Filed Pursuant To Rule 433
Registration No. 333-209926
February 3, 2017
DISCLAIMER
This
information is provided solely for general information and educational purposes. It is not, and should not be construed
as, an offer to buy or sell, or as a
solicitation of an offer to buy or sell, gold, any gold related products or any other products,
securities or investments. It does not, and should not be construed
as acting to, sponsor, advocate, endorse or promote
gold, any gold related products or any other products, securities or investments.
This information does not purport to make any recommendations or provide any investment or other advice with respect to
the purchase, sale or other disposition of gold, any gold related products or any other products, securities or investments,
including without limitation, any advice to the effect that any gold related transaction is appropriate for any investment
objective or financial situation of a prospective investor. A decision to invest in gold, any gold related products or any other
products, securities or investments should not be made in reliance on any of this information. Before making any investment
decision, prospective investors should seek advice from their financial advisers, take into account their individual financial
needs and circumstances and carefully consider the risks associated with such investment decision.
While the accuracy of any information communicated herewith has been checked, neither the World Gold Council nor any of
its affiliates can guarantee such accuracy. In no event will the World Gold Council or any of its affiliates be liable for any
decision made or action taken in reliance on such information or for any consequential, special, punitive, incidental, indirect or
similar damages arising from, related to or connected with such information, even if notified of the possibility of such
damages.
Data highlights ar-on-
yea 2015 2016change
Gold demand 4,215.8 4,308.7 2
Jewellery 2,388.6 2,041.6 -15
Technology 332.0 322.5 -3
Investment 918.7 1,561.1 70
Total bar and coin 1,047.0 1,029.2 -2
ETFs and similar products -128.3 531.9--
Central banks & other inst. 576.5 383.6 -33
Data highlights
Year-on-
year %
Q4’15 Q4’16change
Gold demand 1,122.8 994.1 -11
Jewellery 652.7 622.0 -5
Technology 81.6 83.8 3
Investment 219.7 173.9 -21
Total bar and coin 287.2 367.0 28
ETFs and similar products -67.6 -193.1--
Central banks & other inst. 168.9 114.4 -32
Source: Metals Focus; World Gold Council
Source: Metals Focus; World Gold Council Jewellery Year-on- year Tonnes 2015 2016change Jewellery 2,388.6
2,041.6 -15 India 662.3 514.0 -22 China 753.4 629.0 -17 Investment Year-on- year Tonnes 2015 2016change Investment 918.7 1,561.1 70 Bar & coin 1,047.0 1,029.2 -2 India 194.9 161.6 -17 China 228.1 284.6 25 Gold-backed ETFs -128.3 531.9-- Central
banks Year-on- year Tonnes 2015 2016change Central banks and other institutions 576.5 383.6 -33 Technology Year-on- year Tonnes 2015 2016change Technology 332.0 322.5 -3 Electronics 262.2 254.5 -3 Other Industrial 50.9 50.0 -2 Dentistry 18.9 18.0 -5
Supply Year-on- year Tonnes 2015 2016change Total supply 4,363.1 4,570.8 5 Mine production 3,233.0 3,236.0 0 Net producer hedging 13.5 26.3 95 Recycled gold
1,116.5 1,308.5 17 Jewellery Year-on- year Tonnes 2015 2016change Jewellery 2,388.6 2,041.6 -15 India 662.3 514.0 -22 China 753.4 629.0 -17
Investment
Year-on-
year
Tonnes 2015 2016change
Investment 918.7 1,561.1 70
Bar & coin 1,047.0 1,029.2 -2
India 194.9 161.6 -17
China 228.1 284.6 25
Gold-backed ETFs -128.3 531.9--
Central banks
Year-on-
year
Tonnes 2015 2016change
Central banks and other
institutions 576.5 383.6 -33
Technology
Year-on-
year
Tonnes 2015 2016change
Technology 332.0 322.5 -3
Electronics 262.2 254.5 -3
Other Industrial 50.9 50.0 -2
Dentistry 18.9 18.0 -5
Supply
Year-on-
year
Tonnes 2015 2016change
Total supply 4,363.1 4,570.8 5
Mine production 3,233.0 3,236.0 0
Net producer hedging 13.5 26.3 95
Recycled gold 1,116.5 1,308.5 17
Gold demand (Tonnes)
Year-on-
year %
2015 2016change
Jewellery 2,388.6 2,041.6 -15
Technology 332.0 322.5 -3
Electronics 262.2 254.5 -3
Other Industrial 50.9 50.0 -2
Dentistry 18.9 18.0 -5
Investment 918.7 1,561.1 70
Total bar and coin demand 1,047.0 1,029.2 -2
Physical Bar demand 756.7 764.3 1
Official Coin 220.2 205.0 -7
Medals/Imitation Coin 70.1 59.9 -15
ETFs & similar products* -128.3 531.9--
Central banks & other inst. 576.5 383.6 -33
Gold demand 4,215.8
4,308.7 2
LBMA Gold Price, US$/oz 1,160.1 1,250.8 8
Year-on-
year %
Q1’15 Q2’15
Q3’15Q4’15Q1’16Q2’16Q3’16Q4’16change
598.5 516.0 621.4652.7477.9449.1492.5622.0 -5
83.7 83.7 82.981.676.380.082.483.8 3
66.3 65.8 65.564.659.762.865.166.9 4
12.7 13.2 12.812.312.012.712.912.5 1
4.8 4.8 4.74.64.64.64.54.4 -5
283.1 187.4 228.6219.7602.2449.7335.3173.9 -21
257.5 210.4 292.0287.2259.9212.5189.8367.0 28
191.8 150.8 197.4216.7199.9153.3138.9272.2 26
51.1 46.0
73.549.748.746.934.774.8 50
14.6 13.6 21.120.811.312.316.320.0 -4
25.6 -23.0
-63.4-67.6342.3237.1145.5-193.1--
112.4 127.3 168.0168.9105.178.785.4114.4 -32
1,077.7 914.4 1,100.91,122.81,261.51,057.5995.6994.1 -11
1,218.5 1,192.4
1,124.31,106.51,182.61,259.61,334.81,221.6 10
*For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions section in the
full report. Source: Metals Focus; GFMS, Thomson Reuters; ICE Benchmark Administration; World Gold Council
Gold supply and demand
Year-on-
year %
2015 2016change
Supply
Mine production 3,233.0 3,236.0 0
Net producer hedging 13.5 26.3 95
Recycled gold 1,116.5 1,308.5 17
Total supply 4,363.1 4,570.8 5
Demand
Fabrication
Jewellery1 2,428.9 1,981.9 -18
Technology 332.0 322.5 -3
Sub-total above fabrication 2,760.8 2,304.4 -17
Total
bar & coin demand 1,047.0 1,029.2 -2
ETFs & similar products2 -128.3 531.9--
Central bank & other inst.3 576.5 383.6 -33
Gold demand (fabrication basis) 4,256.1
4,249.1 0
Surplus/Deficit 107.0 321.7 201
LBMA Gold Price (US$/oz) 1160.06
1250.8 8
Year-on-
year %
Q1’15 Q2’15 Q3’15Q4’15Q1’16Q2’16Q3’16Q4’16change
747.9
806.8 852.5825.9773.5801.1850.4810.9 -2
-2.4 -15.2 14.416.747.522.9-19.1-25.0--
351.0 265.4 261.5238.6363.0342.7352.6250.2 5
1,096.5 1,057.0
1,128.41,081.21,184.01,166.81,183.91,036.1 -4
608.2 542.3 658.9619.4474.3447.6507.5552.4 -11
83.7 83.7 82.981.676.380.082.483.8 3
691.9 626.0 741.9701.0550.6527.6590.0636.2 -9
257.5 210.4 292.0287.2259.9212.5189.8367.0 28
25.6 -23.0 -63.4-67.6342.3237.1145.5-193.1--
112.4 127.3 168.0168.9105.178.785.4114.4 -32
1,087.4 940.7
1,138.41,089.61,257.91,056.01,010.7924.5 -15
9.1 116.3 -10.0-8.4-73.9110.7173.2111.6--
1,218.5 1,192.4 1,124.31,106.51,182.61,259.61,334.81,221.6 10
1 For an explanation of jewellery fabrication, please see the Notes and definitions section in the full report.
2 For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions section in the full report.
3 Excluding any delta hedging of central bank options.
4 For an explanation of
Surplus/Deficit, please see the Notes and definitions section in the full report.
Source: Metals Focus; GFMS, Thomson Reuters; ICE Benchmark Administration; World
Gold Council
Jewellery demand in selected countries (Tonnes)
Year-on-
year %
2015 2016change
India 662.3 514.0 -22
Pakistan 23.2 26.0 12
Sri Lanka 6.8 7.1 5
Greater China 811.9 677.1 -17
China 753.4 629.0 -17
Hong Kong 51.4 41.4 -19
Taiwan 7.0 6.6 -6
Japan 16.5 16.9 2
Indonesia 38.9 38.4 -1
Malaysia 8.4 7.8 -7
Singapore 12.2 12.1 -0
S Korea 14.1 13.1 -7
Thailand 12.2 11.8 -3
Vietnam 15.6 15.4 -1
Middle East 228.8 193.1 -16
Saudi Arabia 69.5 56.4 -19
UAE 51.4 43.0 -16
Kuwait 12.7 10.6 -17
Egypt 38.3 25.5 -33
Iran 37.2 41.0 10
Other Middle East 19.7 16.7 -15
Turkey 49.0 40.0 -18
Russia 38.0 33.8 -11
Americas 170.1 167.9 -1
United States 119.3 118.3 -1
Canada 14.2 13.8 -2
Mexico 16.6 16.9 1
Brazil 20.0 18.9 -5
Europe ex CIS 77.1 75.8 -2
France 13.6 13.1 -4
Germany 10.2 10.3 1
Italy 19.2 19.0 -1
Spain 8.2 8.3 1
United Kingdom 25.9 25.2 -3
Switzerland - —-
Austria - —-
Other Europe - —-
Total above 2,185.1 1,850.4 -15
Other & stock change 203.5 191.2 -6
World total 2,388.6 2,041.6 -15
Year-on-
year %
Q1’15 Q2’15 Q3’15Q4’15Q1’16Q2’16Q3’16Q4’16change
150.7
121.5 214.1176.084.794.4152.7182.2 4
5.3 5.4 5.96.66.36.16.47.2 10
1.7 2.0
1.31.71.52.41.41.8 2
231.7 181.0 196.0203.1191.4156.2150.1179.3 -12
216.3
169.0 180.6187.6179.2145.6140.6163.6 -13
13.6 10.5 13.713.610.28.88.314.2 4
1.8 1.6 1.72.01.91.91.21.5 -22
3.2 3.9 4.45.13.63.94.25.3 4
12.1 8.5 9.39.010.89.48.79.5 5
2.8 1.7 2.01.92.21.91.81.9 -1
3.4 2.7 3.03.13.33.12.63.1 1
3.7 2.9 3.73.93.92.62.83.8 -2
3.4 2.8 2.93.13.22.62.93.1 1
4.4 3.7 3.53.94.73.53.33.9 -1
63.3 58.4 54.452.756.448.142.446.2 -12
17.4 18.8 16.017.415.115.812.013.6 -22
16.3 14.9 10.010.215.311.27.78.7 -15
3.6 3.1 2.33.72.92.51.83.4 -7
9.3 8.9 11.88.26.65.87.16.0 -27
9.3 7.9 10.49.510.28.811.010.9 15
7.3 4.8 3.93.76.34.02.83.6 -3
10.4 11.6 12.115.08.79.29.312.8 -15
9.2 9.1 10.29.57.37.59.69.3 -2
32.7 39.0 38.260.133.038.937.558.5 -3
22.2 25.6 26.545.022.725.826.043.9 -2
2.7 3.5 2.75.32.73.42.65.1 -4
4.0 4.2 4.44.14.14.44.34.1 -2
3.9 5.8 4.75.73.65.34.65.5 -4
13.1 14.9 12.936.213.214.912.735.1 -3
2.8 2.6 2.06.32.82.51.95.9 -5
1.7 2.1 1.25.21.72.11.25.3 2
2.9 4.0 3.09.42.84.03.09.2 -2
1.8 2.1 1.92.51.82.11.82.5 2
4.0 4.1 4.912.94.04.24.812.2 -5
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
551.3 469.0 573.9590.9434.3404.6448.4563.1 -5
47.2 47.0 47.561.843.744.544.059.0 -5
598.5 516.0 621.4652.7477.9449.1492.5622.0 -5
Source: Metals Focus; GFMS,
Thomson Reuters; ICE Benchmark Administration; World Gold Council
Total bar and coin demand in selected countries (Tonnes)
Year-on-
year %
2015 2016change
India 194.9 161.6 -17
Pakistan 14.5 16.0 11
Sri Lanka - —-
Greater China 236.0 291.8 24
China 228.1 284.6 25
Hong Kong 1.5 1.4 -4
Taiwan 6.4 5.9 -8
Japan 16.2 20.0 24
Indonesia 20.1 21.1 5
Malaysia 6.8 5.2 -24
Singapore 5.9 5.0 -16
S Korea 7.5 5.6 -25
Thailand 78.0 69.7 -11
Vietnam 47.8 42.9 -10
Middle East 62.2 18.1 -71
Saudi Arabia 14.9 10.8 -28
UAE 8.7 6.0 -31
Kuwait 0.8 0.7 -18
Egypt 4.9 2.7 -45
Iran 30.1 -4.4--
Other Middle East 2.7 2.2 -18
Turkey 23.1 29.4 27
Russia 4.8 3.7 -23
Americas 78.0 100.8 29
United States 71.5 93.2 30
Canada 2.9 4.3 48
Mexico 2.2 2.0 -9
Brazil 1.4 1.3 -10
Europe ex CIS 220.3 196.0 -11
France -0.5 -3.9--
Germany 116.0 105.3 -9
Italy - —-
Spain - —-
United Kingdom 8.6 10.9 28
Switzerland 50.3 45.7 -9
Austria 12.2 10.8 -11
Other Europe 33.7 27.1 -20
Total above 1,016.0 986.8 -3
Other & stock change 31.1 42.4 36
World total 1,047.0 1,029.2 -2
Year-on-
year %
Q1’15 Q2’15 Q3’15Q4’15Q1’16Q2’16Q3’16Q4’16change
40.0
37.7 57.060.227.532.340.161.8 3
3.1 3.8 3.74.03.44.23.94.5 14
- -
- - - - - - - -
66.1 46.8 55.267.983.141.842.5124.5 83
64.0 45.1 53.265.881.340.241.0122.1 86
0.4 0.3 0.50.30.40.20.50.4 15
1.7 1.4 1.51.71.41.41.02.0 17
-3.2 -0.2 10.88.83.65.73.27.5 -15
5.7 4.5 4.65.35.26.04.65.3 1
2.5 1.0 1.71.61.51.21.11.4 -13
1.6 1.2 1.51.61.21.21.11.5 -4
1.7 1.3 2.22.41.21.01.12.2 -5
19.5 16.4 20.521.522.415.714.117.5 -19
14.4 10.8 11.511.111.58.99.113.5 21
23.9 14.5 13.010.76.83.62.05.7 -46
4.7 3.2 3.33.73.42.62.32.4 -34
2.9 2.3 1.81.82.21.41.11.4 -20
0.2 0.2 0.20.20.20.20.10.2 -15
1.1 1.2 1.41.20.60.60.70.8 -35
14.2 7.0 5.83.1-0.3-1.7-2.70.3 -90
0.8 0.6 0.60.70.70.50.40.6 -12
5.2 4.5 9.24.25.04.55.314.5 244
1.3 1.3 1.21.11.01.00.90.8 -25
13.4 13.6 32.718.419.329.819.632.1 75
11.8 12.3 30.816.617.427.918.029.9 80
0.7 0.5 0.90.81.01.30.81.2 59
0.5 0.4 0.70.60.60.30.50.6 -1
0.4 0.4 0.40.40.30.30.30.3 -10
58.1 45.4 58.957.957.341.835.161.7 7
0.8 -0.5 -0.90.1-0.2-2.9-0.7-0.2--
30.9 23.1 30.231.730.821.917.635.0 10
- -
- - - - - - - -
- -
- - - - - - - -
1.9 1.8 2.72.13.02.92.22.7 29
13.8 11.0 13.611.912.711.29.512.3 3
3.0 2.5 3.53.22.92.31.93.7 13
7.7 7.5 9.78.98.16.34.68.2 -8
253.3 202.6 283.6276.5249.9198.6183.7354.6 28
4.2 7.8 8.310.810.013.96.112.4 15
257.5 210.4 292.0287.2259.9212.5189.8367.0 28
Source: Metals Focus; GFMS, Thomson Reuters; ICE Benchmark Administration; World Gold Council
Consumer demand in selected countries (Tonnes)
Year-on-
year %
2015 2016change
India 857.2 675.5 -21
Pakistan 37.6 42.0 12
Sri Lanka 6.8 7.1 5
Greater China 1,047.8 968.9 -8
China 981.5 913.6 -7
Hong Kong 52.8 42.9 -19
Taiwan 13.4 12.5 -7
Japan 32.7 36.9 13
Indonesia 59.0 59.5 1
Malaysia 15.2 13.0 -15
Singapore 18.1 17.1 -6
S Korea 21.6 18.7 -13
Thailand 90.2 81.5 -10
Vietnam 63.4 58.3 -8
Middle East 291.0 211.2 -27
Saudi Arabia 84.4 67.2 -20
UAE 60.2 49.0 -18
Kuwait 13.6 11.2 -17
Egypt 43.2 28.2 -35
Iran 67.3 36.6 -46
Other Middle East 22.4 18.9 -16
Turkey 72.1 69.3 -4
Russia 42.8 37.5 -12
Americas 248.1 268.7 8
United States 190.8 211.5 11
Canada 17.1 18.1 6
Mexico 18.8 18.9 0
Brazil 21.4 20.2 -6
Europe ex CIS 297.4 271.8 -9
France 13.1 9.2 -29
Germany 126.1 115.6 -8
Italy 19.2 19.0 -1
Spain 8.2 8.3 1
United Kingdom 34.5 36.1 5
Switzerland 50.3 45.7 -9
Austria 12.2 10.8 -11
Other Europe 33.7 27.1 -20
Total above 3,201.0 2,837.1 -11
Other & stock change 234.6 233.6 -0
World total 3,435.6 3,070.7 -11
Year-on-
year %
Q1’15 Q2’15
Q3’15Q4’15Q1’16Q2’16Q3’16Q4’16change
190.7 159.2 271.2236.1112.2126.6192.8244.0 3
8.4 9.2 9.610.59.710.310.311.7 12
1.7 2.0 1.31.71.52.41.41.8 2
297.8 227.9 251.2271.0274.4198.0192.6303.8 12
280.3 214.1 233.8253.4260.5185.8181.6285.7 13
14.0 10.8 14.213.910.69.08.814.5 5
3.6 2.9 3.23.73.43.32.33.6 -4
0.0 3.6 15.213.97.29.67.412.8 -8
17.8 13.0 14.014.316.015.413.314.8 3
5.3 2.7 3.73.53.73.12.93.3 -7
5.0 3.9 4.54.74.54.33.74.7 -0
5.3 4.2 5.96.25.23.63.96.0 -3
22.9 19.2 23.524.625.718.316.920.6 -16
18.9 14.5 15.015.016.212.412.417.3 16
87.2 73.0 67.463.463.251.744.452.0 -18
22.1 22.0 19.221.118.518.414.316.0 -24
19.2 17.2 11.812.017.512.68.810.2 -15
3.9 3.3 2.53.93.12.61.93.6 -7
10.4 10.1 13.39.47.26.47.86.8 -28
23.5 15.0 16.212.69.97.28.311.2 -11
8.1 5.4 4.44.47.04.53.34.2 -5
15.6 16.1 21.219.213.713.714.627.3 42
10.5 10.3 11.410.68.38.510.510.2 -4
46.1 52.6 70.878.552.368.757.190.6 15
34.0 38.0 57.361.640.153.743.973.8 20
3.4 4.0 3.66.13.64.73.46.4 4
4.5 4.5 5.04.74.74.74.84.6 -2
4.2 6.1 5.06.03.95.64.95.8 -4
71.3 60.2 71.794.170.556.747.896.9 3
3.6 2.1 1.16.32.6-0.41.25.8 -9
32.7 25.2 31.436.932.524.018.840.3 9
2.9 4.0 3.09.42.84.03.09.2 -2
1.8 2.1 1.92.51.82.11.82.5 2
5.9 5.9 7.615.07.07.17.114.9 -1
13.8 11.0 13.611.912.711.29.512.3 3
3.0 2.5 3.53.22.92.31.93.7 13
7.7 7.5 9.78.98.16.34.68.2 -8
804.6 671.5 857.6867.3684.2603.2632.1917.7 6
51.4 54.8 55.872.653.758.450.271.4 -2
856.0 726.4 913.4939.9737.8661.6682.3989.0 5
Source: Metals Focus; GFMS, Thomson Reuters; ICE
Benchmark Administration; World Gold Council
Indian supply estimates (tonnes)
Year-on-
year %
2015 2016change
Supply
Gross Bullion imports 1,065.0 648.3 -39
of which doré1 229.0 141.9 -38
Net bullion imports 913.6 557.7 -39
Scrap 80.2 89.6 12
Domestic supply from other sources2 9.2 9.9 8
Total supply3 1,003.0 657.2 -34
Quarterly average price
Year-on-
year %
2015 2016change
US$/oz 1,160.1 1,250.8 8
€ /oz 1,045.3 1,129.5 8
Ł/oz 759.0 927.3 22
CHF/kg 35,863.2 39,575.5 10
Ą/g 4,513.8 4,353.5 -4
Rs/10g 23,903.2 27,013.5 13
RMB/g 234.2 267.0 14
TL/g 101.4 121.3 20
Source: ICE Benchmark Administration; Thomson Reuters Datastream; World Gold Council
Year-on-
year %
Q1’15 Q2’15
Q3’15Q4’15Q1’16Q2’16Q3’16Q4’16change
1,218.5 1,192.4 1,124.31,106.51,182.61,259.61,334.81,221.6 10
1,083.1 1,078.0 1,011.51,010.11,072.31,115.71,195.91,131.0 12
804.9 777.7 726.0728.6826.9879.11,016.8983.9 35
37,292.4 36,082.7
34,875.935,230.237,774.339,294.341,860.239,262.1 11
4,666.8 4,656.4 4,416.24,320.44,374.44,367.34,392.34,276.6 -1
24,377.9 24,332.8 23,476.123,446.025,677.027,099.428,733.926,450.1 13
244.3 237.8
227.8227.2248.7264.7286.1267.9 18
96.5 102.3 103.1103.4111.9117.3127.2128.6 24
Year-on-
year %
Q1’15 Q2’15 Q3’15Q4’15Q1’16Q2’16Q3’16Q4’16change
249.2
235.9 304.8275.1151.4142.9118.1235.9 -14
38.6 56.7 67.366.534.836.711.159.3 -11
220.2 202.9 262.9227.6127.4120.399.6210.4 -8
18.0 24.0
18.220.014.023.839.012.8 -36
2.4 2.5 2.22.13.32.22.22.2 5
240.6 229.4
283.3249.7144.7146.3140.8225.4 -10
1 Volume of fine gold material contained in the doré.
2 Domestic supply from local mine production, recovery from imported copper concentrates and disinvestment. 3 This supply can be consumed across the three sectors – jewellery,
investment and technology. Consequently, the total supply figure in the table will not add to jewellery plus investment demand for India.
Source: Metals Focus;
World Gold Council
Top 40 reported official gold holdings (as at December 2016)
Tonnes% of reservesTonnes% of reserves
1 United States
8,133.574%21Kazakhstan258.132%
2 Germany 3,377.968%22Belgium227.436%
3 IMF
2,814.01)23Philippines196.39%
4 Italy 2,451.867%24Venezuela187.564%
5 France
2,435.862%25Algeria173.65%
6 China 1,842.62%26Thailand152.43%
7 Russia
1,615.215%27Singapore127.42%
8 Switzerland 1,040.06%28Sweden125.78%
9 Japan
765.22%29South Africa125.310%
10 Netherlands 612.563%30Mexico120.52%
11 India
557.86%31Libya116.66%
12 ECB 504.826%32Greece112.861%
13 Taiwan
423.63%33Korea104.41%
14 Portugal 382.556%34BIS2)104.01)
15 Turkey6)
377.113%35Romania103.710%
16 Saudi Arabia 322.92%36Poland103.03%
17 United
Kingdom 310.38%37Iraq89.87%
18 Lebanon 286.820%38Australia79.95%
19 Spain
281.616%39Kuwait79.08%
20 Austria 280.044%40Indonesia78.13%
For information
on the methodology behind this data, as well as footnotes for specific countries, please see our table of Latest World Official Gold Reserves, at http://www.gold.org/government_affairs/gold_reserves/
Source: IMF IFS, World Gold Council
Top 10 physically-backed gold ETFs by AuM in tonnes
HoldingsYear-on-
as of endyear %
Fund Country Decchange
1 SPDR Gold Shares United States 822.2 28
2 iShares Gold Trust United States 196.2 29
3 ZKB Gold ETF Switzerland 145.5 15
4 ETFS Physical Gold United Kingdom 143.7 40
5 Xetra-Gold Germany 117.6 98
6 Gold Bullion Securities United Kingdom 94.7 38
7 Source Physical Gold United Kingdom 85.4 79
8 iShares Physical Gold United Kingdom 60.4 406
9 Sprott Physical Gold Trust
United States 55.0 52
10 Central Fund of Canada Canada 52.0 -1
Global total
2,142.4 33
Physically-backed gold ETF AuM by region in tonnes
Year-on-
yearYear-on-
tonnageyear %
Q4’15 Q1’16Q2’16Q3’16Q4’16changechange
North America
955.9 1,165.21,320.31,339.61,181.4 225.5 24
Europe 570.2 690.5763.1876.9849.1 278.9 49
Asia 46.0 54.461.270.368.1 22.0 48
Other 38.4 42.845.448.743.9 5.5 14
Global Total 1,610.6 1,952.92,190.02,335.52,142.4 531.9 33
Source: Respective ETP providers,
Bloomberg, ICE Benchmark Administration, World Gold Council
Source: Respective ETP providers, Bloomberg, ICE Benchmark Administration, World Gold Council
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.