Gold Chart Pack SPDR Gold Strategy Team September 30, 2024 - SSGA
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Gold
Chart Pack
®
SPDR Gold Strategy Team
September 30, 2024
Please see Appendix for more information on investment terms used in this Chart Pack.
Standard Slide 4832248.13.1.AM.RTL 1Three Drivers in Favor of Gold
• Resiliency in Central Bank Buying
• Last year marked the 14th straight year of net central bank buying
• Usage of gold for reserve management and diversification increased at 12 Central
banks as a counter to US Dollar and Euro
• China’s insatiable appetite for gold
• China’s vulnerable property market, weaker than expected exports, and stringent
regulatory approach have contributed to fears of currency deprecation and economic
uncertainty. This has led to increased gold demand aided by deeply ingrained beliefs in
Chinese traditions and customs.
• Macro event risks rising, sparking strong investment demand for gold
• Geopolitical tensions from the Russia-Ukraine war, Middle East conflict, and friction
between the US and China over Taiwan could cause disruptions to global trade.
• Increased volatility has historically resulted in greater demand for gold-backed ETF’s.
Source: State Street Global Advisors, as of June 30, 2024.
Standard Slide 4832248.13.1.AM.RTL 2Potential Scenarios and Trading Ranges for Gold
• Base Case (50% Probability):
• Gold sees a potential trading range between US$2,200/oz and US$2,500/oz. Consumer demand for gold in
emerging markets remains steady at current levels, supported by continued robust central bank gold buying.
Increasing market volatility from current geopolitical events in the Middle East, Russia/Ukraine and the
US presidential election.
• Bull Case (30% Probability):
• Gold sees a potential trading range between US$2,500/oz and US$2,700/oz. China matches and/or exceeds
last year’s 5% GDP growth target that boosts household incomes, leading to gold consumption via ETFs,
bars, coins, and jewelry. At the same time, central banks’ annual gold consumption comes in substantially
above the 5-year average of 686 metric tons as recent trends get amplified by geopolitical risks.
• The return of global gold ETF net inflows synchronizes with rising COMEX money net gold positions,
robust retail physical gold demand, and central bank buying to provide support to gold.
• Bear Case (20% Probability):
• Gold sees a potential trading range between US$2,000/oz to US$2,200/oz. Robust economic growth leads
to a higher-for-longer interest rate environment, as the Fed maintains elevated rates to manage inflation
and sustain economic growth.
• In contrast, global economic weakness prompts central banks in other countries to lower their interest rates
to stimulate growth.
Source: State Street Global Advisors, as of June 30, 2024.
Standard Slide
4832248.13.1.AM.RTL 3Performance & Technical Indicators Standard Slide 4832248.13.1.AM.RTL 4
Asset Class Performance
Gold set multiple all-time highs throughout Q3, even as Global
equities rallied amid Fed easing and China stimulus
Major Asset Class Performance (%)
50%
42.5%
36.4%
34.8%
40%
31.8%
27.7%
Cumulative Return (%)
30%
22.1%
18.7%
16.8%
14.2%
20%
13.2%
11.6%
10.6%
6.6%
5.9%
5.9%
5.2%
10%
4.4%
4.4%
4.2%
1.0%
0.7%
0%
-0.5%
-5.1%
-4.8%
-10%
Gold US Equities Global REITs Commodities US Bonds Global US Dollar
Equities Bonds
Quarter-to-Date (QTD) Year-to-Date (YTD) Trailing 12 Months (TTM)
Source: Bloomberg Finance, L.P., State Street Global Advisors. Data as of September 30, 2024. Gold: Gold Spot Price (US$/oz), US Equities: S&P 500 Total Return Index, Global Equities: MSCI ACWI Total Return Index, REITs:
FTSE NAREIT All Equity REITS Total Return Index, Commodities: Bloomberg Commodity Total Return Index, US Bonds: Bloomberg US Aggregate Total Return Index, Global Bonds: Bloomberg Global-Aggregate Total Return
Index, US Dollar: US Dollar Spot Index. Past performance is not a reliable indicator of future performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items
of income, gain and loss and the reinvestment of dividends. Performance of an index is not indicative of the performance of any product managed by SSGA.
Standard Slide 4832248.13.1.AM.RTL 5Sentiment & Positioning Pointing Up for Gold
Gold Price Versus Moving Averages Gold Indicators & Trends
$2,650
Factor Trend* Current 52-Week 52-Week
$2,550 Level High Low
$2,450 Gold Spot Price
Rising 2,634.58 2,672.38 1,820.30
(US$/oz)
$2,350
Price (USD)
Citi Macro Risk
Rising 0.54 0.75 0.04
$2,250 Index
$2,150 Stock Market
Flat 16.73 38.57 11.86
Volatility
$2,050
Gold Speculative
Interest Rising 219.03 219.03 (26.77)
$1,950
(‘000s contracts)
$1,850
US Dollar Index Falling 100.78 107.00 100.38
$1,750
Jan-24
Nov-23
Sep-23
Sep-24
Gold ETF Holdings
Jul-24
Mar-24
May-24
Rising 83.33 87.66 80.52
(Million oz)
Gold Spot Price (US$/oz) 50 day moving average 10-Year TIPS Yields
Falling 1.59 2.52 1.53
(%)
200 day moving average
(lhs) Source: Bloomberg Finance, L.P., State Street Global Advisors. Data as of September 30, 2024
(rhs) Source: Bloomberg Finance, L.P., CFTC, State Street Global Advisors as of September 30, 2024. Gold Price: gold spot price in US$/oz, Citi Macro Risk Index = Citi Macro Risk Index, Stock Market Volatility = CBOE Volatility
(VIX) Index, Gold Speculative Interest, million troy ounces (moz) = CFTC COT Gold Net Managed Money Positions, US Dollar Index = US Dollar Spot Index, Gold ETF Holdings, million troy ounces (moz) reflects total known ETF
holdings of gold, 10-Year TIPS Yields = US Generic Government 10-Year TIPS Yield Index. *Trend defined as a comparison between end-of-month, 50-day, and 200-day readings for each factor. “Rising “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. “Falling” trend defined 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. “Flat” trend defined as instances when the prevailing movement is neither positive nor negative. All figures are in US dollars. Past performance is not a reliable indicator of future
performance.
Standard Slide 4832248.13.1.AM.RTL 6Gold Performed Strongly Across Key Currencies
Cumulative Returns for Gold Spot Price
100%
93.6%
90%
80%
72.7%
70%
62.9% 61.1%
59.9%
60% 55.9%
Return (%)
41.9% 50.0% 51.1%
48.2%
50% 43.0% 43.1%
37.0% 35.6% 42.0% 42.5% 28.7%
34.1% 36.2%
40% 35.3%
30.4% 31.7%
30.0% 28.7% 30.0%
26.1% 26.6% 27.7%
30% 24.4% 21.6%
20%
10%
0%
Gold (JPY) Gold (CNY) Gold (SGD) Gold (INR) Gold (EUR) Gold (CAD) Gold (USD) Gold (GBP) Gold (CHF) Gold (MXN)
Year-to-Date Trailing 1-Year Trailing 3-Year
Source: Bloomberg Finance L.P., State Street Global Advisors. Data as of September 30, 2024. JPY: Japanese Yen, GBP: British Pound, EUR: Euro, INR: Indian Rupee, CNY: Chinese Yuan, CHF: Swiss Franc, SGD: Singapore
Dollar, CAD: Canadian Dollar, USD: US Dollar, MXN: Mexican Peso. Past performance is not a reliable indicator of future performance.
Standard Slide 4832248.13.1.AM.RTL 7Broad Commodity Trends
Gold/Copper Price Ratio Commodity Sector Performance
8
-11.2%
Energy -4.1%
7
-21.5%
+2 standard deviations (+2σ)
6
3.0%
Gold/Copper Price Ratio
Industrial
12.2%
Metals
5 12.4%
4
-1.2%
Grains -14.3%
3 -13.5%
2 14.8%
-2 standard deviations (-2σ) Softs 27.6%
27.2%
1
-30% -20% -10% 0% 10% 20% 30% 40%
- Total Return (%)
1988 1992 1996 2000 2004 2008 2012 2016 2020 2024
Quarter-to-Date (QTD) Year-to-Date (YTD)
Gold/Copper Ratio Average Since 1989 Trailing 12 Months (TTM)
Source: Bloomberg Finance L.P., State Street Global Advisors. Data as of September 30, 2024. Gold/Copper price ratio reflects US$ spot gold price relative to front month Copper futures contract in US$. Energy: Bloomberg
Energy Subindex Total Return, Industrial Metals: Bloomberg Industrial Metals Subindex Total Return, Grains: Bloomberg Grains Subindex Total Return, Softs: Bloomberg Softs Subindex Total Return Past performance is not a
reliable indicator of future performance.
Standard Slide 4832248.13.1.AM.RTL 8Precious Metal Trends
Gold/Silver Price Ratio Precious Metal Performance
140
13.2%
Gold 27.7%
120
42.5%
+2 standard deviations (+2σ)
100
6.9%
Gold/Silver Price Ratio
Silver 30.9%
80 40.5%
60 -1.4%
Platinum -1.0%
8.1%
40
2.7%
20 Palladium -8.8%
-2 standard deviations (-2σ) -19.6%
0
-50% -30% -10% 10% 30% 50%
1971
1974
1977
1981
1984
1987
1991
1994
1997
2001
2004
2007
2011
2014
2017
2021
2024
Total Return (%)
Gold/Silver Ratio Average since 1971 Quarter-to-Date (QTD) Year-to-Date (YTD)
Trailing 12 Months (TTM)
Source: Bloomberg Finance L.P., State Street Global Advisors. Data as of September 30, 2024. Gold, silver, platinum, and palladium are represented by the spot price in US$/oz.
Past performance is not a reliable indicator of future performance.
Standard Slide 4832248.13.1.AM.RTL 9Gold Averaged 5.8% return over 6 months post rate cut initiation
since 1984
50%
40%
30%
Return (%)
20%
5.8%
10%
0%
-10%
-20%
Sep'84 - Oct'87 - May'89 - Jun'90 - Jun'95 - Sep'98 - Dec'00 - Oct'02 - Sep'07 - Jul'19 - Average
Mar'85 Apr'88 Nov'89 Dec'90 Dec'95 Mar'99 Jun'01 Apr'03 Mar'08 Jan'20
Gold T-Bills US Dollar
Source: Bloomberg, ICE Benchmark Administration, World Gold Council Data from January 1984 to August 2024 covering the past 10 Fed easing cycles. Calculation based on the LBMA
Gold Price PM, ICE BofA US 3-month Treasury Bills, and DXY Index
4832248.13.1.AM.RTL 10Macroeconomic Factors Standard Slide 4832248.13.1.AM.RTL 11
Longer Run Performance Driven by Strong Demand Historically
The rolling three-year return in the 2000’s was positive for 140 consecutive months with a 16%
annualized return
80% $2,700
70% $2,400
60%
$2,100
Rolling 3 Year Return (%)
Gold Spot Price (US$/oz)
50%
$1,800
40%
$1,500
30%
$1,200
20%
$900
10%
$600
0%
-10% $300
-20% $-
Rolling 3 Year Return Gold Spot Price (US$/oz)
Source: Bloomberg Finance L.P., State Street Global Advisors. Data from August 15, 1971 to September 30, 2024. All returns are calculated on annualized basis. Gold is represented by the spot price in US$/oz. Past
performance is not a reliable indicator of future performance.
Standard Slide 4832248.13.1.AM.RTL 12Gold May Further Benefit from the Tailwinds of a Potential Lower US
Dollar and Lower Yields
Gold relative to US Dollar Gold relative to TIPS Implied Yield
$3,000 5.00
130
$2,600
$2,400 4.00
$2,500
$2,200 120
US 10 Year TIPS Implied Yield (%)
$2,000 3.00
Gold Spot Price (US$/oz)
US Dollar Spot Index
Gold Spot Price (US$/oz)
$1,800 110 $2,000
$1,600 2.00
$1,400 100 $1,500
$1,200 1.00
$1,000
90 $1,000
$800 0.00
$600
$400 80 $500
-1.00
$200
$- 70 $0 -2.00
1997 2000 2003 2006 2009 2012 2015 2018 2021 2024
Gold Spot Price (US$/oz) US 10 Year TIPS Implied Yield (%)
Gold Spot Price - US$/oz US Dollar Spot Index
Source: Bloomberg Finance L.P., State Street Global Advisors. Data from August 15, 1971 to Sepember 30, 2024. All returns are calculated on annualized basis.
Gold is represented by the spot price in US$/oz. Past performance is not a reliable indicator of future performance.
4832248.13.1.AM.RTL 13Gold’s Relative Valuation Has Improved Even Amid Spot Price Rise
140 0.005
130
0.004
120
Trade Weighted US Dollar
0.003
USD/XAU Rate
110
100
0.002
90
0.001
80
70 0.000
1989 1993 1997 2001 2005 2009 2013 2017 2021
Nominal Measure - US Trade Weighted Dollar Intrinsic Measure - USD in gold terms
Source: Bloomberg Finance L.P., as of September 30, 2024. US Trade Weighted Dollar Index reflects Advanced Foreign Economies Index. All returns are calculated on annualized basis. Gold is represented by the spot price in
US$/oz. Past performance is not a reliable indicator of future performance
4832248.13.1.AM.RTL 14Central Bank Purchases in 2024 Remain Strong Despite Higher Price
1,200 $2,400
$2,200
1,000
Central Bank Net Gold Purchases (Metric Tons)
Daily Average Spot Price of Gold ($/oz)
$2,000
800
$1,800
600
$1,600
400
$1,400
200
$1,200
0 $1,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1
Q1 Q2-Q4 Daily Average Spot Price Gold ($/Oz.)
Source: World Gold Council, IMF IFS, Respective Central Banks, and State Street Global Advisors, data as of June 30, 2024. Gold Price is represented by the spot price in US$/oz. Past performance is not a reliable indicator
of future performance.
Standard Slide 4832248.13.1.AM.RTL 15Central Banks Remain Net Buyers, with 2023 Marking 14th
Consecutive Year of Buying
1,500
1,037
1,000
Central Bank Net Gold Purchases (Metric Tons)
500
0
-500
-1,000
-1,500
-2,000
1951 1955 1959 1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003 2007 2011 2015 2019 2023
Source: State Street Global Advisors, Metals Focus, Refinitiv GFMS, World Gold Council. Data as of December 31, 2023. Past performance is not a reliable indicator of future. performance.
Standard Slide 4832248.13.1.AM.RTL 16Implied Measures of Tail Risk Have Been on the Rise
180
170
160
150
Index Level
140
130
120
110
100
Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24
CBOE SKEW Index 200-Day Moving Average
Source: Bloomberg Financial L.P., State Street Global Advisors. Data from December 31, 2018 to September 30, 2024. Past performance is not a reliable indicator of future.
Index returns reflect all items of income, gain and loss and the reinvestment of dividends. Performance of an index is not indicative of the performance of any product managed by SSGA.
Standard Slide 4832248.13.1.AM.RTL 17Gold Reduced Drawdowns During Times of Market Stress
A 10% portfolio allocation to gold reduced drawdown percentage versus other liquid alternatives
60/40 w/ Hedge 60/40 w/ 60/40 w/ Global 60/40 w/ Natural
60/40 w/ Gold Funds Commodities 60/40 Portfolio Infrustructure Resources 60/40 w/ REITs 60/40 w/ Bitcoin
0%
-2%
Average Drawdown during Stress Periods (%)
-4%
-6%
-8%
-10% -9.4% -9.5%
-10.9% -10.9% -11.1%
-12% -11.5% -11.5%
-13.2%
-14%
Source: Bloomberg Finance, L.P., State Street Global Advisors. Data from March 31, 2010 to September 30, 2024. Bitcoin = Spot Bitcoin, REITs = FTSE NAREIT Index, Natural Resources = S&P Global Natural Resources Index,
Infrastructure = S&P Global Infrastructure Index, Commodities = S&P GSCI Total Return Index, Hedge Funds = Credit Suisse Hedge Fund Index, Gold = Spot Gold (US$/oz), 60/40 portfolio = 60% MSCI ACWI Index and 40%
Bloomberg Global Aggregate Bond Index. Time periods based on when the MSCI ACWI Index entered into a greater than 10% drawdown, time periods including 2022, 2020, 2019, 2016, 2015, and 2011 Past performance is not
a reliable indicator of future performance.
Standard Slide 4832248.13.1.AM.RTL 18Gold Price has Remained Resilient Despite Weak ETF Demand
50%
40.0%
40%
Cumulative Return
30%
20%
10%
0%
-10%
-22%
-20%
-30%
Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24
ETF's Share of Global Gold Holdings (% of metric tons) Gold Spot Price (US$/oz)
Source: Bloomberg Finance L.P, State Street Global Advisors. Data from January 1, 2021 to September 30, 2024. Past performance is not a guarantee of future results.
Standard Slide 4832248.13.1.AM.RTL 19Standard Deviations from the Moving Average
Gold Approaching Peak Volatility
Market turns could be Welcomed as an Opportunity to Enter
Gold’s Standard Deviations from its 200 Day Moving Average
10 3000
8
2500
Number of Standard Deviaions from 200 DMA
6
Spot Price of Gold (US$/oz)
2000
4
1500
2
1000
0
500
-2
-4 0
1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Price deviation from 200 DMA (# of Standard Deviations) -2 SD Guideline +2 SD Guideline Gold Spot Price (US$/oz)
Source: Bloomberg Finance, L.P., as of September 30, 2024. Past performance is not a reliable indicator of future performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns
reflect all items of income, gain and loss and the reinvestment of dividends and other income. All the index performance results referred to are provided exclusively for comparison purposes only.
4832248.13.1.AM.RTL 20Fundamentals Standard Slide 4832248.13.1.AM.RTL 21
Global Gold ETF Flows
Quarterly Global Gold Demand in Metric Tons
500
433
400
301
300 284 272
262
200
100 74 76
43
25 41
-
(7)
(30) (24) (29) (21)
(48) (56)
(100)
(89)
(125) (114)
(139)
(200) (176)
(244)
(300)
Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24
Global Gold ETF Net Flows Quarterly Average
Source: State Street Global Advisors, World Gold Council as of September 30, 2024. Past performance is not a reliable indicator of future performance.
Standard Slide 4832248.13.1.AM.RTL 22Consumer & Retail Demand
Quarterly Global Gold Demand in Metric Tons
1,200
1,000
Global Gold Demand (Metric Tons)
800
600
400
200
0
Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24
Jewelry Bar & Coin Quarterly Average
Source: State Street Global Advisors, World Gold Council as of June 30, 2024, Past performance is not a reliable indicator of future performance.
Standard Slide 4832248.13.1.AM.RTL 23Central Bank Demand
Quarterly Global Gold Demand in Metric Tons
500
Central Bank Net Quarterly Purchases (Metric Tons)
400
300
200
100
0
-100
Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24
Central Bank Quarterly Average
Source: State Street Global Advisors, World Gold Council as of March 31, 2024. Past performance is not a reliable indicator of future performance.
Standard Slide 4832248.13.1.AM.RTL 24Appendix
Definitions
Bloomberg Commodity Total Return Index: A broadly diversified commodity Bloomberg U.S. Aggregate Bond Total Return Index: A benchmark that
price index distributed by Bloomberg Indexes that tracks 22 commodity futures provides a measure of the performance of the US dollar denominated
and seven sectors. No one commodity can compose less than 2 percent or investment grade bond market, which includes investment grade government
more than 15 percent of the index, and no sector can represent more than bonds, investment grade corporate bonds, mortgage pass through securities,
33 percent of the index. commercial mortgage-backed securities.
Bloomberg Energy Subindex Total Return: Formerly known as Dow Jones- Bloomberg US Treasury Index Total Return: The Bloomberg US Aggregate
UBS Energy Subindex Total Return, the index is a commodity group subindex Bond Index is a broad-based flagship benchmark that measures the investment
of the Bloomberg CITR. The index is composed of futures contracts on crude grade, US dollar-denominated, fixed-rate taxable bond market. The index
oil, heating oil, unleaded gasoline and natural gas. It reflects the return on fully includes Treasuries, government-related and corporate securities, MBS
collateralized futures positions and is quoted in USD. (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).
Bloomberg Global Aggregate Total Return Index - The Bloomberg Global CBOE Volatility Index (VIX Index): The VIX Index is a financial benchmark
Aggregate Index is a flagship measure of global investment grade debt from designed to be an up-to-the-minute market estimate of the expected volatility
twenty-four local currency markets. This multi-currency benchmark includes of the S&P 500® Index and is calculated by using the midpoint of real-time
treasury, government-related, corporate and securitized fixed-rate bonds from S&P 500 Index (SPX) option bid/ask quotes.
both developed and emerging markets issuers.
Citi Macro Risk Index: Measures risk aversion in global financial markets.
Bloomberg Grains Subindex Total Return: Formerly known as Dow Jones- It is an equally weighted index of emerging market sovereign spreads, US credit
UBS Grains Subindex Total Return, the index is a commodity group subindex spreads, US swap spreads and implied FX, equity and swap rate volatility.
of the Bloomberg CITR. The index is composed of futures contracts on corn,
Consumer Price Inflation (CPI) Index: This CPI represents changes in prices
soybeans and wheat. It reflects the return on fully collateralized futures
of all goods and services purchased for consumption by urban households
positions and is quoted in USD.
on a year over year basis.
Bloomberg Industrial Metals Subindex Total Return: Formerly known as
Fiat Currency: Currency that a government declares to be legal tender,
Dow Jones-UBS Industrial Metals Subindex Total Return, the index is a
but that it is not backed by a physical commodity. The value of fiat money is
commodity group subindex of the Bloomberg CITR. The
linked to supply and demand rather than the value of the material that the
index is composed of longer-dated futures contracts on aluminum, copper,
money is made of, such as gold or silver historically. Fiat money’s value is
nickel and zinc. It reflects the return on fully collateralized futures positions
instead based solely on the faith and credit of the economy.
and is quoted in USD.
Fed Funds Rate Futures Rate: Fed Funds Future Yield Spread: 30-Day Fed
Bloomberg Softs Subindex Total Return: Formerly known as Dow Jones-
Funds futures and options are one of the most widely used tools for hedging
UBS Softs Subindex Total Return (DJUBSOTR), the index is a commodity
short-term interest rate risk. Fed Fund futures are a direct reflection of collective
group subindex of the Bloomberg CI. It is composed of futures contracts on
marketplace insight regarding the future courses of the Federal Reserve’s
coffee, cotton and sugar. It reflects the return of fully collateralized futures
monetary policy. The yield spread between two different contracts may
price movements only and is quoted in USD.
provide a gauge of market expectations about the Fed’s action at future
FOMC meetings.
Standard Slide 4832248.13.1.AM.RTL 25Appendix
Definitions
FTSE NAREIT All Equity REITS Total Return Index: FTSE NAREIT All Equity S&P Global Natural Resources Total Return Index: The index includes
REITS Total Return Index is a free float adjusted market capitalization weighted 90 of the largest publicly-traded companies in natural resources and
index that includes all tax qualified REITs listed in the NYSE, AMEX, and commodities businesses that meet specific investability requirements, offering
NASDAQ National Market. investors diversified liquid and investable equity exposure across 3 primary
commodity-related sectors: Agribusiness, Energy, and Metals & Mining.
HFRX Global Hedge Fund Index: The HFRX Global Hedge Fund Index is
designed to be representative of the overall composition of the hedge fund Standard Deviation: A statistical measure of volatility that quantifies the
universe. It is comprised of all eligible hedge fund strategies; including but not historical dispersion of a security, fund or index around an average. Investors
limited to convertible arbitrage, distressed securities, equity hedge, equity use standard deviation to measure expected risk or volatility, and a higher
market neutral, event driven, macro, merger arbitrage, and relative value standard deviation means the security has tended to show higher volatility or
arbitrage. The strategies are asset weighted based on the distribution of price swings in the past. As an example, for a normally distributed return series,
assets in the hedge fund industry. about two-thirds of the time returns will be within 1 standard deviation of the
average return.
LBMA Gold Price PM Index: Provides the price platform and methodology
as well as the overall administration and governance for the LBMA Gold Price. Troy ounce (oz): Standard unit of measurement for weighing precious metals
such as gold, silver, platinum, and palladium
MSCI All Country World Index (ACWI): Captures large and mid cap
representation across 23 Developed Markets (DM) and 26 Emerging Markets US Dollar Spot (DXY) Index: The DXY Dollar Index tracks the performance
(EM) countries. With 3,050 constituents, the index covers approximately of a basket of foreign currencies issued by US major trade partners, including
85% of the global investable equity opportunity set. Eurozone, Japan, UK Canada, Sweden and Switzerland, versus the US Dollar
MSCI World Total Return Index: The MSCI World Index is a free-float US Fed Trade Weighted Nominal Advanced Foreign Economies Dollar
weighted equity index. It was developed with a base value of 100 as of Index: Index which contains daily rates of exchange of major currencies
December 31, 1969. Index includes developed world markets and does not against the U.S. dollar on a trade weighted basis.
include emerging markets.
US Generic Government 10 Year Yields Index: A fixed-income index
Real Rate of Return: The return realized on an investment, usually expressed compiled by Bloomberg that measures yields of generic US, on-the-run,
annually as a percentage, which is adjusted to reflect the effects of inflation or government notes and bond indices. Yields are yield to maturity and pre-tax,
other external factors, on the so-called nominal return. The real rate of return is are based on the ask side of the market and are updated intraday.
calculated as follows: Real Rate of Return = Nominal Interest Rate - Inflation. Yields included in the index are precise to 4 decimal places.
S&P 500 Index: A popular benchmark for US large-cap equities that includes
500 companies from leading industries and captures approximately 80%
coverage of available market capitalization.
Standard Slide 4832248.13.1.AM.RTL 26Appendix
Definitions
The views expressed in this material are the views of SPDR Gold Strategy This communication is not intended to be an investment recommendation or
Team through the period ended September 30, 2024 and are subject to change investment advice and should not be relied upon as such.
based on market and other conditions. This document contains certain
There are risks associated with investing in Real Assets and the Real Assets
statements
sector, including real estate, precious metals and natural resources.
that may be deemed forward-looking statements. Please note that any such
Investments can be significantly affected by events relating to these industries.
statements are not guarantees of any future performance and actual results
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Standard Slide 4832248.13.1.AM.RTL 27You can also read
