Filed Pursuant To Rule 433
Registration No. 333-217785
July 18, 2017
SPDR® Gold Shares (GLD®) Quarterly Dashboard As of June 30, 2017
By the SPDR Gold Strategy Team
What happened to gold
in the second quarter?
Gold prices were flat in the second quarter as recent concerns over the global
populism movement seem to be fading away despite persistent geopolitical tensions. GLD Key Facts
After four rate hikes in the current monetary cycle bullion found support at
successively higher levels — around $1,050 in December 2015, $1,125 in December 2016, $34B Fund Size*
a fraction under $1,200 in Mach 2017 and $1,225 in June 2017, while the US dollar Index $0.01 30-Day Liqudity:
Bid/Ask Spread
fell by 3.67% from January 1st through the end of June 2017.
India’s latest “Good and Services Tax” (GST) came into effect on 1 July with gold $877M 30-Day
Average Daily Volume
currently taxed at 3%, nearly 1% higher than what it was prior to GST. This may as of June 30, 2017.
negatively impact physical demand short-term. Source: Bloomberg, State Street Global Advisors (SSGA).
Looking ahead, the ongoing debate to repeal and replace the Affordable Care Act may
come to a head in Q3. The outcome could foreshadow Presidents Trump’s ability to
negotiate the debt ceiling, renegotiate NAFTA and pass tax reform & infrastructure
legislation, which may have implications for gold near-term. Gold Vitals Asset Class Returns and Correlations
Factors Trend Potential Impact30-Jun-1752 Week High52 Week
LowReturnsCorrelation to Gold
Gold Price (USD/oz) • •1242.31366.31125.7Trailing Trailing 12-MarchCorr. over pastTrailingTrailing
Gold Bullish Sentiment % • •45.082.417.7June (%)3-Mo.(%)Mo. (%)Correlation3 monthsJune3-Mo.12-Mo.
USD-1.34-4.71-0.54Strong NegativeStrengthening-0.53-0.11-0.38
Stock Market Volatility • •11.222.59.810-Yr Treasuries-0.581.40-3.86Moderate
PositiveStrengthening0.470.380.42
Gold Spec. Interest (moz) • •15.034.011.8Commodities-1.45-4.08-0.44Weak
NegativeFlat-0.170.150.02
Crude Oil (USD/bbl) • •46.054.539.5Equities0.283.6116.48Weak PositiveStrengthening0.22-0.140.05
US Dollar Index • •95.6103.394.2Gold-1.89-0.21-5.94—————
Gold ETF holdings (moz) • •67.968.066.2Source: Bloomberg Finance L.P, SSGA.
10-Year Treasury Yields % • •2.302.631.36Past performance is not a guarantee of future results.
Indices representing the above asset classes are as follows: Gold = LBMA Afternoon Gold Price as tracked by
Gold holdings in ETFs represent 25 gold ETFs. ICE Benchmark Administration Ltd., USD = The US Dollar Index,
10-Year Treasuries = The ICE U.S. Treasury 7–10
Source: Bloomberg Finance L.P, SSGA. Indices
representing the above asset classes are as follows: Gold = LBMA Afternoon Gold Price as tracked by ICE Year Bond Index, Commodities = S&P Goldman Sachs Commodity Index, Equities = MSCI ACWI Index. In terms of Benchmark
Administration Ltd., Gold Bullish Sentiment (%) = Bloomberg Commodity Sentiment Gold Bullish Readings “Strengthening” and “Weakening” correlation, it’s a comparison between the December correlation and
the trailing
Index, Stock Market Volatility: SPX Volatility Index, Gold Spec. Interest = Gold Net Speculative Long Positions
from 3-month correlation. It is considered “Strengthening” when the December correlation is greater than 0.2 and greater
the Commitment of Traders Report released by the CFTC, Crude Oil = Bloomberg Generic Front Month Crude Prices, than the trailing 3-month correlation. It is considered “Weakening” when the December correlation is less than -0.2
US Dollar Index = The US Dollar Index. 10-Year Treasury Yields = Bloomberg US Generic Government 10 Year
Yields and less than the trailing 3-month correlation. It is considered “Flat” when none of the criteria above fits.
Index. (See “Definitions” on Page 4 for details on indices or benchmarks).
SPDR® Gold Shares (GLD®) Quarterly Dashboard
Bullion prices remained flat in Q2’2017 as equities rallied despite a weaker US Dollar.
Figure 1: Gold and US Dollar Index Figure 3: Gold and Commodities
USD/oz USD IndexUSD/ozS&P GSCI Index
1,400 1041,400450
1,340
1021,340
400
1,280 1001,280
1,220 981,220
350
1,160 961,160
1,100 Jun
AugOctDecFebAprJun941,100JunAugOctDecFebAprJun300
2016 2016 201620162017201720172016201620162016201720172017
— LBMA Gold Price PM (USD/oz) (LHS) — US Dollar Index (RHS) — LBMA Gold Price PM (USD/oz) (LHS)— S&P GSCI (RHS)
Source: Bloomberg Finance L.P., SSGA. Source: Bloomberg Finance L.P., SSGA.
Figure 2: Gold and Equities Figure 4: Gold and 10-Year Treasury Yields
USD/oz MSCI ACWI IndexUSD/oz%
1,400
4751,4002.75 1,340 1,3402.50 450 2.25 1,280 1,280
4252.00 1,220 1,220 1.75 400
1,160 1,1601.50
1,100 Jun
AugOctDecFebAprJun3751,100JunAugOctDecFebAprJun1.25
2016 2016 201620162017201720172016201620162016201720172017
— LBMA Gold Price PM (USD/oz) (LHS) — MSCI ACWI (RHS) — LBMA Gold Price PM (USD/oz) (LHS)— US
10-yr Treasury Yields (RHS)
Source: Bloomberg Finance L.P., SSGA. Source: Bloomberg Finance L.P.,
SSGA.
Past performance is not a guarantee of future results. Index performance does not represent the performance of any particular exchange traded
fund.
State Street Global Advisors 2
SPDR® Gold Shares (GLD®) Quarterly Dashboard
Gold nearly broke through the psychological $1,300/oz level in 2Q’2017 spurred by rising geopolitical tensions despite historic lows in equity
volatility.
Figure 5: Stock Market Volatility Figure 7: Gold Sentiment
USD/oz VIX IndexUSD/ozGold Bullish (%)
1,400
251,400100
1,340 201,34075
1,280 151,280
50
1,220 101,220
25
1,160 51,160
1,100 Jun Aug
OctDecFebAprJun01,100 JunAugOctDecFebAprJun0
2016 2016 201620162017201720172016201620162016201720172017
— LBMA Gold Price PM (USD/oz) (LHS) — VIX Index (RHS) — LBMA Gold Price PM (USD/oz) (LHS)— Gold Bullish Sentiment (RHS)
Source: Bloomberg Finance L.P., SSGA. Source: Bloomberg Finance L.P., SSGA.
Figure 6: COMEX Positioning Figure 8: Gold ETF Holdings†
Moz USD/ozUSD/ozMOZ
60
21501,40075
40 19001,340
70
20 16501,280
0 14001,220
65
-20 11501,160
-40 Jun JunJunJunJunJunJunJun9001,100 JunAugOctDecFebAprJun60
2010 2011 2012201320142015201620172016201620162016201720172017
? Long (LHS) ? Short (LHS) — Net Position (LHS)— LBMA Gold Price PM (USD/oz) (RHS)— LBMA Gold Price PM (USD/oz) (LHS)— Gold Holdings in
ETFs (RHS)
Source: Bloomberg Finance L.P.,CFTC and SSGA. Source: Bloomberg Finance L.P., SSGA.
Past performance is not a guarantee of future results. Index performance does not represent the performance of any particular exchange traded fund.
State Street Global Advisors 3
SPDR® Gold Shares (GLD®) Quarterly Dashboard
Figure 9: Standard Performance SPDR® Gold Shares Performance as of June 30, 2017
Since Inception
1 Month (%) QTD (%) YTD (%)1 Year (%)3 Years (%)5 Years
(%)10 Years (%)11/18/2004
NAV -1.92 -0.316.96-6.32-2.27-5.306.258.10
Market Value -2.16 -0.597.67-6.72-2.68-5.336.267.98
LBMA Gold Price
PM -1.89 -0.218.41-5.94-1.88-4.926.688.53
Source: spdrs.com.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when
shares are sold. Current
performance may be higher or lower than that quoted. Visit spdrs.com for most recent month-end
performance. Performance returns for periods of less than one year are not annualized.
The market price used to calculate the Market Value
return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated.
If you trade your shares at another time, your return may differ.
Gross Expense Ratio: 0.40%.
Glossary
Bloomberg Commodity Sentiment Gold Bullish Readings Index A weekly measure of analysts and traders who are bullish on gold that is compiled by Bloomberg News. The number of
participants in the survey may vary. COMEX The main futures market for trading metals such including gold, silver, copper and aluminum.
Gold Bullish Sentiment A
measure of gold market sentiment created and published by Bloomberg. The weekly survey measures the percentage of gold analysts and traders who are bullish, bearish or neutral on gold.
ICE U.S. Treasury 7–10 Year Bond Index A fixed-income benchmark created by the Intercontinental Exchange, or ICE, that focuses on debt issued by the US Department of the
Treasury. The index includes only US dollar denominated, fixed-rate securities that have a minimum term to maturity greater than seven years and less than or equal to 10 years.
LBMA Gold Price The LBMA Gold Price is determined twice each business day (10:30 a.m. and 3:00 p.m. London time) by the participants in a physically settled, electronic and
tradable auction administered by the IBA using a bidding process that determines the price of gold by matching buy and sell orders submitted by the participants for the applicable auction time.
Long Gold Positions Speculative long positions on gold and other futures are recorded in the weekly Commitment of Traders Report published by the Commodities Futures Trading
Commission, or CFTC, and measure the amount of gold ounces that are represented by gold futures that will be profitable should the price of gold rise. MSCI ACWI Index MSCI ACWI Index is a free-float weighted equity index that includes companies in
both emerging and developed world markets and is designed to be a proxy for most of the investable equities universe around the world.
Net Positions Net positions
in gold futures and other futures markets is the difference between the number of speculative long and speculative short positions. The data, found in the weekly Commitment of Traders Report, are published by the Commodities Futures Trading
Commission, or CFTC.
S&P Goldman Sachs Commodity Index, or S&P GSCI A production-weighted index launched in 1992 that tracks the performance of 24
commodity futures contracts. The index, tilts to commodities that are more heavily produced globally, so its weights more heavily to crude oil than, say, to cocoa.
Short Gold Positions Speculative short positions on gold and other futures are recorded in the weekly Commitment of Traders Report published by the Commodities
Futures Trading Commission, or CFTC, and measure the amount of gold ounces that are represented by gold futures that will be profitable should the price of gold fall.
US Dollar Index The US Dollar Index (DXY) Index measures the performance of the US Dollar against a basket of currencies: the euro (EUR), the Japanese yen (JPY), the
British pound sterling (GBP), the Canadian dollar (CAD), the Swiss Franc (CHF) and the Swedish krona (SEK).
US Generic Government 10 Year Yields Index A
fixed-income index compiled by Bloomberg that measures yields of generic US, on-the-run, government notes and bond indices. Yields are yield to maturity and pre-tax, are based on the ask side of the market and are updated intraday. Yields included in the index are precise to 4 decimal places.
US 10-Year Treasury Note Yield (Used in Macro Sensitivity) The interest rate paid to holders of U.S. 10 Year
Treasury Notes. The rate is comprised of Generic United States on-the-run government 10 Year
Treasuries. The yield quoted is yield to maturity and on a pre-tax basis.
SPX Volatility Index VIX, or CBOE Volatility
Index The SPX Volatility Index, also called the VIX or the CBOE Volatility Index, is a measure of the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide
range of S&P 500 index options.
Email
USSPDR-Gold@ssga.com
State Street Global Advisors 4
SPDR® Gold Shares (GLD®) Quarterly Dashboard
* We define Trend as a comparison between end-of-month;
50-day; and 200-day readings for each factor. A positive trend is identified if either the end-of month reading is greater than
the 50-day reading or if the 50-day reading is greater than the 200-day reading. We identify a negative trend when either the end-of month reading is less than the 50-day reading or when the 50-day reading is less than the
200-day reading. We define a flat trend as instances when the prevailing movement is neither positive nor negative.
** We
define “Potential Impact” as the possible impact each of the trends may have on the price of gold.
*** Gold holdings in ETFs are represented by the
securities tracked by Bloomberg Financial L.P that, together, make up 25 global ETFs.
**** We view the correlation coefficient as a metric that measures the
strength and direction of a linear relationship between two variables. We believe it measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean. We consider a
correlation between -1.0 to -0.5 or 0.5 to 1.0 to be “strong;” one between -0.5 to
-0.3 or 0.3 to 0.5 to be “moderate;” and one between -0.3 to -0.1 or 0.1 to 0.3 to be “weak.” We view a
correlation coefficient between -0.1 to 0.1 as having “no correlation” or a “very weak” correlation.
† Gold holdings in ETFs are represented by the securities tracked by Bloomberg Financial L.P that, together, make up 25 global ETFs.
State Street Global Advisors 5
SPDR® Gold Shares (GLD®) Quarterly Dashboard
ssga.com | spdrs.com
State Street Global Advisors One Lincoln Street, Boston, MA 02111-2900.
T: +1 617 786 3000.
State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, One Lincoln Street, Boston, MA 02111. Investing involves risk
including the risk of loss of principal.
The information provided does not constitute investment advice and it should not be relied on as such. It does not take
into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. All material has been obtained from sources believed to be reliable.
There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.
While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods
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ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs’ net asset
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Commodities and commodity-index linked securities may be affected by changes in overall market
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Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.
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Past performance is not a guarantee of future
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Important Information Relating to SPDR Gold Trust:
The SPDR Gold Trust
(“GLD”) has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates.
Before you invest, you should read the prospectus in that registration statement and other documents
GLD has filed with the SEC for more complete information about GLD and this offering. Please see the
GLD prospectus for a detailed discussion of the risks of investing in GLD shares. The GLD prospectus is available by clicking here. You may get these documents for free by visiting
EDGAR on the SEC website at sec.gov or by visiting spdrgoldshares.com. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus if you request it by calling 866.320.4053.
GLD is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and is not subject to regulation under the Commodity Exchange Act of
1936 (the “CEA”). As a result, shareholders of the Trust do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.
GLD shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of GLD shares relates directly to the value of the gold held by GLD (less
its expenses), and fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold
represented by them. GLD does not generate any income, and as GLD regularly sells gold to pay for its ongoing expenses, the amount of gold represented by each Share will decline over time to that extent.
The World Gold Council name and logo are a registered trademark and used with the permission of the World Gold Council pursuant to a license agreement. The World Gold Council in
not responsible for the content of, and is not liable for the use of or reliance on, this material. World Gold Council is an affiliate of GLD’s sponsor.
For
more information: State Street Global Advisors Funds Distributors, LLC, One Lincoln Street, Boston, MA, 02111 T: +1 866 320 4053 spdrgoldshares.com
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Insured No Bank Guarantee May Lose Value
© 2017 State Street Corporation. All Rights Reserved.
State Street Global Advisors ID9943-IBG-24153 0717 Exp. Date: 07/31/2018
SPDR® 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® Gold Shares, 30th Floor, Boston, MA 02111.