<SEC-DOCUMENT>0001193125-16-494943.txt : 20160307
<SEC-HEADER>0001193125-16-494943.hdr.sgml : 20160307
<ACCEPTANCE-DATETIME>20160307145330
ACCESSION NUMBER:		0001193125-16-494943
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160307
DATE AS OF CHANGE:		20160307

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:	333-209926
		FILM NUMBER:		161488076

	BUSINESS ADDRESS:	
		STREET 1:		C/O WORLD GOLD TRUST SERVICES, LLC
		STREET 2:		685 THIRD AVENUE, SUITE 2702
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		685 THIRD AVENUE
		STREET 2:		SUITE 2702
		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:		685 THIRD AVENUE, SUITE 2702
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		685 THIRD AVENUE
		STREET 2:		SUITE 2702
		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>d156799dfwp.htm
<DESCRIPTION>BLACKROCK SUSPENDS ISSUANCE OF NEW ISHARES GOLD TRUST SHARES
<TEXT>
<HTML><HEAD>
<TITLE>BlackRock Suspends Issuance of New iShares Gold Trust Shares</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>Filed Pursuant To Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>Registration No.&nbsp;333-209926 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>March&nbsp;7,
2016 </B></P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman"><B>BlackRock Suspends Issuance of New iShares Gold Trust Shares </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Firm says an administrative oversight left it unable to meet demand for exchange-traded product </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">By Leslie Josephs and Ira Iosebashvili </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Posted to wsj.com; Updated March&nbsp;4,
2016, 7:47 p.m. ET </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">BlackRock Inc. said it suspended the issuance of new shares in its roughly $7.7 billion gold exchange-traded product due to an
administrative oversight, in the latest bruise for the exchange-traded-fund industry and its largest provider. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Analysts said the move on Friday threatens
to drive business to competitors and intensify scrutiny of the $2 trillion ETF business in the U.S. It also underscores concerns that these products&#151;baskets of assets that trade intraday like stocks&#151;are vulnerable to breakdowns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Friday&#146;s suspension came after a 20% run-up this year in the price of gold. The rally had spurred increased demand for the iShares Gold Trust, which is
traded on the New York Stock Exchange under ticker symbol IAU. Some analysts said the surge in gold-futures prices likely drove up demand for the product for use both in bets that gold would rise and bets that it would fall. Those wagers came amid
uncertainty over the health of the global economy and concerns about resilience of the financial system in the face of negative interest rates in Europe and Japan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">BlackRock wasn&#146;t able to issue new shares to meet the demand because it failed to file the appropriate Securities and Exchange Commission paperwork, the
firm said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The suspension could mean the price of the fund would rise faster than the price of gold until share creation resumes. Investors are
&#147;going to be paying more of a markup,&#148; said Mohit Bajaj, director of ETF trading at WallachBeth Capital LLC, which trades iShares Gold Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">It generally takes about a week for new shares to hit the market, an ETF lawyer said. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In the week ended Thursday, investors put more than $1.1 billion into the iShares product&#146;s key rival, the about $32 billion SPDR Gold Trust, more than
any other exchange-traded product, according to FactSet data. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The iShares Gold Trust experienced inflows of $101.6 million in the week, bringing its
inflows so far this year to about $1.3 billion. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&#147;It&#146;s embarrassing when they run out&#148; of shares, said Dave Nadig, head of ETFs at FactSet.
&#147;They should really be able to plan for demand a little bit better than that.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Existing shares of iShares Gold Trust will continue to trade
despite the suspension, the asset manager said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The setback isn&#146;t the first for the ETF industry. The SEC is assessing the causes of sharp price
swings in U.S. shares and exchange-traded products last summer, when a turbulent day of trading caused several exchange-traded products to plunge below the value of their underlying assets. The Aug. 24 incident exposed cracks in an industry that has
been wildly popular with investors and one of Wall Street&#146;s greatest success stories in recent years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">While suspending the creation of new shares in
exchange-traded products isn&#146;t routine, it isn&#146;t unprecedented. In August 2009, the iShares S&amp;P GSCI Commodity-Indexed Trust said in a filing that it would temporarily stop accepting share-creation orders. In October, Nomura Asset
Management suspended the creation of shares in three ETFs, citing liquidity concerns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The suspension of new-share creation in the iShares Gold Trust
could drive investors toward competitors&#146; products, Mr.&nbsp;Bajaj said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&#147;I think people are going to be trading GLD instead of IAU now,&#148;
he said, referring to the ticker symbol for SPDR Gold Trust, which is run by a unit of the World Gold Council and marketed by State Street Corp. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The
World Gold Council registered 200&nbsp;million shares on Friday, according to an SEC filing. It was the largest amount of new shares for the product in nearly four years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&#147;Today&#146;s filing had been planned for some time,&#148; said Peter Tulupman, a spokesman for the World Gold Council. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The iShares IAU product ended Friday unchanged at $12.17, while the SPDR Gold Trust fell 0.2% to $120.54. Gold rose 1% to $1,269.90 an ounce, a 13-month high.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Exchange-traded products that track the price of gold do so in a number of different ways. Some, like iShares Gold Trust and SPDR Gold Trust, invest in
physical gold, while others use futures contracts or simply invest in shares of gold-mining companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">ETF industry analysts say the difference between
trust structures like the ones used in BlackRock&#146;s and the Gold Council&#146;s popular gold products, and exchange-traded funds, which are subject to the Investment Company Act of 1940, is that ETFs don&#146;t have to seek permission to issue
new shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">There currently are more than 40 exchange-traded products that have suspended the creation of new shares, according to New York Stock
Exchange data. The vast majority of those are bank-issued exchange-traded notes, which typically are issued with finite shares, meaning providers must file for additional ones. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">&#151;Sarah Krouse contributed to this article. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; 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>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
