<SEC-DOCUMENT>0001193125-14-150449.txt : 20140421
<SEC-HEADER>0001193125-14-150449.hdr.sgml : 20140421
<ACCEPTANCE-DATETIME>20140421142833
ACCESSION NUMBER:		0001193125-14-150449
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140421
DATE AS OF CHANGE:		20140421

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:		14773555

	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>d715276dfwp.htm
<DESCRIPTION>ETFS HOLD CLUES FOR GOLD, COPPER, COFFEE OUTLOOKS
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<TITLE>ETFs hold clues for gold, copper, coffee outlooks</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>April&nbsp;21, 2014 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B>ETFs hold clues for
gold, copper, coffee outlooks </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Commodity exchange-traded products flows start to rebound </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By Myra P. Saefong, MarketWatch </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Posted April&nbsp;18, 2014 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAN FRANCISCO (MarketWatch) &#151; The commodity sector has rallied this year, but a close look at the performance among individual exchange-traded funds
show that interest in coffee may have topped, hope for a rebound in copper remains elusive and gold&#146;s still a wild card. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Performance among
commodity exchange-traded products, of which ETFs are a part, can offer useful guidance for investors looking to place bets on the next asset winner or flee from potential losers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Key indexes tracking commodity prices have gained 9% or more year to date, with the Thomson Reuters/Jeffries CRB index (NYE:XX:CRY) and the Dow Jones-UBS
Commodity Index (DJI:XX:DJUBS) each trading roughly around their highest levels in more than a year. So far, they&#146;re poised for their first yearly gains in four, led by strength in coffee (NYE:KCN4). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The whole commodity exchange-traded products (ETPs) space, which includes ETFs and exchange-traded notes (ETNs), saw fund outflows of $30 billion in 2013,
according to Tom Lydon, editor ETFtrends.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But the first quarter of this year saw inflows of $444.7 million for total commodity ETPs, with gold,
silver and agriculture &#151; the sub-sectors that comprise the commodity asset class &#151; the bigger gainers, he said, based off BlackRock flow data. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In contrast, broad-market commodity ETPs did well last year, with inflows of $117.6 million, but they suffered from net outflows of $484.1 million in the
first quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Among the broad commodity ETFs, the PowerShares DB Commodity Index Tracking Fund (NAR:DBC) saw $190 million in asset outflows so far this
year, Lydon said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Investors are not content with broad-commodity exposure,&#148; he said. They are &#147;getting selective, such as focusing on
agriculture instead of the broader commodities asset classes that encompass metals and energy as well.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Best and worst performers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taking a look at individual commodity ETPs offers clues on what investors are focused on and maybe even how they expect certain commodities to perform going
forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prices for ICE coffee futures have rallied by more than 80% year to date, and that has certainly fueled an interest in coffee ETPs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In fact, ETF.com lists two coffee-related ETNs as the top performers among commodity ETPs year to date: the iPath Dow Jones-UBS Coffee Total Return ETN
(NAR:JO) with a return of about 89% and the iPath Pure Beta Coffee ETN (NAR:CAFE) with a return of 83%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Coffee is facing something of a perfect
storm right now: Brazil is coming off the end of a massive drought which has hurt production and meteorologists are currently predicting an El Ni&ntilde;o winter, which would cause heavy rains and flooding,&#148; analysts at ETF.com said. That could
cause heavy rains and flooding &#151; &#147;potentially damaging next year&#146;s crop as well.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But Nitesh Shah, research analyst at ETF
Securities, said the price spike may be overdone. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We believe that there was an over-reaction and expect prices to fall to $1.55 a pound from
current levels of around $1.87,&#148; he said. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors sold $264 million of their long coffee ETP holdings in February and March, according to ETF Securities.
Outflows from coffee ETPs in the first quarter show that many investors also &#147;believe that prices have topped out,&#148; said Shah. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Among the worst
performers have been copper ETPs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Year to date, copper futures (CNS:HGN4) have lost 10%, while the United States Copper ETF (NAR:CPER) has seen returns
down a bit more for the period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The three worst commodity ETP performers this year all track copper futures, data from ETF.com show. The iPath Dow
Jones-UBS Copper Total Return ETN (NAR:JJC) has seen a nearly 11% drop in returns while the iPath Pure Beta Copper ETN (NAR:CUPM) has seen returns fall more than 9%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The drop in copper prices can be &#147;tracked back to concerns about slowing growth in China, which is the largest consumer of the industrial metal,&#148;
said ETF.com analysts. But shrinking demand isn&#146;t the only issue; China banks commonly accept copper as collateral for loans.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Should
default rates rise, we might see these banks taking possession of large amounts of copper and subsequently dumping it on the market,&#148; they said. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gold and silver </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gold and silver ETPs aren&#146;t among
the top five best commodity ETP performers this year, but first-quarter performance offers a look into investors&#146; thoughts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The SPDR Gold Trust
(NAR:GLD) , the world&#146;s largest gold-backed exchange-traded fund, saw inflows in February of 2014 &#151; its first month of inflows since December 2012, according to David Mazza, vice president and head of ETF Investment Strategy for State
Street Global Advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That may indicate that &#147;investors are beginning to reassess the role that gold can play in a portfolio,&#148; he said. With
over 40 elections around the globe this year, &#147;some investors may be concerned with the impact that geopolitical risk can have on traditional asset classes and look to gold (CNS:GCM4) to help provide ballast should markets continue to see
greater volatility than in 2013.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ETFtrends.com&#146;s Lydon, who&#146;s also president of investment advisory firm Global Trends Investments,
pointed out that gold ETPs in the first quarter saw inflows of $730.5 million and silver ETPs saw inflows of $170.7 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Silver ETPs were among the
few to see inflows in every month of the first quarter, following strong inflows in 2013, data from ETF Securities show. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Year to date, ETF.com show
inflows of $187 million for the iShares Silver Trust ETF (NAR:SLV) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It appears that investors view the silver price (CNS:SIK4) around the $20-an-ounce
level as a &#147;good entry point and with silver often viewed as a high beta version of gold, improved sentiment towards the gold prices is causing investors to build positions in silver ETPs,&#148; said Nick Brooks, head of research and investment
strategy at ETF Securities, in a note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But whether that improved sentiment on gold will last is uncertain. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Gold is the wild card,&#148; said ETF Securities&#146; Shah. &#147;Expectations of higher global interest rates and a strong U.S. dollar as the U.S.
economy recovers should weigh on performance and therefore investor enthusiasm.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Then again, &#147;the conflict in Ukraine has served as a cogent
reminder of the insurance quality of gold investments,&#148; he said. </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>
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