<SEC-DOCUMENT>0001193125-16-708496.txt : 20160913
<SEC-HEADER>0001193125-16-708496.hdr.sgml : 20160913
<ACCEPTANCE-DATETIME>20160913160155
ACCESSION NUMBER:		0001193125-16-708496
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160913
DATE AS OF CHANGE:		20160913

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:		161882901

	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>d260414dfwp.htm
<DESCRIPTION>INTERVIEW WITH DAVE MAZZA OF SSGA ON BLOOMBERG TV
<TEXT>
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<TITLE>Interview with Dave Mazza of SSGA on Bloomberg TV</TITLE>
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 <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>September 13,
2016 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B>Most Popular ETF in 2016 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I>Interview
with Dave Mazza of SSGA on Bloomberg TV </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I>September 9, 2016</I></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">MATT MILLER: All right, let&#146;s talk first about what ETF is the most popular this year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">DAVID MAZZA: So this year, GLD is the most popular ETF.&nbsp;And GLD offers you actually physical exposure to gold. And in an environment
filled with political uncertainty both here at home and overseas, plus the potential for greater volatility, we&#146;ve seen investors flock to GLD. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">SCARLET FU: In terms of the fund flows that are coming in, describe the pace of it and how it&#146;s picked up. It certainly was strong at the
beginning of the year. It dropped off a little bit, as we got to the summer. But how do you see things playing out the rest of this year? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">DAVID MAZZA: Yeah, so actually, heading into Brexit, we saw a significant number of inflow, over $10 billion. Well, we&#146;ve still seen
inflow post-Brexit. It&#146;s around $1.6 billion, and it&#146;s actually picked up in September. And the reason being is now, investors are back from vacations, looking ahead to the Federal Reserve meetings and the potential for rates, plus of
course we know it&#146;s coming, the election. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">MATT MILLER: I was surprised&#151;first of all, we had Jack Bogle on just a moment ago
from Vanguard and&#151; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">SCARLET FU: They were listening. They were listening. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">MATT MILLER: We&#146;re talking about&#151;a lot about ETFs. Surprisingly, you mentioned GLD. In <I>The Wall Street Journal</I> profile of
Jack that came out recently, he would not be opposed to investors holding five percent of gold. And I should&#146;ve asked him if investors could hold that through GLD, rather than just the physical, you know, metal underneath the kitchen table or
whatever. He does say that ETFs, Eric, are more helpful to traders than they are to investors. What do you think about that? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">ERIC
BALCHUNAS: Yeah, he&#146;s right. And look, the thing about Bogle is, he usually equates ETFs with trading. He&#146;s anti-trading. And if you look at ETFs, they trade $19 trillion worth of shares a year, okay? They only have $2.3 trillion in
assets. That&#146;s 950 percent turnover. That&#146;s triple what stocks turnover. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">MATT MILLER: But isn&#146;t his index fund essentially
like the first ETF anyway, though? I mean&#151; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">ERIC BALCHUNAS: Yeah, well, the whole&#151;ETFs are based on the index fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">MATT MILLER: Yeah. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">ERIC BALCHUNAS: So in a way, he provided the DNA for the ETF. And they do trade a lot. SPY, and
there&#146;s a handful of them that make up most of that. And there&#146;s an argument of whether ETFs inspired normal people [to] become maniacal day traders. I have not seen the evidence for that. I am more of the argument that people who are
maniacal day traders or already trading, love ETFs, because you can get in and out of everything very quickly. And that&#146;s the majority of the volume, because if you look at Vanguard&#146;s ETFs and Schwab&#146;s, they&#146;re&#151;they barely
turn over. Nobody is trading those. Those are buy and hold investors. So you have to suss out the data. Some people are buying and holding, but there are definitely a lot of people who are trading them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">SCARLET FU: Dave, when you look at technology, because you&#146;ve seen some recent gains in technology stocks, it certainly has not been
ignored, a lot of that is chasing growth. But we&#146;ve seen, and Eric has pointed out to us, that the tech stocks that paid dividend are doing better because we&#146;ve got this low rate environment. People want growth and that payoff. Do you see
the rise of more of these tech specific dividend ETFs in the coming months? And at what point do we run out of constituents, because you have only a handful? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">DAVID MAZZA: Well, we&#146;ve seen about $390 million of in-flows into our technology select sector SPDR month-to-date alone. So as
you&#146;re&#151;as you point out, investors are coming back to tech. One of the reasons they&#146;re coming back is, is you actually look outside of a few of the big names. Earnings out of tech have been actually pretty strong. So certainly we know
Apple had some difficult earnings and some questions about what that looks like going forward, but tech scenario for investors to seek out growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">But as you point out, it&#146;s not just the big growers there. There&#146;s also some names there that are undervalued, that give investors
the opportunity to get exposure to cyclical names as well, which potentially could be important if we see a turn in the economy. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">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&reg; Gold Shares, 30th Floor, Boston, MA 02111. </P>
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