<SEC-DOCUMENT>0001193125-15-254782.txt : 20150716
<SEC-HEADER>0001193125-15-254782.hdr.sgml : 20150716
<ACCEPTANCE-DATETIME>20150716154359
ACCESSION NUMBER:		0001193125-15-254782
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150716
DATE AS OF CHANGE:		20150716

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:	333-203585
		FILM NUMBER:		15991494

	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
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<FILENAME>d24652dfwp.htm
<DESCRIPTION>VIDEO TRANSCRIPT OF INTERVIEW WITH WILL RHIND POSTED TO ASSET TV
<TEXT>
<HTML><HEAD>
<TITLE>Video Transcript of Interview with Will Rhind Posted to Asset TV</TITLE>
</HEAD>
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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;333-203585 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>July&nbsp;16, 2015 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Video Transcript of
Interview with Will Rhind Posted to Asset TV </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: I am Trish Regan, everyone. I am here with William Rhind; he is the CEO of World Gold Trust
Services. This is the firm that runs the ETF that you probably all know, GLD, which tells you the price of gold. Good to have you here. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Thank
you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Important time to have you here, we&#146;ve got a lot of uncertainty going on in the world right now as we watch China, as we watch
Greece, as people debate the future of the Euro Zone and of course as we wonder about our economy which is in a pretty anemic state back here at home. How does gold play into all of this right now? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well, I think if you look at the, you know, performance of gold the first half of the year, although the fundamentals of the story in terms of the
absolute demand for gold has been fairly robust, the majority of that is coming out of Asia, particularly India and China. You know, what has been determining the price more, and what has you know been more important, is the expectations around the
Federal Reserve increasing rates at some point during this year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Meaning if the Fed decides to increase rates, gold then&#133; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: The consensus would be that that would be negative for gold. However, because expectations of a rate rise have been in the market for such a long
time now&#133; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: For what, six years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will
Rhind: Exactly. We think that, you know, to a large extent, you know, that move has been priced in and therefore that has acted as a headwind to the gold price. But the market has been very stable in terms of and actual price has moved in a narrow
range. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: So you think gold can handle a quarter point hike if we in fact see one this year? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Yes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: I guess that that&#146;s a big
if though, because given what we&#146;re now seeing unfold in Europe, there&#146;s a lot of pressure on the Fed to keep the status quo for fear that the dollar might continue getting stronger and thus it would hurt our ability to export and
therefore hurt our economy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Yes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan:
So if you&#146;re a gold investor, do you think getting in, in a level like this $1150 being the price that it&#146;s trading at right now, is a wise move on the anticipation that maybe the Fed doesn&#146;t do a thing this year? </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well, I think that&#146;s, you know, pulling it back maybe to a more kind of fundamental picture,
where we are right now in terms of the price, you know, $1150 an ounce roughly, you know, that&#146;s very close to where the marginal cost of production is, you know, the average cost across the industry to mine an ounce of gold. So I think in
terms of, you know, the price, you know, that&#146;s why we&#146;ve, you know, seen the price not really retreat lower from here. It&#146;s been, you know, stuck at this range for quite a while. We are certainly in the camp of saying that, you know,
we still expect there to be a rate rise possibly this year, in the fourth quarter of this year. However, we&#146;re more in the lower for longer camp in that, you know, once a rate rise happens we think that rates will probably stay at that level
for some period of time and there&#146;s not going to be an aggressive ramping up of interest rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: So critics would say the problem with
gold is that it doesn&#146;t really fundamentally represent anything. It&#146;s essentially where you go when you&#146;re really, really scared, that the world is completely going to fall apart and that you then need to be in gold. And so as such,
you know, during times of financial prosperity it gets ignored to a certain extent. What do you say in response to that criticism, that it just isn&#146;t really representative of any intrinsic value? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well, gold&#146;s been a store of value for thousands of years and, you know, was original form and still is a form of money today, a form of
currency. And it&#146;s a risk mitigation asset for people, meaning that in times of financial stress it&#146;s a high quality asset that has no counterparty or credit risk. There aren&#146;t many of those around. And with all of the government and
corporate debt in the world today, it&#146;s maybe not a bad thing to have an asset in your portfolio that doesn&#146;t have any counterparty or credit risk. On the other side, on the pro growth side and you can remember that gold&#146;s not just an
investment asset. It&#146;s also a form of jewelry and that&#146;s actually where the largest amount of demand comes from. So 60% roughly of demand, you know, comes from jewelry and from technology which are more pro growth type demand factors.
Therefore when you have, you know, an economy that&#146;s growing, people accumulate more money and savings and therefore there&#146;s a high correlation between GDP growth and gold demand because people reinvest that money to jewelry. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: So could this actually, when you think about it a really good emerging market play because you look at places like India, China as well I
believe, where there&#146;s demand for gold from a jewelry sense. And if those economies are faring better than likely, people are out buying more gold. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Yes, absolutely. And that&#146;s where the majority of the demand is coming from. And the demand has shifted, you know, over the last sort of
decade and pretty significantly from west to east. And so, you know, in India, a lot of buying comes from consumers, and China same story, from consumers who are looking to buy gold as a form of jewelry for, you know, a store of value purpose, you
know, for investment as well as to wear adornment purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: What&#146;s your take on Bitcoin as a rival to gold right now? And Bitcoin, you
know, just for anybody that&#146;s not familiar with it, it being the digital currency that hackers or really, really savvy computer folks can go online and essentially mine. And they say, &#147;Well, there&#146;s a finite amount of this stuff out
there somewhat like gold.&#148; They make a lot of gold comparisons, so I&#146;m curious, someone who runs a GLD fund, what do you say about Bitcoin? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well, I think that it&#146;s already been proven to be not a store of value, prices collapse pretty significantly. It&#146;s been susceptible to,
you know, to hacks and to fraud, which again something that gold, you know, an ounce of gold is not susceptible to. And you know, we think that the technology behind it in terms of the Block chain and some other payments aspects are very interesting
to the market. But the actual Bitcoin itself, we don&#146;t think is a realistic alternative to gold. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Talk to me about owning actual gold versus owning your ETF? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well, in many ways it&#146;s the same thing. So our ETF, one share is backed by a tenth of an ounce roughly of gold and the whole fund is backed a
100% with physical gold stored in a vault. So you don&#146;t actually get to hold it in your hand, because gold is tangible. At the end of the day you&#146;re buying a fund, you&#146;re buying shares in a fund and so you own the shares, not the
actual physical gold itself. But because the shares are backed a 100% by physical gold it&#146;s the next best thing. And that&#146;s where the liquidity comes from because unlike physical gold in your house that you have to insure yourself, you
have to store and you have to take physically to a location and sell and buy, with GLD or with any other ETF for that matter, you can just buy and sell whenever you want through a broker. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Will, you told me before the camera was on that there&#146;s an emotional response that people have to gold, explain the significance of that to
me. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well, it&#146;s more that, you know, everybody on the planet knows what gold is. And because gold&#146;s been around for 5,000 years
it&#146;s very much ingrained in the culture of a lot of different countries. It has very significant religious significance in other parts of the world, and there&#146;s a strong emotional connection people have to it. It&#146;s very, very scarce
and so because of that it&#146;s unique in that, you know, everybody in the world knows what it is, whereas most other, you know, things that we talk about in the investment world, there&#146;s very low understanding of. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: It&#146;s also making the rounds in political circles, I mean Steve Forbes, big advocate for example, going back to the gold standard. Do you
have any thoughts on that? Would a gold standard in today&#146;s economy work? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: We don&#146;t think it would work. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Why not? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well, for one the&#133; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: We won&#146;t tell Steve, no, we will. Why? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will
Rhind: Well, I think there are real limitations and there are real reasons why, you know, countries came off the gold standard and back in the day, I mean for one the amount of debt, you know, that&#146;s outstanding is more than the amount of gold
that is owned by the countries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: So in other words it would send gold prices through the roof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: You&#146;d have to revalue gold in a sort of artificial way. But the fundamental mechanism of a gold standard doesn&#146;t really work for
today&#146;s sort of advanced economies that we have. But nevertheless we are in favor of more gold in the financial system and people using more gold for wealth management purposes, for portfolio diversification within the, you know, in the
monetary system. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Texas was recently in the news because it said that it wanted to move its 650&nbsp;million dollars
worth of gold which is housed in New York, back home to Texas, and they are building a depository there. And people will be able to have a bin essentially in the Texas depository of gold and be able to go in and put their gold there, check on their
gold. And they say, &#147;You know what, this is going to be a revenue making opportunity for us.&#148; But again it gets back to this idea that people will like the idea of having some gold, especially if things get rough. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Yes, exactly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Are things going to get
rough? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well look, I mean I think the H2 or the second of the year that there&#146;s no doubt that volatility seems to be increasing within
the market. And with that there&#146;s a higher chance of event risks happening. We look at Greece, and look at Puerto Rico, look at the situation in China, now all of those haven&#146;t spilled over and become systemic. And you know that&#146;s
really the trigger to when you see a big reaction in the gold price. You know, remember the events like the tech bubble for example, didn&#146;t really affect the gold price that much. So when the tech bubble burst that was more of a localized event
to the technology sector in the US. And gold didn&#146;t really affect that much; it was also the financial crisis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Versus 2008. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Yes. The financial crisis whereby the beginning of the financial crisis, the gold price sold off and declined. And it wasn&#146;t until Lehman
Brothers happened that it went truly systemic and gold prices increased dramatically off the back of that. So I think, you know, again Greece has been, you know, and Greece is not a new story, it&#146;s been, you know, five years in the making.
It&#146;s kind of a death foretold. And you know, I think the question is not whether Greece necessarily leaves the euro or not or whether Greece defaults, it&#146;s about what&#146;s the longer term future and longer term impact of Greece on the
euro and the Euro Zone itself. And what does that do for the gold price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: I think, you know, there&#146;s some serious questions there. Does
the Euro Zone remain intact? If Greece leaves does that actually send the euro higher, because now you don&#146;t have to deal with the headache of what is Greece? Many questions surrounding those currencies, is gold effectively a hedge in all of
this? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Yes. There is no doubt that gold does act as a tail risk hedge and has good properties. In that regard however, it tends to be more
when the risk &#150; the tail risk is systemic or perceived to be systemic that gold really acts the best, not when it&#146;s a localized risk. So Puerto Rico for example, or even Greece up to this point, hasn&#146;t really been a move in gold in
the way that some people would perceive. And that&#146;s because gold doesn&#146;t necessarily respond when it&#146;s a localized risk, it&#146;s more of a systemic risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: What are you seeing in terms of the ETF, with GLD, what are the outflows/inflows looking like right now? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: So we&#146;re positive year to date. I mean the market has been quite stable, the price has moved in a fairly narrow range. So we have year to
date about $250 million worth of inflows which I think is a positive signal. We&#146;ve had outflows last year and the year before as the gold price came down. So I think it&#146;s a market which is returning to balance and turning to, you know, a
positive level as far as investor sentiment. We haven&#146;t got to a point where I think investors are really bullish on gold. But it&#146;s a moment of consolidation, we certainly have seen inflows this, you know, this or thus far this year. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Your personal take? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: My personal view is that, you know, I&#146;m optimistic for the second part of the year. I think we have the possibility of more volatility in the
market which, you know, could benefit gold. We also have the possibility of a Fed rate hike and you know, I&#146;m in the camp of thinking that while the rate rise impact on the gold price is sort of fairly well known, the lesser part is if it
signals now that we&#146;re in a start of a tightening cycle then I think that that starts the move or a bit of a reallocation out of fixed income portfolios. And we hope that gold will be a beneficiary of that. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Where do you think you&#146;re seeing the most demand for gold right now? We talked a little bit about emerging markets and gold being a player
that sort of goes alongside EM. Where is the most demand? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: China and India, absolutely they &#133; both of them account for about 50% of
demand; they&#146;re very, very big players. And so, you know, that&#146;s where the majority of demand comes from. It&#146;s mainland China and India. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: You know, people say, &#147;Well, you could buy GLD. You could buy actual gold coins or you could invest in the miners.&#148; Your thoughts on
the miners? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well, the miners again are a proxy for gold. They&#146;re individual companies that some purely mine gold, others have
diversified businesses, they mine other metals. I think that people should evaluate the sector and companies, you know, on an individual basis according to their respective merits. And you know, all things being equal, when the gold price goes up,
you know, mining companies should have some form of leverage to the gold price. However, they&#146;re different investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: It&#146;s a way
to playing gold, for some people that say, &#147;Well, I&#146;m not really sure about gold&#146;s intrinsic value. But I kind of like it. I kind of want to be in this space.&#148; They look to the miners because they say, &#147;Okay. Well, this is a
company with real earnings that I can evaluate on this level,&#148; as opposed to sort of that more emotional level that gold has. But you know, it sounds like to me anyway, there are some fundamental reasons. If you accept that gold is a form of
currency that is here to stay, then in fact there are actual fundamental reasons surrounding it as to why it would perform well or not well. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind:
Yes. I think the intrinsic value question is a good one because I hear that a lot. I think there&#146;s a lot of groupthink that sort of gets lost when we think about the value of gold. And just because it doesn&#146;t have a cash flow or a yield
doesn&#146;t mean to say that it doesn&#146;t have value. A lot of people think about the value of stocks and the value of bonds, they attribute a value because they were educated in college or wherever to apply a formula to a company and prescribe
a value. Well, if you could tell me on the basis of, you know, companies&#146; earnings where exactly that share price should trade then you know we wouldn&#146;t need anybody on Wall Street to be analysts or researchers or anything. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: So there might be an industry bias against [inaudible]? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Well, it&#146;s just the way that people are trained and the way that people think about the value of financial assets. And just because something
doesn&#146;t have a cash flow, it doesn&#146;t mean to say that there&#146;s no value. All a discounted cash flow model is, it&#146;s just a framework to think about the value of something. And where the commodity or any other real asset that
doesn&#146;t have that, you need to apply a different framework. But it doesn&#146;t mean to say that it doesn&#146;t have value. It&#146;s just that the framework or the lens that you apply value to is different to the one that you look at a stock
where you can apply a formula and people get very comfortable when they can apply a formula to something. But when there&#146;s no formula in many ways it&#146;s actually easier to prescribe value to gold and to other hard assets because you
don&#146;t have the complexities and you don&#146;t have the &#133; the kind of industry bias of prescribing formulas and thinking about something that is so kind of institutionally accepted as norm. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: As someone who runs GLD, do you find yourself watching these international headlines and thinking
about them in a pretty fundamental way because you know it&#146;s going to have a correlation of some sort with gold? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Yes. I mean I think
macro events clearly can affect the gold price. However, you kind of have to take a step back and not sort of evaluate every single thing on a daily basis. At the end of the day we&#146;re a passive, you know, trust. And you know, we are out to
educate investors on the value of, you know, having gold in a portfolio. You know, we don&#146;t take active decisions about buying and selling gold within the fund on a daily basis. But clearly we have to understand the market and we have to
educate investors on the gold market and that&#146;s what we, you know, we try and do every day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: As such, you know, as you look at these
event risks, as you look at the volatility in overseas markets right now and you look at the chance of a Fed rate hike, I mean what is sort of the biggest perhaps headwind to gold? And also what is the best opportunity? What is it that&#146;s going
to send gold prices higher? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: I think it&#146;s kind of what we&#146;ve &#133; what we&#146;ve talked about which is this idea that the gold
price right now is largely reflecting a rate rise. And so the headwind of many ways is already in the market. And that is this expectation that the Fed will raise rates and that&#146;s not necessarily a good thing for gold. I think that it&#146;s a
market looking for a catalyst. And you know, that catalyst could come in the form of an outbreak of higher volatility in some other asset class, an event risk of some sort or it could be a reallocation of assets from the fixed income asset class or
maybe even from equities. As people reweight portfolios, as they think about a tightening cycle of what that means longer term for the fixed income market, you know, as those portfolios rebalance then we think that we might get some benefit from
gold or allocation to gold from that perspective. And that could be a driver of increased demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trish Regan: Alright. We&#146;ll be watching for 1150
and higher maybe. Alright, thank you, William. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Will Rhind: Thank you. </P>

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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
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