<SEC-DOCUMENT>0001193125-16-641542.txt : 20160705
<SEC-HEADER>0001193125-16-641542.hdr.sgml : 20160705
<ACCEPTANCE-DATETIME>20160705151033
ACCESSION NUMBER:		0001193125-16-641542
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160705
DATE AS OF CHANGE:		20160705

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:		161750143

	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>d220303dfwp.htm
<DESCRIPTION>GOLD, BREXIT AND YOU: GEORGE MILLING-STANLEY IN INVESTOR'S BUSINESS DAILY
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<TITLE>Gold, Brexit And You: George Milling-Stanley in Investor's Business Daily</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;333-209926 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>July&nbsp;5, 2016 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman"><B>Gold, Brexit And You:
3 Ways To Play Another Gold Rally </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Posted to Investor&#146;s Business Daily </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By&nbsp;Aparna Narayanan </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;1, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This year, gold has done exactly what it is expected to do when the stock markets are in turmoil: offer a safe haven. ETF investors saw proof of that again
after Brexiteers&#146; triumph drove stocks down and the precious metal to a new high. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And Brexit isn&#146;t yet done having an impact on gold, says
George Milling-Stanley, head of gold investment strategy at State Street Global Advisors. He describes the U.K.&#146;s vote to leave the European Union as &#147;a result without a resolution&#148; that&#146;s leading to enormous uncertainties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A messy divorce should be supportive of the precious metal going forward. Brexit also boxes in the Federal Reserve, which is now widely expected to put off
interest-rate hikes that could have weighed on the yellow metal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So another gold rally may be coming. But what&#146;s that rally going to look like? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That matters to gold bugs. Milling-Stanley likes to see a sustainable rise in gold prices. He&#146;s heartened that gold continues to trade within his
predicted $1,150-$1,350 per ounce range, but at the top end of it. So far, he&#146;s seeing no signs of a bubble in gold prices reminiscent of 2011. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;It makes me happy and optimistic,&#148; he told Investor&#146;s Business Daily in a phone call. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Spot gold rose $20.20 to $1,341.90 on Friday. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>How High Can
Gold Go? </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Milling-Stanley&#146;s short-term outlook for gold prices is bullish. It wouldn&#146;t surprise him to see gold hit $1,400 by Christmas, he
said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SPDR Gold Shares (GLD), the largest commodity exchange traded fund, hit its highest level in nearly two years after the Brexit outcome. GLD jumped
9% in June and has posted a lofty 25% gain year to date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Still, the ETF is trading roughly one-third off its all-time peak of 185.85. It&#146;s returned
only about an average annual 2% the last three years. That leaves room for potential upside, experts say. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GLD has seen $14.82 billion in net inflow so
far in 2016, topping every other ETF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Milling-Stanley said a good deal of recent gold purchasing has been for strategic allocations, which &#147;had
dwindled to dangerous levels after the bursting the 2011 bubble.&#148; Gold acts as a risk diversifier in portfolios made up of mostly stocks and bonds, among other benefits. It tends to deliver a return when other assets fail, according to the
World Gold Council. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The council suggests most long-term portfolios should have between 2% and 10% allocated to gold. Double those
numbers in tumultuous times, Milling-Stanley suggested. This helps to dampen portfolio volatility and boost risk-adjusted returns. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investing In Gold
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exchange traded funds offer investors several ways to invest in physical gold. AdvisorShares Gartman Gold/Euro (GEUR) is an actively managed ETF that
invests in gold using euros. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alternative investing expert Dennis Gartman expects Brexit to propel both the U.S. dollar and gold higher and push the
sterling and euro lower. In that scenario, GEUR could outperform rival ETFs that invest in gold using dollars. AdvisorShares partnered with Gartman to launch GEUR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ETFS Physical Swiss Gold (SGOL) stores gold in secured vaults in Zurich, unlike most competitors that use London vaults. It recently crossed $1 billion in
assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Brexit vote may compel investors to reconsider the location and any risks tied to where their gold ETF vaults its bullion, Maxwell Gold,
director of investment strategy at ETF Securities, told IBD via email. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">He thinks SGOL may benefit in the coming weeks as gold bugs seek out vaults that
are both familiar and located away from London. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Switzerland&#146;s track record of stability over centuries and its integral role in the global
gold market&#148; may appeal to investors, the fortuitously named Gold added. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Both SGOL and GEUR can be paired with popular choices like SPDR Gold Shares
or iShares Gold Trust (IAU) for added diversification. However, the former pair are thinly traded. GEUR, which holds gold futures and currency futures, is also the most expensive option among these peers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gold expects investors to continue to favor the metal as uncertainties loom around the world, stocks look pricey and bond yields remain stuck at record lows.
Fundamentals for the metal look favorable to him too. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">He added: &#147;We continue to see strong demand from emerging markets, central banks and investors
while supply continues to contract, which should continue to be constructive for gold in the medium and long term.&#148; </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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