correlation is less than -0.2 and less than the trailing 3-month correlation. It is considered В“WeakeningВ” when the December Index. 10-Year Treasury Yields =Д«loomberg US Generic Government 10 Year Yields thanВ 0.2 and greater than the trailing 3-month correlation. It is considered В“StrengtheningВ” when the December correlation is greater The CFTC, Crude Oil = Bloomberg Generic Front Month Crude Prices, andВ the trailing 3-month correlation. Interest = Gold Net Speculative Long Positions from In terms of В“StrengtheningВ” and В“WeakeningВ” correlation, itВ’s a comparison between the December correlation the Commitment of Traders Report released by Index, Stock Market Volatility: SPX Volatility Goldman Sachs Commodity Index, Equities = MSCI ACWI Index. Treasury 7в‰Ў0 Year Benchmark Administration Ltd., Gold Bullish Sentiment (%) = Bloomberg Commodity Sentiment Gold Bullish Readings Bond Index, Commodities = S&P 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 USВ Dollar Index,ДЎ0-Year Treasuries = The ICE U.S. Indices representing the above asset classes are as follows: Gold = LBMA Afternoon Gold holdings in ETFs represent 25 gold ETFs. Past performance is not a guarantee of future results. over Trailing Trailing Gold Bullish Sentiment (%) В• В• 27.8 82.4 11.8 (%) (%). Opportunities to increase their allocations to bullion.ДЇactors Trend* Potential Impact** 29-Dec-16 52 Week High 52 Week Low Returns Correlation to Gold

Furthermore, gold investors may look at the recent price weakness as Gold demand is likely to improve ahead of the Lunar New Year and IndiaВ’s demand may pick-up as new bank notes are circulated. Source: Bloomberg Finance L.P, State Street Global Advisors (SSGA). $0.01 30-Day Liquidity: Bid/Ask Spread Physical gold demand in India was crimpedДЄfter the governmentВ’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 DecemberВ 31, 2016.

Hike rates for the $30.6B Fund Size* second time in nearly 10 years and forecast for three more possible rate hikes in 2017.

Gold prices pulled back in the fourth quarter as post-election optimism drove the USВ Dollar to a fourteen year highД«ullion was put under pressure by the Federal ReserveВ’s decision to What happened to gold in the fourth quarter GLD Key Facts

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