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As an asset class, gold is unique. The economic forces that determine the price of gold are different from the economic forces that determine the price of many other asset classes such as equities, bonds or real estate. Gold offers investors an attractive opportunity to diversify their portfolios.

SPDR Gold Shares (NYSEArca: GLD) offer investors an innovative, relatively cost efficient and secure way to access the gold market. Originally listed on the New York Stock Exchange in November of 2004, and traded on NYSE Arca since December 13, 2007, SPDR Gold Shares is the largest physically backed gold exchange traded fund (ETF) in the world. SPDR Gold Shares also trade on the Singapore Stock Exchange, Tokyo Stock Exchange, The Stock Exchange of Hong Kong and the Mexican Stock Exchange (BMV). For more information, please click on the appropriate country flag above.

For the GLD prospectus, click here.

Download Gold Share

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SPDR Gold MiniShares (NYSE Arca: GLDM) offers investors one of the lowest available expense ratios for a U.S. listed physically gold-backed ETF. GLDM also has a relatively low share price/NAV and may be beneficial to investors who desire longer-term exposure to gold. Similar to its SPDR gold suite counterparts, GLDM offers a convenient way for investors to access the gold market. Listed on the NYSE Arca on June 26, 2018. For more information, please click on the USA flag above.

For the GLDM prospectus, click here.

This website is for U.S. investors and the information contained therein is not an offer to sell or a solicitation of an offer to buy shares in the trust, nor shall any such shares be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

This website is for Singapore investors and the information contained therein is not an offer to sell or a solicitation of an offer to buy shares in the trust, nor shall any such shares be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

This website is for investors in Japan and the information contained therein is not an offer to sell or a solicitation of an offer to buy shares in the trust or to provide any investment advice, recommendations, or services of any kind, nor shall any such shares be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. No securities registration statement has been or will be filed under the Financial Instruments and Exchange Law of Japan.

Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Certain investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

The indicative net asset value (iNAV) per share is a measure of the intraday net asset value (NAV) of an investment. The indicative NAV is provided for reference purposes only and may differ from the actual NAV per share calculated in accordance with the Prospectus.

Past performance is not a reliable indicator of future performance. 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. Performance of an index is not illustrative of any particular investment. All results are historical and assume the reinvestment of dividends and capital gains. It is not possible to invest directly in an index.

Effective March 20, 2015, the SPDR Gold Trust (GLD) adopted the LBMA Gold Price PM as the reference benchmark price of gold in calculating the Net Asset Value (NAV) of the Trust. Prior to that date, the Trust used the London PM Fix as the reference benchmark price in calculating the NAV.

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.

For more information, please contact the Marketing Agent for GLD: State Street Global Advisors Funds Distributors, LLC, One Iron Street, Boston, MA, 02210; T: +1 866 320 4053 spdrgoldshares.com

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines. This only applies to investors who trade with margin.

Gold investments still form a significant share of central banks and governments' FX reserve portfolios. We ask whether this high share is justified from a risk-return standpoint, while investigating the variety of factors that make this a difficult question.

We make three contributions. First, we focus on how gold affects portfolios formed purely of fixed income assets, as these more closely resemble those managed by central banks and governments in practice. Second, we analyse a broad range of risk-return measures, over and above the typically applied mean-variance framework. Third, we go beyond the discussion of what is optimal for portfolios on average (as commonly seen in the literature) to focus on what might be optimal in extreme cases, ie at the tail of the risk distribution. This is of great interest to reserve managers.

From a market risk perspective, a low-duration, reserve currency fixed income portfolio may benefit only from very small gold allocations (between 0% and 5%), on average. Nonetheless, sizeable gold holdings may be justified, from a purely quantitative standpoint, for portfolios with a higher duration and for reserve managers who measure their returns in a non-reserve currency. In addition, when looking at the benefits of gold as a protection against an extreme event, we find that high allocations (of between 20% and 50%) may be adequate in some cases. Our results suggest that choosing an appropriate share for gold in reserve portfolios is a complex task. The answer depends crucially on both the purpose (policy objectives) and implementation (numraire, risk tolerance etc) of the reserve management process.

Almost five decades after the collapse of the Bretton Woods system, gold continues to form an important share of global foreign exchange reserves. This may be because gold has traditionally offered reserve managers many benefits, such as the absence of default risk. This paper explores whether these large investment shares in gold are also justified from a risk-return standpoint, or whether any other explanations have to be brought to bear. To do this, we go beyond the simple application of portfolio optimisation techniques, comprehensively analysing all possible long-only combinations of gold and representative fixed income reserve portfolios. We conclude that the market risk associated with gold is substantial when evaluated against a broad range of criteria, such as mitigating portfolio volatility, tail-risk, the probability of loss, and measures of diversification. This will tend to limit overall allocations. Nonetheless, for portfolios with higher sensitivity to interest rates (duration) and for reserve managers who measure their returns in a non-reserve currency, we find evidence that gold may function as a hedge, making it easier to justify sizeable gold holdings from a purely quantitative perspective.

I will finish breaking into the vault soon and this is not my first playthrough. I know that it gives you a lot of trust from the one or both that you share it with, but is it more worth it to share or not? It seems like I could get more out of it by keeping it all for myself. Is there a downside to it?

Gold medalists Gianmarco Tamberi of Italy and Mutaz Essa Barshim of Qatar shared the podium after the men's high jump at the Tokyo 2020 Olympic Games at Olympic Stadium. Jean Catuffe/Getty Images hide caption

Because of the shared gold, the men's high-jump event ended without a silver medalist. The bronze went to Maksim Nedasekau of Belarus, who matched Barshim and Tamberi's final jump at 2.37 meters, but who had a lower overall score because he missed a couple of jumps in the early rounds. (High jumpers get three attempts to clear each height.)

Gold, a precious metal, mostly appears in alloys and only rarely in its pure form. Because of its physical properties, it is resistant to air, moisture, heat and many solvents. Gold also has a high density. Gold is regarded as a secure investment and is very popular as a means of coverage in times of crisis. Its high value and its rarity and uniqueness make gold a secure financial investment which also withstands inflation. (read more)

Gold was extracted in Egypt as early as 2000 B.C. and the first gold coins were minted in 50 B.C. in Rome. This shows that people have always been fascinated by gold and by its rarity, durability and beauty.

Because of its properties, gold is also one of the most important industrial raw materials. The yellow precious metal is easily workable and conducts electricity and heat. Because of its excellent conductivity, gold is used particularly in the electrical industry. Gold has also been used in dental technology for around 3000 years. However, gold is used most frequently in the jewelry industry. This line of business accounts for around 75 per cent of the gold worked. Apart from the Antarctic, where mining is not allowed due to international regulations, the precious metal is mined on all continents. With a market share of 16 per cent, South Africa is the most important producer of gold. 2351a5e196