Gold Investor - SPDR Gold Shares
Gold Investor - SPDR Gold Shares Gold Investor - SPDR Gold Shares
DisclaimersThis report is published by the World Gold Council, 10 Old Bailey, LondonEC4M 7NG, United Kingdom. Copyright ©2013. All rights reserved. Thisreport is the property of the World Gold Council and is protected by US andinternational laws of copyright, trademark and other intellectual propertylaws. This report is provided solely for general information and educationalpurposes. It is not, and should not be construed as, an offer to buy or sell, oras a solicitation of an offer to buy or sell, gold, any gold related products orany other products, securities or investments. It does not, and should not beconstrued as acting to, sponsor, advocate, endorse or promote gold, any goldrelated products or any other products, securities or investments. This reportdoes not purport to make any recommendations or provide any investment orother 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 relatedtransaction is appropriate for any investment objective or financial situationof a prospective investor. A decision to invest in gold, any gold relatedproducts or any other products, securities or investments should not bemade in reliance on any of the statements in this report. Before makingany investment decision, prospective investors should seek advice fromtheir financial advisers, take into account their individual financial needsand circumstances and carefully consider the risks associated with suchinvestment decision.While the accuracy of any information communicated herewith has beenchecked, neither the World Gold Council nor any of its affiliates canguarantee such accuracy. The World Gold Council does not undertake toupdate or advise of changes to the information in this report. Expressions ofopinion are those of the author and are subject to change without notice. Inno event will the World Gold Council or any of its affiliates be liable for anydecision made or action taken in reliance on this report or the informationor opinions contained herein or for any consequential, special, punitive,incidental, indirect or similar damages arising from, related to or connectedwith this report, even if notified of the possibility of such damages.This report contains forward-looking statements. The use of the words“believes,” “expects,” “may,” or “suggests” or words of similar import,identifies a statement as “forward-looking.” The forward-looking statementsincluded herein are based on current expectations that involve a number ofrisks and uncertainties. These forward-looking statements are based on theanalysis of the World Gold Council. Assumptions relating to the foregoinginvolve judgments with respect to, among other things, future economic,competitive and market conditions all of which are difficult or impossibleto predict accurately. In addition, the demand for gold and the internationalgold markets are subject to substantial risks which increase the uncertaintyinherent in the forward-looking statements. In light of the significantuncertainties inherent in the forward-looking information included herein,the inclusion of such information should not be regarded as a representationby the World Gold Council that the forward-looking statements will beachieved. We caution you not to place undue reliance on our forward-lookingstatements. Except in the normal course of our publication cycle, we donot intend to update or revise any forward-looking statements, whether asa result of new information, future events or otherwise, and we assume noresponsibility for updating any forward-looking statements.Thomson Reuters GFMS content is the intellectual property of ThomsonReuters – © 2013 Thomson Reuters. All rights reserved. Any copying,republication or redistribution of Thomson Reuters content, including byframing or similar means, is expressly prohibited without the prior writtenconsent of Thomson Reuters. Thomson Reuters shall not be liable for anyerrors or delays in content, or for any actions taken in reliance thereon.No part of this report may be copied, reproduced, republished, sold, distributed,transmitted, circulated, modified, displayed or otherwise used for any purposewhatsoever, including, without limitation, as a basis for preparing derivativeworks, without the prior written authorisation of the World Gold Council.To request such authorisation, contact research@gold.org. In no event mayWorld Gold Council trademarks, artwork or other proprietary elements in thisreport be reproduced separately from the textual content associated withthem; use of these may be requested from info@gold.org.Gold Investor | Risk management and capital preservation
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- Page 16: • The Fed’s preferred measure o
- Page 20 and 21: The impact of foreign-exchange expo
- Page 23 and 24: Chart 4: Emerging market equity cor
- Page 25 and 26: Chart 6: The expected loss from hed
- Page 27 and 28: Chart 8: Regional distribution of g
- Page 29 and 30: Chart 9: Gold consumption per capit
- Page 31 and 32: Chart 11: Performance of emerging-m
- Page 33 and 34: The second period, between 2002 and
- Page 35 and 36: Table 3: Summary of portfolio perfo
- Page 37 and 38: ConclusionExchange-rate risk is a s
- Page 39 and 40: Gold is also used to lower the cost
- Page 41 and 42: Currency-hedged index constructionD
- Page 43 and 44: III: Tail-risk hedging:an internati
- Page 45 and 46: Unlike other assets, gold tends to
- Page 47 and 48: Chart 3: Research findings for opti
- Page 49 and 50: Chart 5: Improvement in performance
- Page 51 and 52: Chart 6: Performance of portfolio a
- Page 53 and 54: The role of gold during possible fu
- Page 55 and 56: ConclusionGold helps investors dive
- Page 57 and 58: IV: Foreign-reserve diversification
- Page 59 and 60: Optimal allocations to goldMethodol
- Page 61 and 62: Chart 1: US dollar as numéraire -
- Page 64 and 65: ConclusionGold should form an integ
- Page 68: World Gold Council10 Old Bailey, Lo
The printer is accredited toISO14001 environmental standard.I053201301
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