Bank of Japan and the European
Central Bank, said David Mazza, head of exchange-traded fund investment strategy for the Americas at State Street Global Advisors. SDPR Gold Shares, the world&#146;s largest exchange-traded fund, falls under his purview. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;There&#146;s been a ton of focus on what the Fed&#146;s been doing. And they&#146;re clearly important to the market. Not just the gold market, but
every market. But, we may be just beginning to see real extraordinary monetary policy outside the U.S.,&#148; he said in an interview with Kitco News. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mazza pointed to the Bank of England&#146;s new governor, Mark Carney, the former Bank of Canada governor, as someone &#147;who is basically going to adopt a
lot of the Fed&#146;s policy.&#148; He also said that the European Central Bank continues to have an accommodative monetary policy, even as there are signs the European Union&#146;s economy is beginning to stabilize. The Bank of Japan is also
pursuing an aggressively loose monetary policy to restart their stagnant economy, he added. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;It&#146;s super important to focus on the Fed, but what
it&#146;s caused is for other investors to be a little short-sighted on what other central banks have to do,&#148; he said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The differing monetary policy
between the Fed and other central banks could lead to a &#147;push-pull relationship, where the Fed is very committed to tapering and using a lot of forward guidance. Short-term U.S. rates will stay down, (and here) inflation is subdued, but
inflation could be rising in other countries pretty rapidly. In (parts of) the emerging markets, like India and Brazil, they&#146;re struggling with that,&#148; he said. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That suggests a role for gold, still, Mazza said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In recent
weeks, finance ministers in emerging-market countries have expressed some dismay at the Fed reducing its bond-buying purchases, known as quantitative easing, as that&#146;s caused some market stress in the emerging markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The roiling of emerging market investments has raised some questions on whether or not consumers in these regions will be able to buy as much gold as they
have in the past if their country&#146;s economy is shaky. This uncertainty comes at a time when many of these countries are trying to shift from being an export-driven economy to one drive by domestic consumption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mazza said the spending power of the retail consumer is a concern for the gold market, but he said it&#146;s likely to be more a short-term consideration than
a long-term worry. The structural changes these countries must make to boost domestic consumption will result in volatility now; however, the push for continued development of the middle class will be beneficial for gold demand, he said. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was emerging market demand, especially from China and India, that put a floor in gold&#146;s price descent in
April and June, as the physical demand from those areas mopped up the heavy outflows from ETFs like the GLD. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holdings as of Monday in the GLD are 917.13
metric tons, far below the Jan. 2 high of 1,349.92 tons. Since August, holdings have fluctuated between 910 and 920 tons. Since making a near-term low of $1,182.60 in June, gold prices are now trading around $1,360 as of Tuesday and with the
rebound, Mazza said they&#146;re starting to get some nibbles of interest in the fund from institutional investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Now that prices seem to have
found a near-term bottom &#133; the conversations we&#146;re having with clients are more strategic in nature,&#148; he said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since GLD mirrors
gold&#146;s price, the ETF has risen from a June low of $115.94 to about $131.87 as of Tuesday. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The investor with a longer-term horizon is showing more
interest, Mazza added. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Institutional investors who were on the sidelines, looking at the run up and thinking it was not an appropriate time to add
gold, now feel the price is more reasonable, depending on their view of the world,&#148; he said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mazza said in the later part of August, the GLD saw
some &#147;two-way&#148; activity, meaning both inflows and outflows, rather than just the redemptions it saw earlier in the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I thought that
was healthy behavior, especially from an ETF perspective&#133;. That&#146;s fairly favorable from not just the near-term, but the longer-term picture,&#148; he said. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SPDR<SUP STYLE="font-size:85%; vertical-align:top">&reg;</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:top">&reg;</SUP> Gold Shares, 30th Floor, Boston, MA 02111. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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