GLD Quarterly Dashboard as of 12/31/16

Filed Pursuant To Rule 433

Registration No. 333-209926

January 31, 2017

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® ®

SPDR Gold Shares (GLD ) Quarterly Dashboard As of December 31, 2016

by the SPDR Gold Strategy Team

What happened to gold in the fourth quarter GLD Key Facts

Gold prices pulled back in the fourth quarter as post-election optimism drove the US Dollar to a fourteen year high and US equity indices broke records.

Bullion was put under pressure by the Federal Reserve’s decision to hike rates for the $30.6B Fund Size* second time in nearly 10 years and forecast for three more possible rate hikes in 2017. $0.01 30-Day Liquidity: Bid/Ask Spread Physical gold demand in India was crimped after the government’s decision to replace $852M 30-Day Average Daily Volume the INR 500 & 1000 bank notes, representing over 85% of notes in circulation, which *As of December 31, 2016. led to a cash shortage. Source: Bloomberg Finance L.P, State Street Global Advisors (SSGA).

Looking ahead, We believe gold demand is likely to improve ahead of the Lunar New Year and India’s demand may pick-up as new bank notes are circulated. Furthermore, gold investors may look at the recent price weakness as opportunities to increase their allocations to bullion.

Gold Vitals Asset Class Returns and Correlations****

Factors Trend* Potential Impact** 29-Dec-16 52 Week High 52 Week Low Returns Correlation to Gold

Gold Price (USD/oz) • • 1145.9 1366.3 1060.0 Trailing Trailing

December 3-Mo 12-Mo Q4 Corr. over Trailing Trailing Gold Bullish Sentiment (%) • • 27.8 82.4 11.8 (%) (%). (%). Correlation past 3 months December 3-Mo. 12-Mo.

Stock Market Volatility • • 13.4 28.1 11.3 USD 1.16 7.56 4.11 Moderate Negative Weakening -0.38 -0.55 -0.34 Gold Spec. Interest (moz) • • 12.1 34.0 1.9 10-Yr Treasuries -0.55 -5.93 0.66 Strong Positive Strengthening 0.67 0.51 0.36 Crude Oil (USD/bbl) • • 53.8 54.1 26.2 Commodities 5.63 9.33 27.86 Weak Negative Strengthening -0.30 -0.09 -0.05 US Dollar Index • • 102.7 103.3 92.6 Equities 2.08 0.86 5.67 Moderate Positive Strengthening 0.34 0.14 -0.20 Gold ETF holdings (mm oz)*** • • 68.8 76.3 51.7 Gold -2.73 -13.35 8.10 10-Year Treasury Yields (%) • • 2.48 2.60 1.36 Source: Bloomberg Finance L.P, SSGA.

Past performance is not a guarantee of future results. Gold holdings in ETFs represent 25 gold ETFs.

Source: Bloomberg Finance L.P, SSGA. Indices representing the above asset classes are as follows: Gold = LBMA Afternoon Gold Price as tracked by ICE Indices representing the above asset classes are as follows: Gold = LBMA Afternoon Gold Price as tracked by ICE Benchmark Administration Ltd., USD = The US Dollar Index, 10-Year Treasuries = The ICE U.S. Treasury 7–10 Year Benchmark Administration Ltd., Gold Bullish Sentiment (%) = Bloomberg Commodity Sentiment Gold Bullish Readings Bond Index, Commodities = S&P Goldman Sachs Commodity Index, Equities = MSCI ACWI Index.

Index, Stock Market Volatility: SPX Volatility Index, Gold Spec. Interest = Gold Net Speculative Long Positions from In terms of “Strengthening” and “Weakening” correlation, it’s a comparison between the December correlation the Commitment of Traders Report released by the CFTC, Crude Oil = Bloomberg Generic Front Month Crude Prices, and the trailing 3-month correlation. It is considered “Strengthening” when the December correlation is greater

US Dollar Index = The US Dollar Index. 10-Year Treasury Yields = Bloomberg US Generic Government 10 Year Yields than 0.2 and greater than the trailing 3-month correlation. It is considered “Weakening” when the December Index. (See “Definitions” on Page 4 for details on indices or benchmarks). correlation is less than -0.2 and less than the trailing 3-month correlation. It is considered “Flat” when none of the criteria above fits.


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SPDR® Gold Shares (GLD®) Quarterly Dashboard by the SPDR Gold Strategy Team

Despite the late sell-off in the year, gold nished with a 8.10% return in 2016, its best year since 2012.

Figure 1: Gold and US Dollar Index Figure 3: Gold and Commodities

USD/oz USD Index USD/oz S&P GSCI Index

1,400 104.0 1,400 500 1,300 100.5 1300 400 1,200 97.0 1,200 300 1,100 93.5 1,100 200

1,000 Dec Feb Apr Jun Aug Oct Dec 90.0 1,000 Dec Feb Apr Jun Aug Oct Dec 100 2015 2016 2016 2016 2016 2016 2016 2015 2016 2016 2016 2016 2016 2016

— 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 Index USD/oz %

1,400 450 1,400 2.75

2.40

1,300 425 1,300

2.05

1,200 400 1,200

1.70

1,100 375 1,100

1.35

1,000 Dec Feb Apr Jun Aug Oct Dec 350 1,000 Dec Feb Apr Jun Aug Oct Dec 1.00

2015 2016 2016 2016 2016 2016 2016 2015 2016 2016 2016 2016 2016 2016

— 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


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Gold prices showed signs of stabilization to end the year.

Figure 5: Stock Market Volatility Figure 7: Gold Sentiment

USD/oz VIX Index USD/oz Gold Bullish (%)

1,400 60 1,400 100 1,300 45 1,300 75 1,200 30 1,200 50 1,100 15 1,100 25

1,000 Dec Feb Apr Jun Aug Oct Dec 0 1,000 Dec Feb Apr Jun Aug Oct Dec 0 2015 2016 2016 2016 2016 2016 2016 2015 2016 2016 2016 2016 2016 2016

— 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/oz USD/oz Moz

60 2,150 1,400 85

40 1,900

1,300 75

20 1,650

1,200 65

0 1,400

1,100 55

-20 1,150

-40 Dec Feb Apr Jun Aug Oct Dec 900 1,000 Dec Feb Apr Jun Aug Oct Dec 45

2009 2011 2012 2013 2014 2015 2016 2015 2016 2016 2016 2016 2016 2016

Long Short — Net Position — Gold Price (USD/oz) — Gold (USD/oz) (LHS) — Gold Holdings in ETFs (RHS)

Source: Bloomberg Finance L.P.,CFTC and SSGA. Source: Respective ETP providers, Bloomberg, ICE Benchmark Administratoin, World Gold Council, SSGA. Gold holdings in ETFs are represented by the securities tracked by the World Gold Council that, together, make up substantially all of the global ETF universe.

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


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SPDR® Gold Shares (GLD®) Quarterly Dashboard by the SPDR Gold Strategy Team

Figure 9: Standard Performance SPDR® Gold Shares Performance as of December 31, 2016

Since Inception

1 Month (%) QTD (%) YTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 10 Years (%) 11/18/2004

NAV -1.65 -12.44 8.69 8.69 -1.58 -6.31 5.76 7.85 Market Value -1.91 -12.76 8.03 8.03 -1.92 -6.32 5.65 7.66 LBMA Gold Price PM -2.73 -13.35 8.10 8.10 -1.65 -5.62 6.13 8.17

Source: spdrs.com, as of 12/31/2016.

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 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

Bloomberg Commodity Sentiment Gold Bullish Readings Index A weekly measure of analysts and traders produced globally, so its weights more heavily to crude oil than, say, to cocoa. who are bullish on gold that is compiled by Bloomberg News. The number of participants in the survey may vary.

Short Gold Positions Speculative short positions on gold and other futures are recorded in the weekly Commitment 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 of Traders Report published by the Commodities Futures Trading Commission, or CFTC, and measure the amount of survey measures the percentage of gold analysts and traders who are bullish, bearish or neutral on gold. gold ounces that are represented by gold futures that will be profitable should the price of gold fall.

ICE U.S. Treasury 7–10 Year Bond Index A fixed-income benchmark created by the Intercontinental Exchange, US Dollar Index The US Dollar Index (DXY) Index measures the performance of the US Dollar against a basket of or ICE, that focuses on debt issued by the US Department of the Treasury. The index includes only U.S. dollar currencies: the euro (EUR), the Japanese yen (JPY), the British pound sterling (GBP), the Canadian dollar (CAD), the denominated, fixed-rate securities that have a minimum term to maturity greater than seven years and less than or 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 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 of generic US, on-the-run, government notes and bond indices. Yields are yield to maturity and pre-tax, are based on time) by the participants in a physically settled, electronic and tradable auction administered by the IBA using a 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 bidding process that determines the price of gold by matching buy and sell orders submitted by the participants for Treasury Notes. The rate is comprised of Generic United States on-the-run government 10 Year Treasuries. The yield the applicable auction time.

Long Gold Positions Speculative long positions on gold and other futures are recorded in the weekly Commitment 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 of Traders Report published by the Commodities Futures Trading Commission, or CFTC, and measure the amount of Volatility Index, is a measure of the market’s expectation of 30-day volatility. It is constructed using the implied 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 volatilities of a wide range of S&P 500 index options. emerging and developed world markets and is designed to be a proxy for most of the investable equities universe around the world. Email Net Positions Net positions in gold futures and other futures markets is the difference between the number of USSPDR-Gold@ssga.com 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.

State Street Global Advisors 4


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SPDR® Gold Shares (GLD®) Quarterly Dashboard by the SPDR Gold Strategy Team

* We define Trend as a comparison between end-of-month; 50-day; and 200-day readings for each factor. A positive **** We view the correlation coefficient as a metric that measures the strength and direction of a linear relationship trend is identified if either the end-of month reading is greater than the 50-day reading or if the 50-day reading between two variables. We believe it measures the degree to which the deviations of one variable from its is greater than the 200-day reading. We identify a negative trend when either the end-of month reading is less mean are related to those of a different variable from its respective mean. We consider a correlation between than the 50-day reading or when the 50-day reading is less than the 200-day reading. We define a flat trend as -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 instances when the prevailing movement is neither positive nor negative. 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

** We define “Potential Impact” as the possible impact each of the trends may have on the price of gold. “no correlation” or a “very weak” correlation.

*** Gold holdings in ETFs are represented by the securities tracked by the World Gold Council that, together, † Gold holdings in ETFs are represented by the securities tracked by the World Gold Council that, together, make up make up substantially all of the global ETF universe. substantially all of the global ETF universe.

ssga.com | spdrs.com

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State Street Global Markets, LLC, member FINRA, SIPC, One Lincoln Street, Boston, MA 02111. Investing in commodities entails significant risk and is not appropriate for all investors. Investing involves risk including the risk of loss of principal. Important Information Relating to SPDR Gold Trust: The information provided does not constitute investment advice and it should not be relied on as such. It should not The SPDR Gold Trust (“GLD®”) has filed a registration statement (including a prospectus) with be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular the Securities and Exchange Commission (“SEC”) for the offering to which this communication investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. relates. Before you invest, you should read the prospectus in that registration statement and other

All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the documents GLD has filed with the SEC for more complete information about GLD and this offering. accuracy of the information and State Street shall have no liability for decisions based on such information. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov or by visiting The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to spdrgoldshares.com. Alternatively, the SPDR Gold Trust or any authorized participant will arrange to third parties without SSGA’s express written consent. send you the prospectus if you request it by calling 866.320.4053.

While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and GLD is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and is not may trade at significant discounts in periods of market stress. 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

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or

1940 Act or the protections afforded by the CEA. below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

GLD shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of GLD Equity securities may fluctuate in value in response to the activities of individual companies and general market and shares relates directly to the value of the gold held by GLD (less its expenses), and fluctuations in the price of gold economic conditions. could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, Past performance is not a guarantee of future results. which trade at market price, may be more or less than the value of the gold represented by them. GLD does not The trademarks and service marks referenced herein are the property of their respective owners. Third party data generate any income, and as GLD regularly sells gold to pay for its ongoing expenses, the amount of gold represented providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of by each Share will decline over time. Investing involves risk, and you could lose money on an investment in GLD. the data and have no liability for damages of any kind relating to the use of such data. Please see the GLD prospectus for a detailed discussion of the risks of investing in GLD shares. The GLD prospectus Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); is available here.

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