Maxwell Gold

Director Investment Strategy

May 5th, 2017

Precious Metals Monitor --- April 2017
Key Highlights

Silver sags along with inflation expectations, while gold spurred by geopolitics
Reduced risk appetite among investors benefited gold prices in April. On the heels of geopolitical uncertainty emanating from the French
presidential primary elections and North Korea, investor sentiment for gold rose to a 6 month high with prices nearing $1300/ounce (oz)
before profit taking emerged in the latter half of the month. Silver, on the other hand, fell nearly 6% despite steady investor activity in
futures and exchange traded funds (ETFs). This move was most likely in response to slowing US manufacturing data as well as recent lower
inflation expectations. This may not deter silvers prospects, however, with global growth expected to rise 3.5% in 2017 up from 3.1%
according to recent forecasts from the International Monetary Fund (IMF) a potential boost to silvers high industrial usage.

Indian market stabilizes with rising imports ahead of seasonal jewelry demand
With both a jewelers strike and currency demonetization stymieing spending last year, Indian jewelry demand fell by 505 metric tonnes
(24%) in 2016 according to Metals Focus. This was a large blow for the physical gold market with India accounting for nearly a third of
annual demand. Signs of stabilization and recovery have emerged recently. Indian gold imports have doubled year to date, rising to $4.1
billion in March versus $1.96 billion in December dampened by demonetization policies. These inventory builds are expected to be met with
high seasonal gold demand driven by the Akshaya Tritiya festival and wedding season sales this April.

Another golden rule: gold miners gold

A critical investment benefit offered by gold is its role as a hedge against market turmoil and systemic risk. In this capacity gold has a
proven track record with an average return of 7% during market drawdowns of more than 10% in the S&P 500 (from 01/01/87 to 12/31/16).
Turning to gold miners, however, their ability to hedge against large equity pullbacks is less enticing. The Philadelphia Stock Exchange Gold
& Silver Index, a broad gold mining equity index, on average has posted a total return of -7.2%, offering limited downside protection against
an average 21.1% drop in US equities. During these periods, gold outperformed miners 86% of the time with positive returns in 12 out of 14
market events. The gold miner index, however, had positive returns only 29% of the time. Golds outperformance in the majority of these
periods (14.2% on average) highlights that gold miners have not acted as effective risk hedges in most periods compared to gold over three
decades. During these market periods, gold miners have behaved more in line with equities lacking golds downside protection.

Table 1: Performance Returns (as of April 30th, 2017)

Precious metals Spot Price April QTD YTD 1 Year 3 Year 5 Year
Gold ($/ounce) 1,268.3 1.5% 1.5% 10.1% -1.9% -0.4% -5.3%
Silver ($/ounce) 17.2 -5.8% -5.8% 8.1% -3.6% -3.3% -11.1%
Platinum ($/ounce) 945.5 -0.5% -0.5% 4.6% -12.2% -12.8% -9.7%
Palladium ($/ounce) 826.6 3.5% 3.5% 21.4% 32.8% 0.5% 4.0%
Key Market Indices Index Level April QTD YTD 1 Year 3 Year 5 Year
ETFS Precious Metals Basket Index 3,391.1 -0.4% -0.4% 10.2% 1.7% -2.0% -6.9%
Bloomberg Commodity Index 84.0 -1.5% -1.5% -3.8% -1.3% -14.7% -9.8%
S&P 500 Index 2,384.2 1.0% 1.0% 7.2% 17.9% 10.5% 13.5%
MSCI Emerging Market (EM) Index 978.0 2.2% 2.2% 13.9% 19.1% 1.8% 1.5%
Barclays US Aggregate Bond Index 2,007.89 0.8% 0.8% 1.6% 0.8% 2.6% 2.3%
US Dollar (USD) Index 99.1 -1.3% -1.3% -3.1% 6.4% 7.6% 4.7%
Euro/US Dollar (EUR) 1.09 2.3% 2.3% 3.6% -4.9% -7.7% -3.8%
US Dollar/Japanese Yen (JPY) 111.5 0.1% 0.1% -4.7% 4.7% 2.9% 6.8%
HFRX Global Hedge Fund Index 1,228.6 0.4% 0.4% 2.1% 6.2% -0.1% 1.4%
*See disclosures for further definitions and details. Yearly returns are annualized. QTD = quarter to date, YTD = year to date. ETF = exchange traded fund.

1
For month ending April 30th, 2017. Past performance is no guarantee of future results.
Gold: +1.5% (April), +1.5% (QTD), +10.1% (YTD)
Investment Outlook Gold price, daily moving average (dma), and volume
Volume (rhs) Gold Price (lhs) 50 dma (lhs) 200 dma (lhs)
Gold rose 1.5% in April ending at $1268.3/ounce (oz). In our $1,400 $120,000

2017 base case outlook, gold may rise to $1300/oz in the first $1,350
$100,000

Fu tures Trading Volume ($mn)

half of the year, aided by a weaker US Dollar (USD) and low real

Fr ont Month Futures Price

$1,300
rate environment. However, USD strengthening in the second $1,250
$80,000
half of the year and subdued investor interest may drive a sell-
$1,200 $60,000
off, with gold ending the year in the $1230/oz range.
$1,150
$40,000
In a bullish scenario, the Federal Reserve (Fed) would be slow $1,100
to hike rates while inflation rises well above expectations as the $20,000
$1,050
USD weakened pushing gold to $1350-1400/oz at year end.
$1,000 $-

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17

Oct-16
May-16

Feb-17

Apr-17
Mar-17
Jul-16

Aug-16
In a bearish scenario, the Fed may move more aggressively,
seeing the USD appreciate and bursting the bond market bubble
and pushing gold near the $1100/oz level. Source: Bloom berg, ETF Securities. Chart data from 04/30/16 to 04/30/17.

Flows Global known ETF holdings of gold

Cumulative gold stock in ETFs (lhs) Monthly gold net flows in ETFs (rhs)
500
ETFs: In April, global physical gold ETFs saw net inflows of 2,500
26.5 metric tonnes (t) for the 3rd consecutive month and raising 400

Metric tonnes of gold (both axes)

cumulative gold ETF holdings 1,859t, a rise of 4.6% in 2017. 2,000 300

Inventories: COMEX (Commodity Exchange) gold inventories 200

1,500
fell by 2.0t in April, led by equal reductions in registered and 100
eligible inventories. Shanghai Futures Exchange inventories
1,000 -
also saw slight outflows of 0.1t.
(100)
Futures: Investor sentiment in gold rose to a 6-month high as 500
(200)
net managed money positioning increased 76% to 160,380
contracts (as of April 25th). Investors reduced gold short - (300)

2010

2011

2012

2013

2014

2015

2016

2017
2008

2009

positions 21% while long positioning extended 37% in April.

Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 04/30/17.

Factors Speculative positioning in gold futures by investors

350,000 Long Short Net
Inflation: US headline consumer price index (CPI) dipped to 300,000
2.4% in March from 2.7% the month prior as base effects from
Managed Money Gold Contracts

250,000
low commodity prices continues to roll off, while US core CPI 200,000
fell from 2.2% to 2.0%. 150,000

Rates: The US 10yr Treasury yield closed the month down at 100,000

2.28% for April while US real interest rates on a 10 year basis 50,000

also dipped to 0.35% from 0.4% the month prior. -

(50,000)

USD: The dollar fell 1.3% in April and remains down 3.1% this (100,000)

year which has been a boon for gold and the broader commodity (150,000)
2010

2011

2012

2013

2014

2015

2016

2017
complex.
Source: Bloom berg, ETF Securities. Chart data from 12/31/09 to 04 /30/17.

Fundamentals Gold demand by sector (excluding ETFs and similar)

Physical Investment Official Sector Industrial Jewelry
Physical demand: Indian physical demand has further 100%
increased in March as gold imports rose to $4.1 billion, a 20% 90% 30.6%
23.2% 24.1 % 27 .6% 31 .1%
increase from the prior month. Weak US Mint sales for gold 80%
coins continued in April with YTD sales down 33% year over 70% 1 3.0% 1 3.3% 1 0.3% 9.7 % 9.4%
Gold Demand

year. 60% 7 .8% 7 .7 % 8.7 % 9.0% 8.9%

50%
Supply: According to the Gold Focus 2017 report produced by
40%
Metals Focus, mine production in 2016 increased by only 1%
30%
while recycling supply (constituting about 1/3 of annual supply) 55.4% 55.5% 55.0% 54.8% 54.3%
20%
increased 5% led primarily by higher prices last year in several
10%
key emerging market economies. 0%
2014 2015 2016F 2017F 2018F
Source: Metals Focus, ETF Securities. Chart data as of 02 /10/17

2
For month ending April 30th, 2017. Past performance is no guarantee of future results.
Silver: -5.8% (April), -5.8% (QTD), +8.1% (YTD)
Investment Outlook Silver price, daily moving average (dma), and volume
Volume (rhs) Silver Price (lhs) 50 dma (lhs) 200 dma (lhs)

Silvers volatility continued through April as it fell 5.8% amid $22 $20,000
$21 $18,000
lower inflation expectations. Investor activity surged this month

Fu tures Trading Volume ($mn)

$20 $16,000
with average daily volume in silver front month contracts rising

Fr ont Month Futures Price

$19 $14,000
to $10 billion nearly double the activity in March. $18 $12,000
$17 $10,000
In our 2017 base case, we believe silver may trade in the $21/oz
$16 $8,000
range driven by higher inflation, a weakening US dollar (in first $15 $6,000
half of year) and improving manufacturing growth. $14 $4,000
$13 $2,000
Slowing mine production may continue to be a tailwind for
$12 $-
silver prices. As mining capital expenditure and investment

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17
Oct-16
May-16

Feb-17

Apr-17
Mar-17
Jul-16

Aug-16
continues to decline, this should further weigh on silver supply.
Source: Bloom berg, ETF Securities. Chart data from 04/30/16 to 04/30/17.

Flows Global known ETF holdings of silver

Cumulative silver stock in ETFs (lhs) Monthly silver net flows in ETFs (rhs)
ETFs: Global physically backed silver ETFs reversed this month 25,000 2,500
seeing net inflows of 43.4 metric tonnes (t). Cumulative silver 2,000

Metric tonnes of silv er (both axes)

holdings rose 0.2% to 20,095t this month 20,000
1,500

Inventories: COMEX silver inventories rose by 197t in April 15,000 1,000

driven by a late month surge in registered stocks. Shanghai 500
Future Exchange silver stocks fell 192t in April for the 2nd 10,000 -
consecutive month.
(500)
5,000
Futures: Investor sentiment was unchanged in April but still (1,000)
remains elevated. Net speculative positioning in futures fell 1%
- (1,500)
(as of April 25th), as short positions more than doubled to

2010

2011

2012

2013

2014

2015

2016

2017
2008

19,298 contracts and long positions rose 7% to 99,509 contracts. 2009

Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 04/30/17.

Factors Speculative positioning in silver futures by investors

120,000 Long Short Net
Gold price: The gold/silver ratio rose from 68.5 to 73.5 as gold 100,000
outpaced silver for the first time in 2017. The ratio, up 1.9% year
Managed Money Silver Contracts

80,000
to date, remains above the long term average of 59 as silvers 60,000
discount to gold extended this month. 40,000
20,000
Industrial Cycle: US industrial activity fell in April to 54.8
-
from 57.2 last month (as measured by the manufacturing PMI
(20,000)
index), but remains at expansionary levels which is an
(40,000)
encouraging sign for silvers industrial demand.
(60,000)
Producer Prices: Input costs to US producers remained flat (80,000)
2010

2011

2012

2013

2014

2015

2016

2017
in March with the US producer price index (PPI) unchanged at
3.7% for finished goods but rising to 2.3% from 2.2% on a final Source: Bloom berg, ETF Securities. Chart data from 12/31/09 to 04 /30/17.
demand basis in March.

Fundamentals Silver demand by sector (excluding ETFs and similar)

Physical Investment Jewelry & Silverware Photography Industrial
Solar panel demand: Silver demand for solar panels is a 100%
growing segment of its industrial demand with record levels 90% 21 .9% 21 .6% 21 .5%
27 .7% 29.1 %
expected in 2018. US saw solar capacity rise 95% in 2016. 80%
International solar usage may spur growth amid climate 70%
Silver Demand

24.4% 24.5% 24.6%

controls and growing energy needs in India and China. 60% 23.4% 23.8%
50% 4.0% 3.8% 3.5%
4.2%
Supply: According to Metals Focus, supply from mine 40%
3.9%
production fell 0.5% in 2016 after over 10 years of increased 30%
output. They estimate silver mine supply will continue to fall 44.6% 43.6% 49.5% 48.9% 48.4%
20%
in 2017 by 1.7% due to cuts in by product output from gold 10%
and base metal mining operations. 0%
2014 2015 2016F 2017F 2018F
Source: Metals Focus, ETF Securities. Chart data as of 2 /24/17

3
For month ending April 30th, 2017. Past performance is no guarantee of future results
Platinum: -0.5% (April), -0.5% (QTD), +4.6% (YTD)
Investment Outlook Platinum price, daily moving average (dma), and volume
Volume (rhs) Platinum Price (lhs) 50 dma (lhs) 200 dma (lhs)

Platinum continued its downtrend this month falling 0.5% to $1,200 $2,500

$945.5/oz in April with average daily volume at $710 million. $1,150

Fu tures Trading Volume ($mn)

Fr ont Month Futures Price
$2,000
$1,100
We currently like the risk-reward for platinum over the next
$1,050
year and our base-case sees platinums fair value near $1,500
$1,000
US$1020/oz as defensive asset demand and global growth
$1,000
may support platinum, despite recent weakness and $950

geopolitical turmoil in South Africa. $900

$500
$850
Under a bullish scenario platinum could potentially rise to
$800 $-
$1100/oz as geopolitical risk drives gold while a bearish

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17
Oct-16
May-16

Feb-17

Apr-17
Mar-17
Jul-16

Aug-16
scenario could see platinum falling to $910/oz amid further
weakness in the South African Rand (ZAR). Source: Bloom berg, ETF Securities. Chart data from 04/30/16 to 04/30/17.

Flows Global known ETF holdings of platinum

Cumulative platinum stock in ETFs (lhs) Monthly platinum net flows in ETFs (rhs)
ETFs: Global physically backed platinum ETFs saw slight net 100 14
12

Metric tonnes of platinum (both axes)

outflows. Cumulative platinum holdings ended the month at 90
80 10
75.3 metric tonnes (t), down 0.1t with 2.0t inflows in 2017. 8
70
6
Inventories: NYMEX (New York Mercantile Exchange) 60
4
platinum inventories in April saw drawdowns of 995 ounces, 50
2
a 0.4% monthly drop. 40
-
30 (2)
Futures: Investor sentiment remained positive in April but 20 (4)
remained at depressed levels as net speculative positioning in 10 (6)
platinum futures dropped 19% to 6,566 contracts (as of April - (8)
25th). This was driven by short positions rising 22% and a 5%

2010

2011

2012

2013

2014

2015

2016

2017
2008

2009
extension in long positions. Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 04/30/17.

Factors Speculative positioning in platinum futures by investors

50,000 Long Short Net
South African Rand: The South African Rand 40,000
Managed Money Platinum Contracts

strengthened 0.5% in April relative to the US dollar as it 30,000

stabilized following recent political turmoil and credit
20,000
downgrades in South Africa.
10,000
Euro Auto Sales: March Western European light vehicle -
sales rose by 76% from February, while total European (10,000)
vehicles sales rose commensurately by 70%. (20,000)

Chinese Consumer: Retail sales in China rose 10.9% in (30,000)

March as further signs of stabilization in Chinas economy (40,000)

2010

2011

2012

2013

2014

2015

2016

2017
may bring back support for consumer spending and
discretionary purchases such as jewelry. Source: Bloom berg, ETF Securities. Chart data from 12/31/09 to 04 /30/17.

Fundamentals Platinum demand by sector (excluding ETFs and similar)

Physical Investment Industrial Jewelry Autocatalyst
Demand: Continued rise in industrial activity should be a 100%
1 .7 % 3.1 % 2.3%
8.9% 6.1 %
further boost for platinums broader industrial applications. 90%
23.4% 21 .8% 21 .8%
Global auto demand for platinum remains robust and is 80% 20.8% 23.0%
forecast to drop 1% in 2017 despite current market 70%
Pla tinum Demand

headwinds according to the World Platinum Investment 60% 33.2% 28.9%

32.6% 33.8%
30.1 %
Council, while industrial demand is expected to rise 2%. 50%
40%
Supply: According to Metals Focus, platinum mine 30%
production is expected to be down 1.4% in 2016, while 20% 41 .6% 40.2% 41 .1 % 42.4% 41 .8%
recycling supply is expected to see an increase in 2016 driven 10%
by autocatalyst scrap. Turning to 2017, they expect a 3% drop 0%
2014 2015 2016F 2017F 2018F
in mine supply driven by lower output in South Africa.
Source: Metals Focus, ETF Securities. Chart data as of 2 /16/17

4
For month ending April 30th, 2017. Past performance is no guarantee of future results.
Palladium: +3.5% (April), +3.5% (QTD), +21.4% (YTD)
Investment Outlook Palladium price, daily moving average (dma), and volume
Volume (rhs) Palladium Price (lhs) 50 dma (lhs) 200 dma (lhs)
$850 $1,400
Palladium rose for the 5th consecutive month in April by 3.5%
to $826.6/oz. Palladiums technicals remain the most $800

Fu tures Trading Volume ($mn)

$1,200
attractive amongst the precious metals with its 50 day $750

Fr ont Month Futures Price

$1,000
moving average persistently above the 200 day average. $700
$800
Daily volume in palladium front month contracts averaged $650
$600
$322 million in April, steadily above the $259 million in the $600
prior month. $550
$400

Given palladiums demand is most sensitive to the industrial $500 $200

production cycle, palladium may see further support along $450 $-

with industrial metals in anticipation of a rise in US

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17
Oct-16
May-16

Feb-17

Apr-17
Mar-17
Jul-16

Aug-16
infrastructure spending and recovery in global growth.
Source: Bloom berg, ETF Securities. Chart data from 04/30/16 to 04/30/17.

Flows Global known ETF holdings of palladium

Cumulative palladium stock in ETFs (lhs) Monthly palladium net flows in ETFs (rhs)
25
ETFs: Global physically backed palladium ETFs posted net
100
outflows in April of 0.6 metric tonnes (t) ending 2 months of 20

Metric tonnes of palladium (both axes)

inflows. Cumulative palladium holdings totalled 47.4t which 80 15
is down 33% over the last 12 months. 10
60
Inventories: NYMEX palladium inventories continued to 5

see drawdown in April amounting to 3,620 ounces (down 40 -

6.4% from last month) with total holdings of 52,554 ounces. (5)
20
Futures: Net speculative positioning in palladium futures (10)
dipped 1% in April to 21,942 contracts (as of April 25th), near - (15)

2010

2011

2012

2013

2014

2015

2016

2017
2008

multi-year highs. Long and short positions both fell by 1%. 2009
Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 04/30/17.

Factors Speculative positioning in palladium futures by investors

30,000 Long Short Net
Global Auto Sales: Chinese passenger vehicle sales rose 25,000
28% in March offsetting the 26% drop in February. US auto
Managed Money Palladium Contracts

20,000
sales fell to 1.42 million in April, down 4.9% year over year
15,000
and an 8.4% decrease from March.
10,000
Market Balance: Expected continued supply deficits, 5,000
growing demand, and drawdowns in above ground stocks -
have kept the market balance for palladium favorable. (5,000)

Industrial Metals: Palladiums correlation to industrial (10,000)

metals (0.57) is the highest among precious metals and the (15,000)
2010

2011

2012

2013

2014

2015

2016

2017
recent rally in industrial metals, which are up 22% year over
year, has benefitted palladium demand and performance. Source: Bloom berg, ETF Securities. Chart data from 12/31/09 to 04 /30/17.

Fundamentals Palladium demand by sector (excluding ETFs and similar)

Jewelry Industrial Autocatalyst Physical Investment
Demand: Palladium has benefited in 2016 from continued 100%
3.9% 2.9% 2.4% 2.5% 2.5%
demand from strong Chinese auto sales as well as gains from 90%
21 .3% 21 .1% 20.9% 20.5% 20.1 %
negative sentiment towards diesel engine vehicles in Europe. 80%
According to Metals Focus global demand for palladium may 70%
Pa lladium Demand

increase 17% by 2020 from last years levels. 60%

50%
Supply: Global palladium supply deficits have persisted
40% 7 7 .4% 7 7 .9% 7 7 .8%
since 2012 making palladiums fundamentals very supportive 7 4.3% 7 5.7%
30%
for prices. Deficits are expected to persist for 2017 and
20%
beyond with forecasts from Johnson Matthey of a 651,000
10%
ounce deficit in 2016 which should add further support to 0.4% 0.1 % 0.1 % 0.2% 0.1 %
0%
palladium. 2014 2015 2016F 2017F 2018F
Source: Metals Focus, ETF Securities. Chart data as of 02 /16/17

5
For month ending April 30th, 2017. Past performance is no guarantee of future results.
Important Risks
The statements and opinions expressed are those of the author and are as of the date of this report. All information is historical and not indicative of
future results and subject to change. Reader should not assume that an investment in any securities and/or precious metals mentioned was or would
be profitable in the future. This information is not a recommendation to buy or sell. Past performance does not guarantee future results.
The ETFS Silver Trust, ETFS Gold Trust, ETFS Platinum Trust, ETFS Palladium Trust and ETFS Precious Metals Basket Trust are
not investment companies registered under the Investment Company Act of 1940 or a commodity pool for purposes of the
Commodity Exchange Act. Shares of the Trusts are not subject to the same regulatory requirements as mutual funds. These
investments are not suitable for all investors. Trusts focusing on a single commodity generally experience greater volatility.
Commodities generally are volatile and are not suitable for all investors. Trusts focusing on a single commodity generally experience
greater volatility. Please refer to the prospectus for complete information regarding all risks associated with the Trusts. Shares in the Trusts are not
FDIC insured and may lose value and have no bank guarantee.
The value of the Shares relates directly to the value of the precious metal held by the Trust and fluctuations in the price could materially adversely
affect investment in the Shares. Several factors may affect the price of precious metals, including:
A change in economic conditions, such as a recession, can adversely affect the price of the precious metal held by the Trust. Some metals are
used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently,
its price and the price of the Shares;
Investors expectations with respect to the rate of inflation;
Currency exchange rates;
interest rates;
Investment and trading activities of hedge funds and commodity funds; and
Global or regional political, economic or financial events and situations. Should there be an increase in the level of hedge activity of the
precious metal held by the trust or producing companies, it could cause a decline in world precious metal prices, adversely affecting the
price of the Shares. Should there be an increase in the level of hedge activity of the precious metal held by the Trusts or producing
companies, it could cause a decline in world precious metal prices, adversely affecting the price of the shares.

Also, should the speculative community take a negative view towards the precious metal held by the Trusts, it could cause a decline in prices,
negatively impacting the price of the shares. There is a risk that part or all of the Trusts physical precious metal could be lost, damaged or stolen.
Failure by the Custodian or Sub-Custodian to exercise due care in the safekeeping of the precious metal held by the Trusts could result in a loss to the
Trusts.
The Trusts will not insure its precious metals and shareholders cannot be assured that the custodian will maintain adequate insurance or any
insurance with respect to the precious metals held by the custodian on behalf of the Trust. Consequently, a loss may be suffered with respect to the
Trusts precious metal that is not covered by insurance.

Commodities generally are volatile and are not suitable for all investors.
Please refer to the prospectus for complete information regarding all risks associated with the Trust.
Investors buy and sell shares on a secondary market (i.e., not directly from Trusts). Only market makers or authorized
participants may trade directly with the Trusts, typically in blocks of 50k to 100k shares.
ETFS Physical Precious Metals Basket Index reflects the daily performance of a basket with the following components and ratios: gold (0.030oz), silver
(1.100oz), platinum (0.004oz) and palladium (0.006oz). Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index. Futures
contract = agreement traded on an organized exchange to buy or sell assets at a fixed price but to be delivered and paid for later. Long position = buying of an
asset with the expectation the asset will rise in value. Short position = sale of a borrowed asset with the expectation that the asset will fall in value. Spot price =
current market price at which an asset is bought or sold for immediate payment and delivery. S&P 500 Index is a capitalization-weighted index of 500 stocks
selected by the Standard & Poors Index Committee designed to represent the performance of the leading industries in the U.S. economy. MSCI Emerging
Markets (EM) Index is an equity index that captures large and midcap representation across Emerging Markets countries. Barclays US Aggregate Bond Index
is a broad-based flagship benchmark measuring investment grade, US dollar, fixed-rate taxable bond market. The US Dollar (USD) Index is an index (or
measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of US trade partners' currencies. The
Euro/US Dollar exchange rate is the relative pricing of the euro (the official currency of the European Union) and the US dollar. The US Dollar/Japanese Yen
exchange rate is the relative pricing of the yen (the official currency of Japan) and the US dollar. The HFRX Global Hedge Fund Index is designed to be
representative of the overall composition of the hedge fund universe. Year over year = the percent change over a full calendar year. The Consumer Price Index
(CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services; headline includes all categories while core
excludes food and energy. South African Rand (ZAR) = official currency of South Africa. The Purchasing Manufacturing PMI Index (PMI) is an indicator of the
economic health of the manufacturing sector. Producer Price index (PPI) measures the average change in selling prices received by domestic producers of
goods and services. The Federal Reserve (Fed) is the central banking system of the United States of America. COMEX (Commodity Exchange) is the primary
market for trading metals such as gold, silver, copper and aluminium. NYMEX = New York Mercantile Exchange. IMF = The International Monetary Fund
(IMF) is an international organization created for the purpose of standardizing global financial relations and exchange rates. Akshaya is a holy day for Hindus
and Jains and an auspicious day often associated with increased gold purchases in India. Philadelphia Stock Exchange Gold & Silver Index (XAU) is a
capitalization-weighted index composed of companies involved in the gold or silver mining industry.
Commodities generally are volatile and are not suitable for all investors. This material must be accompanied or preceded by the
prospectus. Carefully consider each Trusts investment objectives, risk factors, and fees and expenses before investing. Please
click here to view the prospectus.
ALPS Distributors, Inc. is the marketing agent for ETFS Silver Trust, ETFS Gold Trust, ETFS Platinum Trust, ETFS Palladium
Trust and ETFS Precious Metals Basket Trust.
Maxwell Gold is a registered representative of ALPS Distributors, Inc.
ETF001154 04/30/18

ETF Securities (US) LLC

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