<SEC-DOCUMENT>0001193125-14-421746.txt : 20141121
<SEC-HEADER>0001193125-14-421746.hdr.sgml : 20141121
<ACCEPTANCE-DATETIME>20141121151759
ACCESSION NUMBER:		0001193125-14-421746
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20141121
DATE AS OF CHANGE:		20141121

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:		141242855

	BUSINESS ADDRESS:	
		STREET 1:		C/O WORLD GOLD TRUST SERVICES LLC
		STREET 2:		510 MADISON AVENUE, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		510 MADISON AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	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:		510 MADISON AVENUE, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		510 MADISON AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	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>d825697dfwp.htm
<DESCRIPTION>GLD 10TH ANNIVERSARY BROADCAST COVERAGE TRANSCRIPTS
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<TITLE>GLD 10TH ANNIVERSARY BROADCAST COVERAGE TRANSCRIPTS</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>November&nbsp;21, 2014 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GLD 10<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Anniversary </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Broadcast Coverage Transcripts </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;14-18, 2014 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GLD Anniversary Coverage Report
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coverage of GLD and the anniversary was largely positive, with an educational focus on informing viewers and readers of what GLD is, how it came
about, and how to invest in it. The gold bars were well received during broadcast interviews, and made for a nice complimentary visual. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following
unique articles/video clips from anniversary related interviews were published: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10 Years is Golden for GLD, the World&#146;s Largest Gold ETF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TheStreet </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>By Jill Malandrino </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>17&nbsp;November 2014 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jill Malandrino:</P></TD>
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<TD VALIGN="top">The wildly popular gold ETF the GLD turns 10 years old on November&nbsp;18. Explain to us what we&#146;re looking at here. Is this what the GLD is comprised of?</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Yes. So these are two 400-ounce gold bars that are typical of the type of bars that we would store within the GLD Trust. Each of these bars is 400 ounces, which, roughly at today&#146;s prices, is about $500,000 per bar. So $1
million worth of gold is here on the table.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jill Malandrino:</P></TD>
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<TD VALIGN="top">And it certainly has captured quite a bit of interest since inception. If we take a look at some of the data points, it acquired over $1 billion in assets in the first days of trading. Do you think that part of the reason of gold is
because the GLD has made it so much more accessible to the retail investor and for more speculative trading?</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Well, GLD is one of those funds where there&#146;s a lot of superlatives that describe its success and its track record. It&#146;s still, to this day, despite the fall in the gold price over the last couple of years, the largest
physical gold ETF and the largest gold fund in the world. But at one point, it was actually the biggest ETF in the world, albeit for a short period of time, at the top of the gold market. But it certainly provided the retail investor, but also the
institutional investors and anybody who has access to a brokerage account a very simple and easy way to transact in gold and to hold gold as part of a diversified portfolio, just like any other asset class.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jill Malandrino:</P></TD>
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<TD VALIGN="top">Well, certainly, the ease of trading is definitely there. It&#146;s a different dynamic than trading the physical underlying.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Absolutely.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jill Malandrino:</P></TD>
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<TD VALIGN="top">&#133;which certainly makes it accessible to everyone else. Did you continue to see more growth in this market even though gold has pulled back pretty significantly from the highs?</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Well, in some respects, we obviously track the price of gold, and so assets rise and fall along with the gold price. At the moment we&#146;re at the phase of consolidation where the gold price has retreated from its all-time highs.
And as in terms of looking to grow the fund and grow interest in gold going forward, there are a number of things that we are trying to do and are active in in the market. Probably the three most important are accessing your new markets and new
segments of existing markets, providing more access to research, and extending the footprint of the case for gold internationally.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jill Malandrino:</P></TD>
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<TD VALIGN="top">Thanks very much. That was fascinating.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Thank you.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jill Malandrino:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">For <I>The Street </I>in New York, I&#146;m Jill Malandrino.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GLD&#146;s Birthday: Gold ETF doesn&#146;t have much to celebrate </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Yahoo! Finance </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>18&nbsp;November 2014 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jenn Rogers:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">For the past decade, the SPDR Gold Trust ETF, more commonly known as the GLD, has been transforming the way account holders, now numbering about 1 million, invest in the gold market. William Rhind, CEO of World Gold Trust Services,
oversees how this fund will continue to grow in the coming years.</TD></TR>
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<TD VALIGN="top">Thank you for coming.</TD></TR>
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<TD VALIGN="top">So first of all, let&#146;s talk about why this fund is significant for retail investors?</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">So the GLD is significant because it&#146;s not only the largest physical gold ETF in the world, but it&#146;s actually the largest physical gold fund in the world today.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jenn Rogers:</P></TD>
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<TD VALIGN="top">And by &#147;physical gold fund&#148; &#151; and we have some gold here &#151; what does that mean? Explain that for people in the retail world.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Sure. So what it means that what the fund is actually holding is bars like this &#151; this is the exact standard of gold, 400 ounce London bullion market, good delivery gold &#151; that the trust is holding.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jenn Rogers:</P></TD>
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<TD VALIGN="top">Okay, so we have two bars of gold here. How much is this worth, by the way?</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">So each bar is worth roughly $0.5 million at current prices; so two of them, about $1 million.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jenn Rogers:</P></TD>
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<TD VALIGN="top">So there&#146;s like $1 million dollars right here.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Yeah.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jenn Rogers:</P></TD>
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<TD VALIGN="top">I have to tell you it&#146;s super hard to lift up.</TD></TR>
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<TD VALIGN="top">So what are the plans to grow the fund? I mean, it grew a lot in the last ten years; what are the plans for the future?</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">So we&#146;re looking at a number of ways to grow GLD, but also grow the category for gold investments. So with GLD, we&#146;re looking on improving existing relationships that we have and entering new segments of the market, both
domestically and internationally, bringing out new products which will bring the next generation of gold investors into the market, and also improving on the research capabilities that we have currently, and talking to the audiences from that
perspective.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jenn Rogers:</P></TD>
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<TD VALIGN="top">So why do you think, talking to the audience, that people should use GLD? Why is it important to have something like that in your portfolio?</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Well, GLD is gold. And simply put, a share of GLD is approximately a tenth of an ounce of gold. So it allows people to invest in gold in exactly the same way you would any other stock within the market. So if you want to own gold in
your portfolio, GLD is a very simple way to do that.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jenn Rogers:</P></TD>
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<TD VALIGN="top">All right. Simple. You&#146;ve made it simple, that&#146;s what the liquidity is all about. But it&#146;s also &#151; it can be volatile, right?</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Well, gold and other commodities can be volatile, but in an asset allocation perspective &#151; so from a diversified portfolio &#151; one of the key reasons that you might look to own gold is because as a diversified, which means
that it has a lower correlation to equities and bonds, it actually decreases the volatility of the overall portfolio when added in a mix of equities of bonds.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jenn Rogers:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">All right. It&#146;s probably certainly easier to do that than to have this under your mattress somewhere.</TD></TR>
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<TD VALIGN="top">Okay. William Rhind is the CEO of the World Gold Council, which oversees GLD. Thanks so much.</TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Will Rhind:</P></TD>
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<TD VALIGN="top">Thank you.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GLD Celebrates 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Anniversary </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NY1 Broadcast News </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>18&nbsp;November 2014 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Annika Pergament, reporter, NY1, News All Morning: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Ringing the closing bell, the World Gold Council celebrating the 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of GLD,
that&#146;s a popular exchange traded fund, allowing investors to buy and trade the gold. Will Rhind, CEO of World Gold Trust Services says looking ahead the goal now, keep the momentum. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Will Rhind, CEO, World Gold Trust Services: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Now thinking about the next 10 years and how do we foster and create demand for gold of the next 10 years. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Putin hoarding gold </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CNBC Closing Bell </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>By Kelly Evans, Co-Anchor, Closing
Bell, CNBC and Bill Griffeth </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>18&nbsp;November 2014 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bill Griffeth, Co-Anchor, Closing Bell, CNBC:</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The World
Gold Council is reporting that in the 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> quarter this year Russia accounted for more than half of all the gold purchased by the world central banks in past year and has increased its gold
holdings by a popping 25%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell, CNBC:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, why is Putin hoarding all this gold now? And, how much of a concern should it be? Joining us now is William Rhind who is the CEO of The World Gold Trust
Services along with our own Bob Pisani. Welcome to you both. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And we also have with us on set here two gold bars which make me very nervous. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell, CNBC:</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bill is
going to bench press them later. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth:</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I was.
You want me to try and pick one up? These weigh how much? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell, CNBC:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Quite heavy. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bob Pisani, Correspondent, CNBC:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thirty five pounds. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Oh, my God. Go ahead. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell,
CNBC:</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Oh, my God. I almost fell out of the chair. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth:</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Twenty five pounds each. It&#151;gold at 25
pounds feels a lot heavier than anything else at 25 pounds. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell, CNBC:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I need to hit the gym. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Go ahead pick that thing up. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing
Bell, CNBC:</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Oh, my &#133; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#146;s roughly together the 2 of them are roughly &#133; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell, CNBC:</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is only
25 pounds? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth:</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A million dollars&#146; worth
of gold right here. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell, CNBC: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, it&#146;s more than that. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It feels heavier doesn&#146;t it? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor,
Closing Bell, CNBC: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I literally can&#146;t pick it up. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That is more than 25 pounds. Why is Vladimir
Putin hoarding this stuff do you think? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>William Rhind, CEO, World Gold Trust Services: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, Russia&#146;s been the biggest accumulator in terms of central banks of gold over the last few years and they have a lot of petrol dollar income from
selling oil. And, foreign exchanges are looking to diversify. And, gold has been one beneficiary of that. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investing in oil and investing in gold in Russia. Not a great bargain right now. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And, if you&#146;re gonna buy though, I mean
and they&#146;re relatively low compared to what they&#146;ve been in the past. Right? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell, CNBC: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But, how long can you use gold to prop up your currency ultimately? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, I believe that&#146;s what they&#146;re
doing. It&#146;s just a way of diversifying foreign exchange reserves largely in dollar from selling oil on the open market. We say we talk about Russia, but of course the big elephant in the room is China. But, we don&#146;t know how large their
accumulation has been of gold because it&#146;s a state secret. So, of the banks that publish figures, we know that Russia has been the large most active in the central bank market. And, that&#146;s been a big driving force in terms of demand for
gold. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And, they want the Swiss Bank now to
have gold. To hold gold as a significant portion of its supply. So, there&#146;s moves elsewhere to make foreign banks own gold. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans,
Co-Anchor, Closing Bell, CNBC: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But, that&#146;s how you bring it up. Well, I mean, do you see this move back to a sort of de facto gold standard in
some of these countries and if so why? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I
don&#146;t think it&#146;s moving to a de facto gold standard. It&#146;s just simply about diversification. In many ways they view it as being not to dissimilar from why anybody would own gold. In that, if you have a portfolio that overweight in
U.S. dollars or it could be Euros or it could any other number of asset classes. Having exposure to gold gives you some diversification because its lack of correlation to equities, bonds and asset classes. I think they&#146;re doing it for a very
similar reason. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">What are you guys
thinking about the price of gold at this point? I mean, we&#146;re all watching the resurgence of the dollar in the last 6 months and there&#146;s no sign that it&#146;s gonna taper off any time soon. That cannot be good for gold prices down the
road can it? </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, I think the dollar is in some respects is less of a story about U.S. dollar strength and more of a story of foreign currency weakness. And, what&#146;s
happened is there have been you know as largely deflationary pressures as countries around the world that don&#146;t have the kind of growth that we&#146;re seeing here, exporting deflation and that&#146;s having a stronger effect on the dollar. If
you look at the gold market fundamentals, we think this is a method that&#146;s returning to deficit. We saw last year a big amount of supply come onto the market largely fueled by the ETFs. That clear to the lower price of largely bought by Asian
consumers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell, CNBC: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indian. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. And, on account of what was the strongest demand, year of demand, we&#146;ve seen on record for gold. This year we believe that we&#146;re still gonna
have a very strong year in terms of demand and will probably come in the second highest on record in terms of demand. So, we&#146;re in a good fundamental position. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By the way you&#146;re celebrating the 10<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Anniversary of the introduction of the gold ETF. Right? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GLD. That&#146;s right. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The GLD came to market 10 years ago I know. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ten years ago. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You were there 10 years ago. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I introduced it and there was a lot of skepticism about whether this was the right way to own gold. ETF structure. A lot of people felt ETFs weren&#146;t the
right way to do it. It would fall apart. That&#146;s proven not to be true. A lot of people skeptical about ownership now &#133; [crosstalk] </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth:
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Are you holding a 25 pound bar right there? [crosstalk] </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. That&#146;s it. There it is. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There&#146;s no way you&#146;re holding 25
pounds here. We couldn&#146;t pick it up right now. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;18, 2004. The same thing and the World Gold Council, of whom you represent Will, wanted to be there, but they were concerned about looking like
they were promoting the GLD as a security and wouldn&#146;t come on. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And, gold was worth a lot less then than it is now. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. It was, well, the height was 1900. $1,900 dollars. I believe that was September of 2011. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That right. Yeah 2011. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And, today it&#146;s $1,200 dollars and
there&#146;s a lot less. I think there was $500 billion under management in the GLD by 2011. Now, I think there&#146;s 280. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor,
Closing Bell, CNBC: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. It&#146;s come down quite a bit. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There&#146;s 27 billion. The height was &#133;
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pisani: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You&#146;re right. 27 billion. [crosstalk]
50 billion under management. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alright. We&#146;ve got to go guys.
They&#146;re waiting for you to go get ready to ring the bell as well. Good to see you. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for having me. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You can leave this stuff behind. We got nice party gifts for you otherwise. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kelly Evans, Co-Anchor, Closing Bell, CNBC: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">How much is
one of these worth? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">About half a million
dollars each. A million for the two. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There you are. That&#146;s why there&#146;s some very large gentlemen over there waiting to pick this up when Will Rhind is stepping off the podium. Good to
see you. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. Appreciate it. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Griffeth: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks for joining us today. Thanks Bob. See
you later. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Should investors continue to own gold in their portfolio? </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fox Business </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>By Nicole Petallides </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>18&nbsp;November 2014 </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Liz Claman, Anchor, Fox
Business News, After the Bell: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GLD, that&#146;s the world&#146;s largest gold ETF turns 10 years old today. The fund that&#146;s backed by physical
gold now holds more metal than the most of the world&#146;s Central Banks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Asman, Anchor, Fox Business News, After the Bell: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wow, I must admit I have a little GLD, Nicole Petallides is on the floor of the New York Stock Exchange. Not only with a rep from GLD, but also with the real
stuff, go ahead. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nicole Petallides, Reporter, Fox Business News, After the Bell: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Oh yeah, this is a cool interview. Every once in a while we get the opportunity, we talk about money all the time, but then we get to show you the real money.
In this case, this is all that glitters is gold. So I am joined by Will Rhind, CEO of World Gold Trust Services, I&#146;m holding this because I want to be able to show it to our viewers at the same time while you are explaining what this is? What
are we holding? Ooh, I&#146;m working my muscles. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Will Rhind, CEO, World Gold Trust Services: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is a 400 ounce gold bar, this is a typical of the type of bar that we hold at GLD, the ETF. And so this is worth about half a million dollars or two
average American homes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Petallides: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So how can
people, people obviously gold, GLD we talk about it such a huge, huge ETF. At one point it even surpassed the S &amp; P 500 for investments, right? At one point in the day. Gold has become a little bit out of favor, but are they, this is the 10<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the ETF. So people can still, people want to invest in gold, this is one way to do it. Are you recommending that they continue to do so? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well gold&#146;s a long term thing and you know
the price of gold will go up, price of gold will down and gold&#146;s been around for 5,000 years. It&#146;s gonna be around for the next 5,000 years. And we think that in a diversified portfolio, people should own a little bit of gold, and
it&#146;s something for the long term not short term. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Petallides: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So tell us, I mean when you&#146;re bringing this, where did you actually bring these gold bars from? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So this is from a custodian that we use, HSBC and
so these bars are from&#133; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Petallides: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In New
York? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yeah, they come from New York. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Petallides: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Right, what kind of security do you have,
can we show your security? Well we have more outside, so don&#146;t even think about it folks, okay. These are just the guys that are on the inside. But I mean really, I mean this is the kind of thing to really try and show that there is gold
behind, when we talk about GLD. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Oh
absolutely, yeah. This is just showing you what exactly that looks like, you know, but about how heavy it is and&#133; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Petallides: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So gold was at $1196 today a troy ounce and talk about the popularity of investing in the gold ETF versus all the others. I mean you have, one of the stats
actually says that 80% of the investments are actually in GLD for the gold ETF market. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rhind: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well I think that that&#146;s a market share thing about GLD versus the rest of the gold ETF product market. But you know GLD&#146;s a category leader, still
the largest physical gold fund in the world, and if you&#146;re looking to get exposure to gold and invest in gold, it&#146;s a very easy way to do it. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Petallides: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well Will, we thank you for joining us
today, we really appreciate you and the World Gold Council celebrating their 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of GLD. This is going to make a very nice necklace. What do you think? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Claman: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well break off a corner for me girlfriend, I
love that. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Petallides: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bite off a corner. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Claman: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nicole, thank you very much GLD, making it very
easy for the average investor to own gold. Thanks Nicole. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SPDR&reg; 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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