SPDR Gold Shares Quarterly Dashboard

Filed Pursuant To Rule 433

Registration No. 333-217785

October 18, 2017

 

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SPDR® Gold Shares (GLD®) Quarterly Dashboard    By the SPDR Gold Strategy Team                As of September 30, 2017                What Happened to Gold in the Third Quarter?    Gold fell to gained a 32-month on a weaker low during USD the as the third US quarter Dollar .Index Gold prices at USD1,346/oz opened the on quarter September at USD1,242/oz 8 as geopolitical and peaked tensions    conducted intensified a following 6th nuclear reports test. that Bullion North prices Korea pulled -back as expectations towards the for end a December of the quarter rate to hike USD1,283/oz jumped. Looking Affordable ahead, Care Act if the sets results a precedent of repeal to the and Trump replace    the tax administration’s deal to pass in ability 2017 may to pass look legislation, unlikely, which a potential could delay Trump’s stimulus promises to 2018.    the Bullion Debt may Ceiling experience deadline a volatile and the early FOMC December meeting as all economic coincide within data aside four — trading if the Debt days of Ceiling each other. is not Putting lifted would prior to be the a difficult December case 12 for FOMC the Fed meeting to raise rates. we believe it that “I told he Rex is wasting Tillerson, his our time wonderful trying to negotiation Secretary of with State,    Little Continued Rocket jawboning Man,” President from both Trump the US wrote and North on twitter.    Korea escalation could in be Q4, a potential which would for further lend support geopolitical for further risk bullion gains.    Gold Vitals    Factors Trend Potential Impact 29-Sep-17 52 Week High 52 Week Low    Gold Price (USD/oz) • • 1283.1 1346.3 1125.7 Gold Bullish Sentiment % • • 31.6 82.4 17.7 Stock Market Volatility • • 9.5 22.5 9.4 Gold Spec. Interest (moz) • • 23.3 27.2 7.4 Crude Oil (USD/bbl) • • 51.7 54.5 42.5 US Dollar Index • • 93.1 103.3 91.4 Gold ETF holdings (moz) • • 75.4 75.9 68.2    10-Year TIPS Yields % • • 0.48 0.71 -0.02    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 Benchmark Administration Ltd., Gold Bullish Sentiment (%) = Bloomberg Commodity Sentiment Gold Bullish Readings Index, Stock Market Volatility: SPX Volatility Index, Gold Spec. Interest = Gold Net Speculative Long Positions from the Commitment of Traders Report released by the CFTC, Crude Oil = Bloomberg Generic Front Month Crude Prices, US Dollar Index = The US Dollar Index. 10-Year TIPS Yields = Bloomberg Generic Government 10 Year TIPS Yield Index. (See “Glossary” on Page 4 for details on indices or benchmarks).                GLD Key Facts    $35.7B Fund Size* $0.01 30-Day Liqudity: Bid/Ask Spread $1.1B 30-Day Average Daily Volume    *as of September 30, 2017.    Source: Bloomberg, State Street Global Advisors (SSGA).                Asset Class Returns and Correlations    Returns Correlation to Gold    September Trailing Trailing September Corr. over Trailing Trailing (%) 3-Mo.(%) 12-Mo. (%) Correlation past 3 months September 3-Mo. 12-Mo.    USD 0.44 -2.67 -2.50 Weak Negative Weakening -0.18 -0.30 -0.37 10-Yr TIPS -1.20 0.73 -1.68 Moderate Positive Weakening 0.40 0.43 0.40 Commodities 3.45 7.23 9.56 Weak Flat 0.03 0.05 0.01 Equities 1.93 3.96 16.19 Weak Negative Weakening -0.27 -0.35 -0.23 Gold -2.18 3.29 -2.98     Source: Bloomberg Finance L.P., SSGA.    Past 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 ICE Benchmark Administration Ltd., USD = The US Dollar Index, 10-Year TIPS = S&P 10 Year U.S. TIPS Index Total Return, Commodities = S&P Goldman Sachs Commodity Index, Equities = S&P 500 Index.    In terms of “Strengthening” and “Weakening” correlation, it’s a comparison between the December correlation and the trailing 3-month correlation. It is considered “Strengthening” when the December correlation is greater than 0.2 and greater than the trailing 3-month correlation. It is considered “Weakening” when the December 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                Gold weakened as the USD rebounded from the lows of the year in September as rate hike expectations increased.                Figure 1: Gold and US Dollar Index    USD/oz USD Index    1,400 106    1,340    102    1,280    98 1,220    94 1,160    1,100 Sep Nov Jan Mar May Jul Sep 90 2016 2016 2017 2017 2017 2017 2017    — LBMA Gold Price PM (USD/oz) (LHS) — US Dollar Index (RHS)    Source: Bloomberg Finance L.P., SSGA.    Figure 2: Gold and Equities    USD/oz S&P 500    1,400 3,000    1,340    2,750    1,280    2,500 1,220    2,250 1,160    1,100 Sep Nov Jan Mar May Jul Sep 2,000 2016 2016 2017 2017 2017 2017 2017    — LBMA Gold Price PM (USD/oz) (LHS) — S&P 500 (RHS)    Source: Bloomberg Finance L.P., SSGA.                Figure 3: Gold and Commodities    USD/oz S&P GSCI Index    1,400 450    1,340    1,280 400    1,220 350    1,160    1,100 Sep Nov Jan Mar May Jul Sep 300    2016 2016 2017 2017 2017 2017 2017    — LBMA Gold Price PM (USD/oz) (LHS) — S&P GSCI (RHS)    Source: Bloomberg Finance L.P., SSGA.    Figure 4: Gold and 10-Year TIPS Yields    USD/oz %    1,400 1.0    0.8    1,340    1,280 0.6    0.4    1,220 0.2    1,160 0.0    1,100 Sep Nov Jan Mar May Jul Sep -0.2    2016 2016 2017 2017 2017 2017 2017    — LBMA Gold Price PM (USD/oz) (LHS) — US 10-yr TIPS Yields (RHS)    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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SPDR® Gold Shares (GLD®) Quarterly Dashboard    Gold rally in early Q3 were attributed to rise in speculative positions on the COMEX.                Figure 5: Stock Market Volatility    USD/oz VIX Index    1,400 25    1,340 20    1,280 15    1,220 10    1,160 5    1,100 Sep Nov Jan Mar May Jul Sep 0    2016 2016 2017 2017 2017 2017 2017    — LBMA Gold Price PM (USD/oz) (LHS) — VIX Index (RHS)    Source: Bloomberg Finance L.P., SSGA.    Figure 6: COMEX Positioning    Moz USD/oz    60 2150    40 1900    20 1650    0 1400     -20 1150     -40 Sep Sep Sep Sep Sep Sep Sep Sep 900    2010 2011 2012 2013 2014 2015 2016 2017    ∎ Long (LHS)∎ Short (LHS) — Net Position (LHS) — LBMA Gold Price PM (USD/oz) (RHS)    Source: Bloomberg Finance L.P.,CFTC and SSGA.                Figure 7: Gold Sentiment    USD/oz Gold Bullish (%)    1,400 100    1,340    75    1,280    50    1,220    25    1,160    1,100 Sep Nov Jan Mar May Jul Sep 0    2016 2016 2017 2017 2017 2017 2017    — LBMA Gold Price PM (USD/oz) (LHS) — Gold Bullish Sentiment (RHS)    Source: Bloomberg Finance L.P., SSGA.    Figure 8: Gold ETF Holdings†    USD/oz Moz    1,400 80    1,340 76    1,280 72    1,220 68    1,160 64    1,100 Sep Nov Jan Mar May Jul Sep 60    2016 2016 2017 2017 2017 2017 2017    — LBMA Gold Price PM (USD/oz) (LHS) — Gold Holdings in ETFs (RHS)    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


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SPDR® Gold Shares (GLD®) Quarterly Dashboard    Figure 9: Standard Performance SPDR® Gold Shares Performance as of September 30, 2017    Since Inception    1 Month (%) QTD (%) YTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 10 Years (%) 11/18/2004    NAV -2.22 3.19 10.37 -3.37 1.39 -6.67 5.19 8.20 Market Value -3.37 3.02 10.92 -3.23 1.52 -6.70 5.16 8.07 LBMA Gold Price PM -2.18 3.29 11.97 -2.98 1.79 -6.29 5.61 8.63    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.    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


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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


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SPDR® Gold Shares (GLD®) Quarterly Dashboard                ssga.com | spdrs.com    State Street Global Advisors One Lincoln Street, Boston, MA 02111-2900. T: +1 866 787 2257. 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 of market stress.    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 value. Brokerage commissions and ETF expenses will reduce returns.    Commodities and commodity-index linked securities may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.    Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.    Diversification does not ensure a profit or guarantee against loss.    Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions.    Past performance is not a guarantee of future results.    The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.    Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State                Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.    Investing in commodities entails significant risk and is not appropriate for all investors.    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. When distributed electronically, 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.                © 2017 State Street Corporation. All Rights Reserved.    ID10810-IBG-25280 1017 Exp. Date: 01/31/2018                State Street Global Advisors                As of September 30, 2017 By the SPDR Gold Strategy Team


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.