Maxwell Gold

Director Investment Strategy

March 3rd, 2017

Precious Metals Monitor --- February 2017
Key Highlights

Deficits, delays and debt discussions could weigh on market optimism

The Trump rally continued its march this month with the S&P 500 rising 4.0% (see Table 1) and indices hitting record levels. Investors
remain fueled by expectations for tax reform, deregulation, and increased fiscal spending (most notably a $1 trillion dollar infrastructure
plan). Given the complexities of bringing such policies to fruition, however, markets may be under-pricing the impact that delays and
compromises may have on current valuations. Additionally, with the return of the US debt ceiling debate in March and further interest rate
hikes expected by the Federal Reserve (Fed), US fiscal stimulus plans may hit some headwinds. With the US national debt nearing $20
trillion and US debt to gross domestic product (GDP) currently at 105% many fiscal conservatives in Congress may be unwilling to reduce
tax revenue and increase deficit spending. Further the cost of servicing this debt would increase in a rising interest rate environment
(markets are currently pricing a 90% probability of a Fed rate hike in its March 15th meeting). Extending the national debt and increasing
the deficit could deteriorate the US fiscal budget and health longer term, particularly if these stimulus plans lack a trickle down economic
impact. If investors begin to anticipate fiscal policies delays current market enthusiasm could wane, leading to a potential rise in volatility.

Is Platinums recent rally enough to recapture investor interest?

Platinum has risen 13.4% through February after failing to match the strong returns of its precious metals peers last year. Despite this
recent rally, retail investors have broadly been on the side lines as global exchange traded funds (ETFs) platinum holdings are flat since the
start of 2016. This lack of interest from retail investors is a reflection of the broader platinum market. Several strategic headwinds exist for
the platinum market including a declining global market share for diesel engine vehicles, slowing Chinese jewelry consumption, and
undisciplined mine production in South Africa. Many factors, however, are supportive of platinums investment outlook including a 40-
year-low discount to the gold price, estimates for supply and demand to be broadly balanced in 2017, and exploration into new applications
including hydrogen fuel cells. These offsetting fundamentals bring investor flows into focus as the marginal driver of platinum price and
demand. A large part of platinums recent rally has been driven by short covering in the futures market. Over the last 4 months, short
positions by money managers have fallen 85% (from about 23,000 contracts to 3,500 contracts), while long positions by money managers
are little changed. The rally in platinum may continue to follow demand for commodities and defensive assets in the short term. In order for
this rally to continue longer term, however, a rise in investment will remain key particularly against tightly balanced market fundamentals.

Table 1: Performance Returns (as of February 28th, 2017)

Precious metals Spot Price February QTD YTD 1 Year 3 Year 5 Year
Gold ($/ounce) 1,248.3 3.1% 8.3% 8.3% 0.8% -2.0% -6.2%
Silver ($/ounce) 18.3 4.3% 15.1% 15.1% 22.9% -4.8% -12.4%
Platinum ($/ounce) 1,024.3 2.9% 13.4% 13.4% 9.6% -10.9% -9.6%
Palladium ($/ounce) 770.9 2.2% 13.2% 13.2% 55.9% 1.2% 1.5%
Key Market Indices Index Level February QTD YTD 1 Year 3 Year 5 Year
ETFS Precious Metals Basket Index 3,442.7 6.1% 11.9% 11.9% 11.4% -3.2% -7.8%
Bloomberg Commodity Index 87.7 0.2% 0.3% 0.3% 16.0% -13.0% -9.9%
S&P 500 Index 2,363.6 4.0% 5.9% 5.9% 25.0% 10.6% 13.9%
MSCI Emerging Market (EM) Index 936.4 3.1% 8.7% 8.7% 29.5% 1.4% -0.3%
Barclays US Aggregate Bond Index 1,993.56 0.7% 0.9% 0.9% 1.4% 2.6% 2.3%
US Dollar Index (USD) 101.1 1.6% -1.1% -1.1% 3.0% 8.3% 5.1%
Euro/US Dollar (EUR) 1.06 -2.1% 0.6% 0.6% -2.7% -8.5% -4.5%
US Dollar/Japanese Yen (JPY) 112.8 0.0% -3.6% -3.6% 0.1% 3.5% 6.8%
HFRX Global Hedge Fund Index 1,223.5 1.2% 1.7% 1.7% 7.5% -0.5% 1.3%
*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 February 28th, 2017. Past performance is no guarantee of future results.
Gold: +3.1% (February), +8.3% (QTD), +8.3% (YTD)
Investment Outlook Gold price, daily moving average (dma), and volume
Volume (rhs) Gold Price (lhs) 50 dma (lhs) 200 dma (lhs)
Gold rose 3.1% in February to $1248.3/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 Fed would be slow to hike rates while $1,100
inflation rises well above expectations as the USD weakened $20,000
$1,050
pushing gold to $1350-1400/oz at year end.
$1,000 $-

Dec-16
Jun-16

Nov-16

Jan-17
Sep-16

Feb-17
Feb-16

Oct-16
Mar-16

May-16
Apr-16
In a bearish scenario, the Fed may move more aggressively,

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 02/29/16 to 02/28/17.

Flows Global known ETF holdings of gold

Cumulative gold stock in ETFs (lhs) Monthly gold net flows in ETFs (rhs)
500
ETFs: In February, global physical gold ETFs saw 64.1 metric 2,500
tonnes (t) in net inflows on the month for the first time since 400

Metric tonnes of gold (both axes)

October 2016. This month lifts cumulative gold ETF holdings up 2,000 300
3.6% to 1,831t and +11% over the last year.
200
1,500
Inventories: COMEX gold inventory holdings slowed net 100
reductions from 5.4t in January to 1.4t in February driven
1,000 -
primarily by liquidations in eligible inventories.
(100)
Futures: Investor sentiment in gold rose in February as net 500
(200)
managed money positioning increased 12% to 78,042 contracts
as investors reduced gold short positions 9% to 64,597 contracts - (300)

2010

2011

2012

2013

2016

2017
2014

2015
2009
2008

while long positioning remained broadly unchanged.

Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 02/28/17.

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
2.5% in January driven by rising energy prices while input costs 108 $1,350
106
pressures continued to build with core CPI rose to 2.3%. $1,300
104

Pr ice ($/ounce)
Rates: Volatility in market rates saw the US 10yr Treasury yield $1,250
US Dollar Index

102
hit a 4 month low of 2.31% before ending February at 2.39% vs 100 $1,200
98 $1,150
2.45% the month prior, with real rates remaining range bound.
96
$1,100
94
USD: The dollar rose 1.6% in February, recovering some of the 92 $1,050
lost ground in January, as the market shifted focus back to the 90 $1,000
Fed as hawkish rhetoric and robust economic data remain
Feb-16

Feb-17
Apr-16

Nov-16
Jul-16

Aug-16
Jun-16

Jan-17
Oct-16
Mar-16

Sep-16

Dec-16
May-16

supportive of continued interest rate tightening this year.

Source: Bloom berg, ETF Securities. Chart data from 02/29/16 to 02/28/17.

Fundamentals Gold demand by sector (excluding ETFs and similar)

Physical Investment Official Sector Industrial Jewelry
Physical demand: Indian physical demand stabilized in 100%
January as gold imports eked a slight gain following Decembers 90% 23.2% 24.1 % 27 .6% 30.6% 31 .1%
severe drop driven by Indias demonization policy. Chinese gold 80%
imports and local premiums continue to rise; however, 70% 1 3.0% 1 3.3% 1 0.3% 9.7 %
Gold Demand

9.4%
February saw weakest US Mint sales for bullion coins in 14 60% 7 .8% 7 .7 % 8.7 % 9.0% 8.9%
months as higher gold prices curtailed retail demand. 50%

Supply: The worlds largest gold mine, Grasberg in Indonesia, 40%

30%
may see gold supply reductions due to new government 55.4% 55.5% 55.0% 54.8% 54.3%
20%
regulations aimed at limiting the export of unrefined metals.
10%
According to Metals Focus, they expect such disruptions to
0%
significantly weigh on global supply with a potential drop in 2014 2015 2016F 2017F 2018F
mine production for the first time in a decade. Source: Metals Focus, ETF Securities. Chart data as of 02 /10/17

2
For month ending February 28th, 2017. Past performance is no guarantee of future results.
Silver: +4.3% (February), +15.1 % (QTD), +15.1% (YTD)
Investment Outlook Silver price, daily moving average (dma), and volume
Volume (rhs) Silver Price (lhs) 50 dma (lhs) 200 dma (lhs)
Silver continued its year to date trend higher in February as it $22 $20,000

rose 4.3% to $18.3/oz with daily volume in silver front month $21 $18,000

Fu tures Trading Volume ($mn)

$20 $16,000
contracts averaging $8.5 billion for the month.

Fr ont Month Futures Price

$19 $14,000
In our 2017 base case, we see silver likely trading in the $20- $18 $12,000
22/oz range driven by higher inflation, a weakening US dollar $17 $10,000

(in first half of year) and improving manufacturing growth. $16 $8,000
$15 $6,000
Slowing mine production due to reduced capital expenditures $14 $4,000
may continue to be a tailwind for silver. As mining capital $13 $2,000
expenditure and investment continues to decline this should $12 $-

Dec-16
Jun-16

Sep-16

Nov-16

Jan-17
Oct-16
May-16

Feb-17
Feb-16

Mar-16

Apr-16

Jul-16

Aug-16
further weigh on silver supply which has been in a supply deficit
for the past 11 years.
Source: Bloom berg, ETF Securities. Chart data from 02/29/16 to 02/28/17.

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 snapped 3 months 25,000 2,500

of redemptions as February saw net inflows of 33.7 metric 2,000

Metric tonnes of silv er (both axes)

tonnes (t). Cumulative silver holdings rose 0.2% to 20,146t this 20,000
1,500
month and up 8% over the past 12 months.
15,000 1,000
Inventories: COMEX silver inventory holdings rose by 180t in 500
February driven by eligible stocks. Shanghai Future Exchange 10,000 -
silver stocks increased 109t in February to a record 2103t.
(500)
5,000
Futures: Positive investor sentiment towards silver extended (1,000)
this month with net managed money positioning in silver
- (1,500)
futures rose 21% to 77,432 contracts. This was driven by a 17%

2011

2012

2013

2014

2016

2017
2010

2015
2009
2008

increase in long positions and 4% reduction in shorts.

Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 02/28/17.

Factors Historic gold/silver price ratio

100

Gold price: Silver continued to gain traction relative to gold in 90

2017 as shown by the drop of the gold/silver ratio to 68.2 in
80
February as it moves towards the long term average of 59.
Gold/Silver Ratio

70
Industrial Cycle: US industrial activity rose again in February
to 57.7 up from 56.2 in January (as measured by the 60

manufacturing PMI index) - an encouraging sign of increasing 50

demand for industrial materials such as silver.
40
Producer Prices: Rising input and labor costs continue to Average = 59
30
spur inflationary pressures as seen in the rise in the US
producer price index (PPI) to 3.0% in January from 1.9% for 20
1975 1980 1985 1990 1995 2000 2005 2010 2015
finished goods and holding at 1.6% on a final demand basis.
Source: Bloom berg, ETF Securities. Chart data from 02/29/16 to 02/28/17.

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. Economies of scale and falling costs may 80%
make economics a key driver beyond policy for the growing 70%
Silver Demand

24.4% 24.5% 24.6%

US solar market which saw solar capacity rise 95% in 2016. 60% 23.4% 23.8%
International solar usage may spur growth amid climate 50% 4.0% 3.8% 3.5%
4.2% 3.9%
controls and growing energy needs in India and China. 40%
30%
Supply: According to Metals Focus, supply from mine 20% 44.6% 43.6% 49.5% 48.9% 48.4%
production fell 0.5% in 2016 after over 10 years of increased 10%
output. They estimate silver mine supply will continue to fall 0%
2014 2015 2016F 2017F 2018F
in 2017 by 1.7% due to cuts in by product output from gold
Source: Metals Focus, ETF Securities. Chart data as of 2 /24/17
and base metal mining operations.
3
For month ending February 28th, 2017. Past performance is no guarantee of future results
Platinum: +2.9% (February), +13.4% (QTD), +13.4% (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 upward momentum in February, $1,200 $2,500

rising 2.9% to $1024.3/ounce with average daily volume in $1,150

Fu tures Trading Volume ($mn)

Fr ont Month Futures Price
$2,000
platinum front month contracts averaging $765 million. $1,100

$1,050
Platinums discount relative to gold extended in February to $1,500
$1,000
18% or $224 per ounce. Platinum, which historically
$1,000
averaged a $132 premium to gold, continues its longest $950

lasting discount to gold for only the 4th time since 1976. $900
$500
$850
An expected balanced market with slight deficits in 2017 may
$800 $-
support prices, but remain tied to demand from key markets

Jun-16

Dec-16
Sep-16

Nov-16

Jan-17
Oct-16
May-16

Feb-17
Feb-16

Mar-16

Jul-16
Apr-16

Aug-16
for diesel engines and jewelry globally.
Source: Bloom berg, ETF Securities. Chart data from 02/29/16 to 02/28/17.

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 continued net 100 14
12

Metric tonnes of platinum (both axes)

inflows in February of 0.52 metric tonnes (t) and 1.0t in 2017. 90
80 10
Cumulative platinum holdings ended the month with 74.4t,
70 8
up 0.7% from January and 3% over the last 12 months. 6
60
4
Inventories: NYMEX platinum inventories in January saw 50
2
slight drawdowns of 890 ounces or approximately 0.4% 40
-
across both eligible and registered inventories. 30 (2)
20 (4)
Futures: Investor sentiment remained positive with net 10 (6)
speculative positioning in platinum futures increasing 2% to - (8)
25,726 contracts in February. This was driven primarily by a

2010

2011

2012

2014

2015

2016
2013

2017
2008

28% drop in short positions with a 3% drop in long positions. 2009

Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 02/28/17.

Factors South African Rand (ZAR) and platinum price

0.10 1650
South African Rand: 2016 was a turnaround for the South South African Rand (lhs)
1550
Platinum (rhs)
African Rand (ZAR) strengthening 12.6%. It continued this 0.09
Ra nd/US Dollar (ZAR/USD)

1450

Pla tinum price ($/ounce)

rebound, rising 2.7% in February, and 4.7% YTD which has 1350
been a boon for platinum and its rising correlation to ZAR. 0.08
1250

Euro Auto Sales: January Western European light vehicle 0.07

1150

sales rose slightly by 0.7% from December (up 10% year over 1050

year), while total European vehicles sales fell 12% in January. 0.06 950

850
Chinese Consumer: Consumer retail sales in China rose
0.05 750
0.1% to 10.9% in December year over year as further signs of
Jan-14

Jan-15

Jan-16

Jan-17
Oct-14

Oct-15

Oct-16
Apr-15

Apr-16
Jul-14
Apr-14

Jul-15

Jul-16

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 02/28/17

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%
further boost for platinums broader industrial applications. 8.9% 6.1 %
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% 32.6% 33.8%

33.2% 30.1 % 28.9%
Council, while industrial demand is expected to rise 2%. 50%

Supply: According to Metals Focus, platinum mine 40%

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%
in mine supply driven by lower output in South Africa. 2014 2015 2016F 2017F 2018F

Source: Metals Focus, ETF Securities. Chart data as of 2 /16/17

4
For month ending February 28th, 2017. Past performance is no guarantee of future results.
Palladium: +2.2% (February), +13.2% (QTD), +13.2% (YTD)
Investment Outlook Palladium price, daily moving average (dma), and volume
Volume (rhs) Palladium Price (lhs) 50 dma (lhs) 200 dma (lhs)
$800 $1,400
Palladium rose for the 3rd consecutive month in February by
2.2% to $770.9/oz. Palladiums technicals remain the most $750

Fu tures Trading Volume ($mn)

$1,200
attractive amongst the precious metals with its 50 day $700

Fr ont Month Futures Price

$1,000
moving average persistently above the 200 day average. $650
$800
Daily volume in palladium front month contracts averaged $600
$600
$428 million in February, well above the $319 million the $550
month prior. $500
$400

Given palladiums demand is most sensitive to the industrial $450 $200

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

with industrial metals in anticipation of a rise in US

Jun-16

Dec-16

Jan-17
Sep-16

Nov-16
Feb-16

Oct-16
May-16

Feb-17
Aug-16
Mar-16

Apr-16

Jul-16
infrastructure spending and recovery in global growth.
Source: Bloom berg, ETF Securities. Chart data from 02/29/16 to 02/28/17.

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
inflows in February of 0.3 metric tonnes (t) ending a 7 month 20

Metric tonnes of palladium (both axes)

rout of outflows. Cumulative palladium holdings totalled 80 15
47.6t which is down 30% in the last 12 months. 10
60
Inventories: NYMEX palladium inventories saw 2,262 5
ounces withdrawn in February (down 3.6% since last month) 40 -
with total holdings of 60,337 ounces. (5)
20
Futures: Net speculative positioning in palladium futures (10)
rose in February by 8% to 17,246 contracts, the highest level - (15)
in two years. Long positions rose by 5% while short positions

2011

2013

2014

2015

2016

2017
2012
2010
2008

2009
fell by 18% helping spur price volatility this month.
Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 02/28/17.

Factors Palladium is behaving more in line with industrial metals

Palladium (lhs) Bloomberg Industrial Metals Index (rhs)
Global Auto Sales: Chinese passenger vehicle sales fell 17% $850 125

in January from the month prior to 2.2 million. In the US, $800 120

total auto sales rose 16.5% in February from last month to $750 115
Price (US$/ounce)

$700 110
1.33 million versus 1.13 million in January.

Index level
$650 105
Market Balance: Expected continued supply deficits, $600 100
growing demand, and drawdowns in above ground stocks $550 95
have kept the market balance for palladium favorable. $500 90
$450 85
Industrial Metals: Palladiums correlation to industrial $400 80
metals (0.57) is the highest among precious metals and the Feb-17
Feb-16

Nov-16
Apr-16

Aug-16
Jun-16

Jan-17
Jul-16

Dec-16
Mar-16

Sep-16
Jan-16

May-16

Oct-16

recent rally in industrial metals, which are up 26% year over

year, has benefitted palladium demand and performance. Source: Bloom berg, ETF Securities. Chart data from 12/31/13 to 02/28/17

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%

Supply: Global palladium supply deficits have persisted 50%

40% 7 7 .9% 7 7 .8%
since 2012 making palladiums fundamentals very supportive 7 4.3% 7 5.7% 7 7 .4%
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 February 28th, 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. 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. 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.
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.
ETF001123 02/28/18

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