Maxwell Gold

Director Investment Strategy

February 3rd, 2017

Precious Metals Monitor --- January 2017
Key Highlights

Policy & Populism: Trump Card or Wild Card for Precious Metals?
The start of the year has quickly brought geopolitical and policy volatility into investors focus. Changing US trade and immigration policies
under the new Trump administration has stirred uncertainty across global financial and currency markets this month. Indices tracking US
economic policy uncertainty have been steadily on the rise since last summers Brexit vote but have seen a dramatic uptick in January. This
trend, however, extends to not only the US but also to Europe. Growing populist sentiment paired with upcoming elections in France,
Germany, and the Netherlands and the United Kingdoms continued move to exiting the European Union have added to the volatility.
Looking ahead, this backdrop will likely persist as further changes to US trade agreements, regulation, and fiscal policy are anticipated
under the Trump administration. With little clarification or economic scope of such policies, the impact likely will continue to be disruptive
to financial markets. Precious metals, which tend to exhibit a positive correlation with market and policy uncertainty, have thus far
benefited by increased investor demand in January (see Table 1). Against an environment of policy unpredictability, we see the risk
management benefits of precious metals to help dampen volatility and hedge against tail risk within portfolios. Additionally, some policies
may be inherently inflationary and a shift from monetary to fiscal stimulus may be a boon for those industrial-precious metals.

Rising Manufacturing Activity May Continue to Support the Industrial-Precious Metals

As global growth is anticipated to remain robust in 2017, measures of global manufacturing and shipping may continue to rise. Recent
manufacturing Purchasing Managers' Index (PMI) levels have risen throughout 2016 indicating an increase of industrial activity and
production. Further the Baltic Dry Index, a measure of global shipping of raw materials, has seen a similar recovery in recent months. This
may point to further support of industrial-related commodities as global demand for raw materials and inputs persists against higher
industrial and economic activity. Unlike gold, the majority of annual demand in silver (~50%), platinum (~65%), and palladium (~95%) is
tied to industrial applications. These industrial-precious metals have moved in line with the broader industrial metal complex in recent
months. Growing industrial applications including electronics, solar panels, and auto manufacturing (with news of Volkswagen debuting its
climate windscreen which incorporates silver) against increased global manufacturing and industrial activity may continue to be a
tailwind for these industrially sensitive precious metals.

Table 1: Performance Returns (as of January 31st, 2017)

Precious metals Spot Price January QTD YTD 1 Year 3 Year 5 Year
Gold ($/ounce) 1,210.7 5.1% 5.1% 5.1% 7.3% -0.9% -7.2%
Silver ($/ounce) 17.6 10.3% 10.3% 10.3% 22.3% -2.9% -12.5%
Platinum ($/ounce) 995.0 10.1% 10.1% 10.1% 14.3% -10.3% -9.4%
Palladium ($/ounce) 754.3 10.8% 10.8% 10.8% 49.5% 2.3% 1.3%
Key Market Indices Index Level January QTD YTD 1 Year 3 Year 5 Year
ETFS Precious Metals Basket Index 3,244.8 5.4% 5.4% 5.4% 12.2% -2.8% -8.9%
Bloomberg Commodity Index 87.6 0.1% 0.1% 0.1% 15.7% -11.3% -9.4%
S&P 500 Index 2,278.9 1.9% 1.9% 1.9% 20.1% 10.8% 13.9%
MSCI Emerging Market (EM) Index 909.2 5.5% 5.5% 5.5% 25.3% 1.4% -0.3%
Barclays US Aggregate Bond Index 1,980.25 0.2% 0.2% 0.2% 1.7% 2.6% 2.1%
US Dollar Index (USD) 99.5 -2.6% -2.6% -2.6% 0.5% 7.0% 4.7%
Euro/US Dollar (EUR) 1.08 2.7% 2.7% 2.7% -0.8% -7.1% -3.9%
US Dollar/Japanese Yen (JPY) 112.8 -3.6% -3.6% -3.6% -6.8% 3.4% 8.2%
HFRX Global Hedge Fund Index 1,211.4 0.7% 0.7% 0.7% 6.1% -0.3% 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 January 31st, 2017. Past performance is no guarantee of future results.
Gold: +5.1% (January), +5.1% (QTD), +5.1% (YTD)
Investment Outlook Gold price, daily moving average (dma), and volume
Volume (rhs) Gold Price (lhs) 50 dma (lhs) 200 dma (lhs)
Gold rose 5.1% in January to $1210.7/ounce (oz). In our 2017 $1,400 $120,000

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

Fu tures Trading Volume ($mn)

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

Fr ont Month Futures Price

$1,300
environment. However, USD strengthening in the second half of $1,250
$80,000
the year and subdued investor interest may drive a sell-off, with
$1,200 $60,000
gold ending the year in the $1220-1240/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
Nov-16

Jan-17
Sep-16
In a bearish scenario, the Fed will move more aggressively,

Feb-16

Oct-16
Mar-16

Apr-16

May-16

Jul-16

Aug-16
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 02/01/16 to 01/31/17.

Flows Global known ETF holdings of gold

Cumulative gold stock in ETFs (lhs) Monthly gold net flows in ETFs (rhs)
500
ETFs: In January, global physical gold ETFs saw 8.8 metric 2,500
tonnes (t) in net outflows at a slowing pace compared to the 400

Metric tonnes of gold (both axes)

202t redeemed last quarter. This month brings cumulative gold 2,000 300
ETF holdings down 0.5% to 1,768t and +21% in the last year.
200
1,500
Inventories: COMEX gold inventory holdings followed suit 100
with net reductions of 5.4t in January driven by registered
1,000 -
inventories for delivery.
(100)
Futures: Investor sentiment in gold rose in January as net 500
(200)
speculative positioning increased 38% to 59,754 contracts as
investors reduced gold short positions to 75,405 contracts while - (300)

2011
2010

2012

2013

2016

2017
2014

2015
2009
2008

extending long positioning slightly by 3%.

Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 01/31/17.

Factors US Dollar will remain near term driver of gold prices

Gold Price (rhs) US Dollar (lhs)
Inflation: US headline consumer price index (CPI) rose to 110 $1,400
2.1% in December as base effects of low energy prices continued 108 $1,350
106
to roll off while core CPI rose slightly (0.1%) to 2.2%. $1,300
104

Pr ice ($/ounce)
Rates: Real interest rates dipped in January against rising $1,250
US Dollar Index

102
inflation and broadly flat US rates as the US 10yr Treasury yield 100 $1,200
98 $1,150
closed out the month where it began at 2.45%.
96
$1,100
94
USD: The dollar fell 2.6% in January as investors juggled policy 92 $1,050
volatility from the incoming Trump administration, likelihood 90 $1,000
of Fed actions matching statements, rising inflation, and lower
Feb-16

Apr-16

Nov-16
Jul-16

Aug-16
Jun-16

Jan-17
Oct-16
Mar-16

Sep-16

Dec-16
May-16

than expected gross domestic product (GDP) of 1.9% for 2016.

Source: Bloom berg, ETF Securities. Chart data from 02/01/16 to 01/31/17.

Fundamentals Gold demand by sector (excluding ETFs and similar)

Physical Investment Official Sector Industrial Jewelry
Indian demand: Gold jewelry and retail investment demand 100%
in India pulled back as witnessed by the drop in Indian gold 90% 23.8% 23.8% 25.4% 26.6%
imports in December. Going forward demand from this key 80%
30.9%
physical market is expected to come under pressure as the 70% 1 3.0% 1 3.1% 1 1 .6% 9.7 %
Gold Demand

impact from the removal of high denomination currency bills. 60% 1 1 .9%
7 .8% 7 .7 % 8.6% 8.9%
6.5%
Supply: Mine production is expected to see a slight increase of 50%
40%
0.3% in 2016 according to Metals Focus while beginning a
30%
period of peak output in 2017 as miners continue to cut capital 50.2% 55.4% 55.5% 54.4% 54.8%
20%
expenditures and mine developments. Recycling saw a rise
10%
among emerging markets in response to higher gold prices. 0%
2013 2014 2015 2016F 2017F
Source: Metals Focus, ETF Securities. Chart data as of 1 2/01/16

2
For month ending January 31st, 2017. Past performance is no guarantee of future results.
Silver: +10.3% (January), +10.3% (QTD), +10.3% (YTD)
Investment Outlook Silver price, daily moving average (dma), and volume
Volume (rhs) Silver Price (lhs) 50 dma (lhs) 200 dma (lhs)
Silver rebounded in January (+10.3%) to $17.6/ounce $22 $20,000

outperforming gold and matching industrial metal performance $21 $18,000

Fu tures Trading Volume ($mn)

$20 $16,000
which broadly rose 7.4% in January.

Fr ont Month Futures Price

$19 $14,000
Daily volume in silver front month contracts averaged $6.0 $18 $12,000
billion in January well above the $4.4 billion average trading $17 $10,000

levels witnessed in December 2016. $16 $8,000

$15 $6,000
While silver has a correlation of 0.8 to gold historically, the $14 $4,000
majority of demand is tied to industrial applications. Against $13 $2,000
the backdrop of a global economic recovery combined with $12 $-

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17
Oct-16
Feb-16

Mar-16

Apr-16

May-16

Jul-16

Aug-16
slowing mine production due to reduced capital expenditures
may continue to be a tailwind for silver.
Source: Bloom berg, ETF Securities. Chart data from 02/01/16 to 01/31/17.

Flows Speculative positioning in silver futures by investors

Cumulative silver stock in ETFs (lhs) Monthly silver net flows in ETFs (rhs)
ETFs: Global physically backed silver ETFs saw net outflows of 25,000 2,500

183 metric tonnes (t) in January with cumulative holdings 2,000

Metric tonnes of silv er (both axes)

falling 0.9% to 20,112t. This marks the 3rd consecutive month of 20,000
1,500
redemptions while stock rose by 8% over the past 12 months.
15,000 1,000
Inventories: COMEX silver inventory holdings fell by 83t in 500
January along with Shanghai Future Exchange silver stocks 10,000 -
which saw increases of 136t in January to 1993t, the highest
(500)
level on record. 5,000
(1,000)
Futures: Investor sentiment towards silver remained positive
- (1,500)
with net speculative positioning in silver futures increasing from

2011

2012

2013

2014

2016

2017
2010

2015
2009
2008

39,216 to 56,102 contracts in January. This was driven by a 23%

increase in long positions and 18% reduction in shorts. Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 01/31/17.

Factors Historic gold/silver price ratio

100

Gold price: Silver gained traction relative to gold in January as 90

shown by the drop of the gold/silver ratio to 69.2, but has room
80
to continue towards the long term average of 59.
Gold/Silver Ratio

70
Industrial Cycle: US industrial activity rose to 56 in January
up from 54.7 in December (as measured by the manufacturing 60

PMI index) - an encouraging sign of increasing demand for 50

industrial materials such as silver.
40
Producer Prices: The producer price index (PPI) rose to 1.6% Average = 59
30
in December up from 1.3% in November and -1.1% at the end of
2015 as rising input and labor costs continue to spur 20
1975 1980 1985 1990 1995 2000 2005 2010 2015
inflationary pressures.
Source: Bloom berg, ETF Securities. Chart data from 02/01/16 to 01/31/17.

Fundamentals Silver demand by sector (excluding ETFs and similar)

Physical Investment Jewelry & Silverware Photography Industrial
Retail Investment: January saw continued retail purchases 100%
(albeit at a slower pace than January purchases in prior 90%
22.1 % 22.1 %
28.0% 27 .7% 29.1 %
years) as sales of US Mint American Eagle silver bullion coin 80%
ended the month at 5.1 million ounces. The continued rise in 70%
Silver Demand

24.6% 25.0%
silver prices likely weighed on physical demand which 60% 21 .4% 23.4% 23.9%
typically remains price elastic. 50%
4.3% 4.2% 3.9%
3.9% 3.7 %
40%
Supply: According to Metals Focus, supply from mine 30%
production is expected to fall 0.7% in 2016 after over 10 years 20% 43.5% 44.7 % 43.2% 47 .9% 49.2%
of increased output. They estimate silver mine supply will 10%
continue to fall in 2017 by 0.6% due to cuts in by product 0%
2013 2014 2015 2016F 2017F
output from gold and base metal mining operations.
Source: Metals Focus, ETF Securities. Chart data as of 1 2/23/16
3
For month ending January 31st, 2017. Past performance is no guarantee of future results
Platinum: +10.1% (January), +10.1% (QTD), +10.1% (YTD)
Investment Outlook Platinum price, daily moving average (dma), and volume
Volume (rhs) Platinum Price (lhs) 50 dma (lhs) 200 dma (lhs)
Platinum quietly jumped 10.1% in January to $995/ounce $1,200 $2,500

ending a 5 month rout since reaching a 2016 high of $1,150

Fu tures Trading Volume ($mn)

Fr ont Month Futures Price
$2,000
$1183/ounce in August 2016. $1,100

Platinums discount relative to gold tightened in January to $1,050 $1,500

just over $215 per ounce. Platinum, which historically $1,000
averaged a $132 premium to gold, continues its longest $950 $1,000

lasting discount to gold for only the 4th time since 1976. $900
$500
Expected continued supply deficits in 2017 should support $850
prices, but remain tied to demand from key markets for $800 $-
diesel engines and jewelry globally.

Dec-16
Jun-16

Sep-16

Nov-16

Jan-17
Oct-16
May-16
Feb-16

Mar-16

Apr-16

Jul-16

Aug-16
Source: Bloom berg, ETF Securities. Chart data from 02/01/16 to 01/31/17.

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 net 100 14
12

Metric tonnes of platinum (both axes)

90
inflows in January of 0.51 metric tonnes (t) reversing
80 10
outflows last month. Cumulative platinum holdings ended 8
70
the month with 73.9t (up 0.7%). 60
6
4
Inventories: NYMEX platinum inventories in January saw 50
2
40
drawdowns of 7,640 ounces or approximately 3.2% driven -
30
primarily by eligible inventories. (2)
20 (4)
Futures: Investor sentiment improved with net speculative 10 (6)
positioning in platinum futures increasing from 9,188 to - (8)

2010

2011

2012

2014

2015

2016
2013

2017
2008

2009
22,688 contracts in January. This was driven primarily by a
57% drop in short positions with a 24% increase in longs. Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 01/31/17.

Factors South African Rand (ZAR) and platinum price

0.10 1650
South African Rand: 2016 saw the South African Rand South African Rand (lhs)
1550
Platinum (rhs)
rebound as the currency strengthened 2.6% in December, 0.09
Ra nd/US Dollar (ZAR/USD)

1450

Pla tinum price ($/ounce)

rising 12.6% for the year. In January the Rand continued its
1350
rebound rising 1.9%, a boon to platinum prices. 0.08
1250
Euro Auto Sales: December European new light vehicle 1150
0.07
sales rose 5% from last month and up 10% year over year, 1050
while total European vehicles sales in December rose 2%. 950
0.06
Chinese Consumer: Consumer retail sales in China rose 850

0.1% to 10.9% in December year over year as further signs of 0.05 750
Jan-14

Jan-15

Jan-16

Jan-17
Oct-14

Oct-15

Oct-16
Apr-16
Apr-15
Jul-14
Apr-14

Jul-16
Jul-15

stabilization in Chinas economy may bring back support for

consumer spending and discretionary purchases.
Source: Bloom berg, ETF Securities. Chart data from 12/31/13 to 01/31/17

Fundamentals Platinum demand by sector (excluding ETFs and similar)

Physical Investment Industrial Jewelry Autocatalyst
Demand: Global auto demand for platinum remains robust 100%
0.9% 1 .7 % 3.1 %
8.9% 6.1 %
and is forecast to drop 1% in 2017 despite current market 90% 21 .6% 23.4% 21 .7 %
headwinds according to the World Platinum Investment 80% 20.8% 22.9%
Council, while industrial demand is expected to rise 2%. 70%
Pla tinum Demand

60% 35.6% 33.2% 32.6%

Supply: According to Metals Focus, platinum mine 50%
30.1 % 29.7 %
production is expected to be down 3.5% in 2016, while 40%
recycling supply is expected to see an increase in 2016 driven 30%
by autocatalyst scrap. Turning to 2017, they expect a 3% drop 20% 41 .9% 41 .7 % 40.3% 41 .3% 42.6%
in mine supply driven by lower output in South Africa. 10%
0%
2013 2014 2015 2016F 2017F
Source: Metals Focus, ETF Securities. Chart data as of 1 1/08/16

4
For month ending January 31st, 2017. Past performance is no guarantee of future results.
Palladium: +10.8% (January), +10.8% (QTD), +10.8% (YTD)
Investment Outlook Palladium price, daily moving average (dma), and volume
Volume (rhs) Palladium Price (lhs) 50 dma (lhs) 200 dma (lhs)

Palladium rose 10.8% in January to $754.3/ounce. Palladium $800 $1,200

remained the top performer among the precious metals $750

Fu tures Trading Volume ($mn)

$1,000
complex despite suffering its largest one day drop in nearly 4 $700

Fr ont Month Futures Price

years of 7.3% on January 25th. $650
$800

Daily volume in palladium front month contracts averaged $600 $600

$311 million in January, well above the $232 million the $550
$400
month prior. $500
$200
Given palladiums demand is most sensitive to the industrial $450

production cycle, palladium may see further support along $400 $-

with industrial metals in anticipation of a rise in US

Jun-16

Dec-16
Sep-16

Jan-17
Nov-16
Feb-16

Oct-16
May-16

Aug-16
Mar-16

Apr-16

Jul-16
infrastructure spending and recovery in global growth.
Source: Bloom berg, ETF Securities. Chart data from 02/01/16 to 01/31/17.

Flows Palladium price and exchange inventories

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 January of 5.8 metric tonnes (t). Cumulative 20

Metric tonnes of palladium (both axes)

palladium holdings totalled 47.3t with 23.4t in redemptions 80 15
in the last 12 months (down 33%). 10
60
Inventories: NYMEX palladium inventories saw 9,045 5
ounces withdrawn in January following additions in 40 -
December. This brought total holdings to 63,600 ounces. (5)
20
Futures: Net speculative positioning in palladium futures (10)
extended in January to 18,059 contracts as long positions - (15)
were extended by 39% while short positions also increased by

2011

2013

2014

2015

2016

2017
2012
2010
2008

2009
19% helping spur volatility this month.
Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 01/31/17.

Factors Palladium is highly levered to the global auto industry

3.0 Palladium price (rhs) US Auto Sales 800

Global Auto Sales: Chinese auto sales continued to rise in China Auto Sales Euro Auto Sales 750
2.5
December (up 9.4% year over year) driven by attractive 700

dealer incentives and tax breaks. In the US, auto sales fell
A uto Sales, millions of units

650
2.0
from 1.67 million in December to 1.13 million in January

Pr ice, US$/ounce
600

2017, driven by softer seasonal demand and inventory glut. 1.5 550

500
Market Balance: Expected continued supply deficits, 1.0
450
growing demand, and drawdowns in above ground stocks
400
have kept the market balance for palladium favorable. 0.5
350

EM Currencies: The Russian Ruble and South African 0.0 300

2005

2006

2007

2008

2009

2010

2013
2012
2011

2014

2015

2016

Rand rose 2.2% and 1.9% respectively against a falling dollar

in January- increasing local costs for palladium producers. Source: Bloom berg, ETF Securities. Chart data from 01/31/05 to 1 2/31/16

Fundamentals Palladium demand by sector (excluding ETFs and similar)

Jewelry Industrial Autocatalyst Physical Investment
Demand: Palladium has benefited in 2016 from continued 100% 4.8% 3.9% 2.9% 2.4% 2.5%
demand from strong Chinese auto sales as well as gains from 90%
21 .8% 21 .3% 21 .2% 21 .0% 20.6%
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 3.0% 7 4.3% 7 5.8% 7 6.5% 7 6.6%
since 2012 making palladiums fundamentals very supportive 30%
for prices. Deficits are expected to persist for 2017 and 20%
beyond with forecasts from Johnson Matthey of a 651,000 10%
0.4% 0.4% 0.1 % 0.1 % 0.2%
ounce deficit in 2016 which should add further support to 0%
palladium. 2013 2014 2015 2016F 2017F
Source: Metals Focus, ETF Securities. Chart data as of 1 1/08/16

5
For month ending January 31st, 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.
Commodity definitions: 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.
Index definitions: 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 Index (DXY) 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. Russian Ruble (RUB) = official currency of Russia. 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
Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures changes in the cost to transport various raw
materials. Gross Domestic Product (GDP) is the total value of goods produced and services provided in a country during one year.
Entity definitions: The Federal Reserve (Fed) is the central banking system of the United States of America. COMEX = the primary market for trading metals
such as gold, silver, copper and aluminium. NYMEX = New York Mercantile Exchange. Brexit is an abbreviation for "British exit," which refers to the June 23,
2016, referendum whereby British citizens voted to exit the European Union. Gross.
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.
ETF001104 01/31/18
ETF Securities (US) LLC
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