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Gold Overview - iShares
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Gold Overview Diversification Benefits Investment Strategies
ETF in Focus
Gold Investment Overview
Gold is a physical asset that is accumulated, rather than consumed. This differentiates it iShares Gold Trust
from investment assets such as equities and fixed income instruments (which are claims IAU See IAU Product Details
on future cash flows), other commodities such as oil (which are consumed), and paper
money (which can be more easily destroyed). These traits are among the reasons why
gold may perform differently than other investments. Exchange Traded Liquidity
10-Day Average 8,450,328
Gold Investment Options Trading Volume
as of 11/12/2012
Low Cost
Exchange Exposure Low Minimum
Traded Liquidity Low Cost to Gold Investment Sponsor’s Fee 0.25%
Exposure to Gold
Gold ETFs The Trust holds
fully allocated gold
Gold Coins daily, and does not
allow issuance of
Futures and Options shares on
unallocated
Gold Mining Stocks amounts.
Minimum Investment
See details of the gold ETF from iShares Shares 1
Gold ETFs See iShares IAU Product Details »
Exchange traded products, such as the iShares Gold Trust (IAU), represent an
innovation for accessing the gold market. These investment vehicles typically offer the
ability for investors to buy and sell their investment in gold through a brokerage account. iShares Gold Trust
Prospectus (IAU)
Physical Gold (i.e. Gold Coins)
Holding bullion, jewelry, coins and gold certificates provides pure access to gold. These Gold Kit for Financial
forms of gold exposure, however, generally are not as liquid as holding a security (like a Advisors
stock or futures contract) and may be impractical or costly to store buy and/or secure.
Derivatives (i.e. Futures, Options) A selection of useful
documents designed to help
advisors discuss gold ETFs
Derivatives and future contracts have predominately been limited to large institutional with clients and to assist in
investors with the resources and experience to administer these positions. The cost of choosing the right gold ETF for
futures contracts can be significant due to the need to sell and reenter a position as it their portfolios.
nears expiration.
Access Gold Kit
Gold Mining Stocks
Prior to the introduction of exchange traded products, mutual funds presented the most Video
viable option for individual investors or small institutions seeking to invest in gold
because mutual funds provide convenient access to gold-linked investments at generally Gold Supply and
reasonable costs and low investment minimums. There are approximately 20 mutual Demand
funds encompassing over $29 billion in assets providing exposure to gold.* Investing in BlackRock’s Kayvan Malek
the equities of mining companies, however, provides imprecise exposure to gold given discusses the factors that
that mining companies may hedge their exposure to the price of gold. The five-year affect the supply and demand
average correlation of precious metal mutual funds to the gold spot price is 0.75, while of gold.
the five-year average correlation of precious metal mutual funds to the S&P 500 Index (1mins)
Gold Overview - iShares
is 0.41** *Source: Morningstar, as of 4/30/2010 **Source: Morningstar, as of 3/31/2010 Watch
See all videos
Audio
Investing in Gold with
Kayvan Malek
(DEV) Learn from Kayvan
Malek, managing director with
BlackRock’s Global Strategies
Group, why this “noble” metal
continues to attract investor
attention. iS-3416
(6 mins)
Listen
See all audio
Related Resources
Source: Bloomberg, as of 5/31/10. The gold spot settlement price is determined from the Insights into Investing in
input of member firms; the spot price for gold is determined daily by the five member Gold
firms of the London Fix. Despite the differing pricing processes and the New Whitepaper: 12 pages
York/London time difference, the prices of gold as measured by the two pricing methods
have had a correlation of .9866 for the three-year period ending May 31, 2010. iShares Gold Trust FAQ
Brochure: 8 pages
See details of the gold ETF from iShares » iShares Gold Trust Fact
Sheet (IAU)
Fact Sheet: 2 pages
iShares Gold Trust
Prospectus (IAU)
Prospectus: 46 pages
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iShares Gold Trust (the “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 and other documents the Trust has filed with the SEC for more complete information about the issuer and this offering. You may get these documents
for free by visiting www.iShares.com or EDGAR on the SEC website at www.sec.gov. Alternatively, the Trust will arrange to send you the prospectus if you request it by calling toll-
free 1-800-474-2737.
Investing involves risk, including possible loss of principal. The Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity
Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the Trust are intended to reflect the price of the gold held by the Trust, the market price
of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will
reduce returns.
Shares of the Trust are intended to reflect, at any given time, the market price of gold owned by the Trust at that time less the Trust’s expenses and liabilities. 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 such shares. If an investor sells the shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the
price received for the shares. For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.
Following an investment in shares of the Trust, several factors may have the effect of causing a decline in the prices of gold and a corresponding decline in the price of the shares. Among them: (i) Large sales by the official
sector. A significant portion of the aggregate world gold holdings is owned by governments, central banks and related institutions. If one or more of these institutions decides to sell in amounts large enough to cause a decline in
world gold prices, the price of the shares will be adversely affected. (ii) A significant increase in gold hedging activity by gold producers. Should there be an increase in the level of hedge activity of gold producing companies, it
could cause a decline in world gold prices, adversely affecting the price of the shares. (iii) A significant change in the attitude of speculators and investors towards gold. Should the speculative community take a negative view
towards gold, it could cause a decline in world gold prices, negatively impacting the price of the shares.
The amount of gold represented by shares of the Trust will decrease over the life of the Trust due to sales of gold necessary to pay the sponsor’s fee and trust expenses. Without increases in the price of gold sufficient to
compensate for that decrease, the price of the shares will also decline, and investors will lose money on their investment. The Trust will have limited duration. The liquidation of the Trust may occur at a time when the disposition
of the Trust’s gold will result in losses to investors.
Although market makers will generally take advantage of differences between the NAV and the trading price of Trust shares through arbitrage opportunities, there is no guarantee that they will do so. There is no guarantee an
active trading market will develop for the shares, which may result in losses on your investment at the time of disposition of your shares. The value of the shares of the Trust will be adversely affected if gold owned by the Trust is
lost or damaged in circumstances in which the Trust is not in a position to recover the corresponding loss. The Trust is a passive investment vehicle. This means that the value of your shares may be adversely affected by Trust
losses that, if the Trust had been actively managed, might have been avoidable.
Shares of the iShares Gold Trust are not deposits or other obligations of or guaranteed by BlackRock, Inc., and its affiliates, and are not insured by the Federal Deposit Insurance Corporation or any other
governmental agency.
The sponsor of the trust is iShares Delaware Trust Sponsor LLC (the “Sponsor”). BlackRock Investments, LLC (“BRIL”), assists in the promotion of the Trust. The Sponsor and BRIL are affiliates of BlackRock, Inc.
Although shares of the iShares Gold Trust may be bought or sold on the secondary market through any brokerage account, shares of the Trust are not redeemable from the Trust except in large aggregated units called
“Baskets”. Only registered broker-dealers that become authorized participants by entering into a contract with the sponsor and the trustee of the Trust may purchase or redeem Baskets.
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iS-3361
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