Maxwell Gold

Director Investment Strategy

October 6th, 2017

Precious Metals Monitor --- September 2017
Key Highlight

Gold: Strong seasonal demand needed to complement investor driven rally

Gold is on pace for another strong year. The current rally, however, has been largely dependent on investment flows driven by a low rate,
weak dollar, and high uncertainty environment. Meanwhile, jewelry, the largest segment of gold demand, remains soft particularly in the
key markets of India and China. The fourth quarter typically sees strong seasonal demand for gold jewelry stemming from the Indian
wedding season, festivals, and Western holiday shopping. In order for gold to remain on strong footing, a pick-up in jewelry demand
heading into year-end is needed as a foundation. Otherwise, gold may run the risk of relying on volatile investor sentiment to push higher.

Silver: Demand side factors and relative value may bring support going forward
Silver prices remain volatile in 2017 with speculators and sentiment at the helm. Despite this volatility, industrial demand side factors may
push silver higher to our base case of $19/ounce (oz). With a 13 year high in US Manufacturing PMI and elevated producer inflation cyclical
demand for silver may increase by year end thereby supporting prices. Additionally, silvers underperformance relative to gold may spark
bargain buying from retail investors aimed at a currently cheaper alternative to hedge uncertainty and an expensive stock market.

Platinum: Worst month since June 2016 may be attractive entry point
Platinum was hit hard this month as prices experienced the worst monthly drop since June 2016. This may present an attractive entry point
for investors, however, for several reasons. Technical price signals now appear positive, while platinum may benefit from any spikes in
market volatility. Given currently suppressed market volatility a mean reversion may boost prices. Furthermore, markets may be too
focused on negative stories surrounding European diesel sentiment and underappreciating China demand amid new emission standards.

Palladium: How sustainable is the current rally?

Since the start of its current rally on January 12th, 2016, palladium has risen nearly 100%. This has prompted questions recently around
sustainability. Currently, fundamentals and sentiment signal that palladium may continue to perform well. Investors are taking a bullish
view with short positions in palladium futures hitting the lowest level since May 2013. Additionally strong auto demand from China
continues to weigh on the global supply deficit. With a smaller market and concentrated industry usage, however, this path may be bumpy
particularly with the risk of mean reversion in investor sentiment sparking further volatility.

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

Precious metals Spot Price September YTD 1 Year 3 Year 5 Year 10 Year
Gold ($/ounce) 1,280.2 -3.12% 11.10% -2.71% 1.79% -6.33% 5.81%
Silver ($/ounce) 16.7 -5.35% 4.61% -13.17% -1.03% -13.64% 2.27%
Platinum ($/ounce) 912.5 -8.66% 1.00% -11.06% -10.75% -11.49% -3.89%
Palladium ($/ounce) 936.9 -0.10% 37.59% 30.08% 6.39% 7.74% 10.13%
Key Market Indices Index Level September YTD 1 Year 3 Year 5 Year 10 Year
ETFS Precious Metals Basket Index 3,417.7 -2.60% 11.04% -3.71% 0.65% -8.27% 4.15%
Bloomberg Commodity Index 84.5 -0.15% -2.87% -0.29% -10.38% -10.56% -6.74%
S&P 500 Index 2,519.4 2.06% 14.24% 18.61% 11.30% 14.16% 7.34%
MSCI Emerging Market (EM) Index 1,081.7 -0.40% 27.78% 22.46% 5.20% 3.93% 1.05%
Barclays US Aggregate Bond Index 2,038.46 -0.48% 3.14% 0.07% 2.54% 2.05% 4.25%
US Dollar (USD) Index 93.1 0.44% -8.94% -2.50% 2.68% 3.12% 1.71%
HFRX Global Hedge Fund Index 1,255.3 0.48% 4.31% 5.51% 0.59% 1.95% -0.57%
*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 September 30th, 2017. Past performance is no guarantee of future results.
Gold: -3.12% (September), +3.11% (QTD), +11.10% (YTD)
Investment Outlook Gold price, daily moving average (dma), and volume
Volume (rhs) Gold Price (lhs) 50 dma (lhs) 200 dma (lhs)
Augusts gains were wiped in September, with gold closing at $1,400 $120,000

$1280.2/ounce (oz). In our base case outlook, we see gold $1,350

$100,000

Fu tures Trading Volume ($mn)

ending the calendar year near $1260/oz supported by upside

Fr ont Month Futures Price

$1,300
inflation surprises before paring gains by Q2 2018 to $1230/oz. $1,250
$80,000

In a bullish scenario, high inflation along with a complacent $1,200 $60,000

Federal Reserve (Fed) waiting for further confirmation that the $1,150
$40,000
recovery is progressing and investor concerns of a disorderly $1,100
Fed balance sheet unwind may push gold higher to $1445/oz. $20,000
$1,050
In a bearish scenario, the Fed may become more hawkish, $1,000 $-

Dec-16

Jun-17
Sep-16

Jan-17
driving up rates more aggressively and shrinking its balance

Nov-16
Oct-16

May-17
Feb-17

Mar-17

Apr-17

Jul-17

Aug-17
sheet quicker may bring gold to the $1070/oz level.
Source: Bloom berg, ETF Securities. Chart data from 09/30/16 to 09/30/17.

Flows Global known ETF holdings of gold

Cumulative gold stock in ETFs (lhs) Monthly gold net flows in ETFs (rhs)
500
ETFs: In September, global physical gold ETFs saw net inflows 2,500
of 53.7 metric tonnes (t) for the month raising cumulative gold 400

Metric tonnes of gold (both axes)

ETF stock up 2.6% to 2,157t, a 10% year to date increase. 2,000 300

Inventories: COMEX (Commodity Exchange, Inc.) gold 200

1,500
inventories rose by 1.4t in September, while Shanghai Futures 100
Exchange inventories remained unchanged.
1,000 -
Futures: Investor sentiment remained steady in September as (100)
net managed money positioning only dipped 10% (as of 500
(200)
September 29th). Investors extended gold short positions by
66% to 23,158 contracts while long positions fell by 7%. - (300)

2011
2010

2012

2013

2014

2016

2017
2015
2009
2008

Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 09/30/17.

Factors Speculative positioning in gold futures by investors

350,000 Long Short Net
Inflation: US headline consumer price index (CPI) rose in 300,000
August to 1.9% from 1.7% the month prior with US core CPI
Managed Money Gold Contracts

250,000
remaining unchanged at 1.7% for the 4th consecutive month. 200,000

Rates: The US 10yr Treasury yield closed September up at 150,000

2.33%, after hitting a year to date low of 2.12% in August. US 100,000

10Yr real interest rates were higher at 0.48% at month end. 50,000
-

US Dollar (USD): The dollar slowed its year to date decline (50,000)

this month by rising 0.4%. The currency remains under (100,000)

pressure this year, having lost 9% through Q3 2017 as concerns (150,000)

2010

2011

2016
2012

2013

2014

2017
2015

for delays on pro-growth US fiscal policies weighed.

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

Fundamentals Gold demand by sector (excluding ETFs and similar)

Physical Investment Official Sector Industrial Jewelry
Demand: Chinese gold demand still remains soft with an 100%
evolving consumer preferences impacting its jewelry market 90% 30.6%
23.2% 24.1 % 27 .7% 31 .1%
and slowing gold imports through July 2017. Gold premiums in 80%
China averaged $6/oz compared to the YTD average of $9/0z 70% 1 3.0% 1 3.3% 9.7 %
Gold Demand

1 0.1% 9.4%
through August. Retail investors also remain absent the gold 60% 7 .8% 7 .7 % 9.0% 8.9%
8.7 %
market with limited purchases of American Gold Eagle coins. 50%

Supply: According to the Gold Focus 2017 report produced by 40%

30%
Metals Focus, mine production in 2016 increased by only 1% 55.4% 55.5% 53.5% 54.8% 54.3%
20%
while recycling supply (constituting about 1/3 of annual supply)
10%
increased 5% led primarily by higher prices last year in several
0%
key emerging market economies. 2014 2015 2016 2017F 2018F
Source: Metals Focus, ETF Securities. Chart data as of 6 /30/17.

2
For month ending September 30th, 2017. Past performance is no guarantee of future results.
Silver: -5.35% (September), +0.15% (QTD), +4.61% (YTD)
Investment Outlook Silver price, daily moving average (dma), and volume
Volume (rhs) Silver Price (lhs) 50 dma (lhs) 200 dma (lhs)
Silver stumbled in September, closing down 5.35% at $16.7/oz. $22 $20,000

Average daily volume in silver front month contracts fell to $7.5 $21 $18,000

Fu tures Trading Volume ($mn)

$20 $16,000
billion in September from $9.7 billion the month prior.

Fr ont Month Futures Price

$19 $14,000
In our 2017 base case, we expect silver may trade to $19/oz by $18 $12,000
year end before easing to $18/oz by mid-2018 driven by higher $17 $10,000

inflation, improving manufacturing growth, and supply cuts. $16 $8,000

$15 $6,000
Slowing mine production may continue to be a tailwind for $14 $4,000
silver prices. As mining capital expenditure and investment $13 $2,000
continues to decline, this may further weigh on silver supply. $12 $-

Dec-16

Jun-17
Sep-16

Nov-16

Jan-17
Oct-16

Feb-17

Apr-17
Mar-17

May-17

Jul-17

Aug-17
Source: Bloom berg, ETF Securities. Chart data from 09/30/16 to 09/30/17.

Flows Global known ETF holdings of silver

Cumulative silver stock in ETFs (lhs) Monthly silver net flows in ETFs (rhs)
ETFs: Profit taking ensued this month as global physically 25,000 2,500

backed silver ETFs saw net outflows of 352 metric tonnes (t) 2,000

Metric tonnes of silv er (both axes)

nearly matching last months outflows. This brought cumulative 20,000
1,500
holdings to 20,232t, a 1.7% drop for the month.
15,000 1,000
Inventories: COMEX silver inventories rose for the 8th 500
consecutive month by 64t in September, adding to above 10,000 -
ground supplies. Shanghai Future Exchange silver stocks rose
(500)
by 34t, less than half the increase of last month. 5,000
(1,000)
Futures: Bullish sentiment continued despite falling prices as
- (1,500)
net speculative positioning rose 10% (as of September 29th).

2010

2012

2013

2015

2016

2017
2011

2014
2008

Short positions were reduced by 36% while long positions also 2009
dipped slightly by 1%. Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 09/30/17.

Factors Speculative positioning in silver futures by investors

120,000 Long Short Net
Gold price: The gold/silver ratio hit an 18-month high as silver 100,000
continued to lose ground relative to gold. The ratio, up 6% year
Managed Money Silver Contracts

80,000
to date, is well above its long term average of 59, highlighting 60,000
silvers attractive relative value compared to gold. 40,000

Industrial Cycle: US industrial activity hit a 13-year high in 20,000

September as the Manufacturing Purchasing Managers Index -
(PMI) increased from 58.8 to 60.8, the highest since June 2004. (20,000)
(40,000)
Producer Prices: In August the US producer price index (PPI)
(60,000)
surged from 2.2% to 2.9% for finished goods indicating signs of
(80,000)
a pick up in industrial activities and aggregate demand.
2011

2013

2014

2015

2016

2017
2010

2012

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

Fundamentals Silver demand by sector (excluding ETFs and similar)

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

International solar usage may spur growth amid climate 70%

Silver Demand

23.8% 24.5% 24.6%

60% 23.4%
controls and growing energy needs in India and China. 23.8%
50% 3.9% 3.8% 3.5%
4.2% 3.9%
Supply: According to Metals Focus, supply from mine 40%

production fell 0.5% in 2016 after over 10 years of increased 30%

49.5% 48.9%
44.6% 43.6% 48.4%
output. They estimate silver mine supply will continue to fall 20%
10%
in 2017 by 1.7% due to cuts in by product output from gold
0%
and base metal mining operations. 2014 2015 2016 2017F 2018F

Source: Metals Focus, ETF Securities. Chart data as of 6/30/17.

3
For month ending September 30th, 2017. Past performance is no guarantee of future results.
Platinum: -8.66% (September), -1.62% (QTD), +1.00% (YTD)
Investment Outlook Platinum price, daily moving average (dma), and volume
Volume (rhs) Platinum Price (lhs) 50 dma (lhs) 200 dma (lhs)

Platinum fell 8.66% in September to $912.5/oz. Trading of $1,200 $2,500

platinum futures was higher this month with daily volume $1,150

Fu tures Trading Volume ($mn)

Fr ont Month Futures Price
$2,000
averaging $1.27 billion compared to $847 million in August. $1,100

Our base-case scenario for platinum remains constructive $1,050 $1,500

with a fair value near US$1020/oz driven by defensive asset $1,000
demand, emerging market growth, and industrial production. $950 $1,000

Under a bullish scenario platinum may potentially rise to $900

$500
$1100/oz on the heels of gold rising with geopolitical risk, $850
while a bearish scenario may see platinum falling to $910/oz $800 $-
amid further weakness in the South African Rand (ZAR).

Dec-16

Jun-17
Sep-16

Nov-16

Jan-17
Oct-16

Feb-17

Apr-17
Mar-17

May-17

Jul-17

Aug-17
Source: Bloom berg, ETF Securities. Chart data from 09/30/16 to 09/30/17.

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 decreased by 100 14
12

Metric tonnes of platinum (both axes)

0.7 metric tonnes (t) in September, a 1.0% drop, thereby 90
80 10
bringing the cumulative platinum global ETF stock to 75.1t
70 8
Inventories: NYMEX (New York Mercantile Exchange) 60
6
4
platinum inventories fell 0.4% in September, a decrease of 50
2
788 ounces, leaving stocks totalling 6.6 metric tonnes. 40
-
30 (2)
Futures: Net speculative positioning in platinum futures fell
20 (4)
63% to 7,600 contracts (as of September 29th) but remained 10 (6)
bullish. This was driven by a 27% rise in short contracts with - (8)
a 31% drop in long positions.

2010

2011

2012

2013

2014

2015

2017
2016
2008

2009
Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 09/30/17.

Factors Speculative positioning in platinum futures by investors

50,000 Long Short Net
South African Rand: The South African Rand weakened 40,000
4.1% in September versus the US Dollar reflecting on-going
Managed Money Platinum Contracts

30,000
turmoil and scandals in the South African government.
20,000
Euro Auto Sales: Western European light vehicle sales in 10,000
August fell for the 2nd consecutive month, but rose 3.1% year
-
over year. Rising sales have supported platinum demand
(10,000)
despite growing negative European sentiment towards diesel.
(20,000)
Chinese Consumer: Platinum imports by China fell 18% in (30,000)
August but was offset by jewelry sales last month recovering
(40,000)
to 6.4% after the outlier 2.6% recorded in July.
2010

2011

2012

2014

2015
2013

2016

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

Fundamentals Platinum demand by sector (excluding ETFs and similar)

Physical Investment Industrial Jewelry Autocatalyst
Demand: Autocatalyst demand for platinum is expected to 100%
1 .7 % 3.5% 2.8%
9.0% 7 .9%
fall 2% in 2017 for the first time since 2013 while jewelry 90%
23.4% 23.4% 24.1 %
demand is expected to rise 1% as Chinese demand stabilizes 80% 20.6% 21 .6%
with gains in US and India, according to the Platinum 2017 70%
Pla tinum Demand

Focus report by Metals Focus. 60% 33.4% 28.9% 30.0% 30.6%

30.2%
50%
Supply: According to Metals Focus, platinum mine 40%
production is expected to fall again in 2017 by 1% driven by 30%
higher production costs and lower output in Zimbabwe. 20% 41 .5% 40.3% 41 .8% 43.1 % 42.6%
Turning to South Africa, the worlds largest producer, a 1% 10%
drop is forecast for 2017 following a 3% decrease last year. 0%
Recycling supply is expected to increase from autocatalysts. 2014 2015 2016 2017F 2018F

Source: Metals Focus, ETF Securities. Chart data as of 09/05/17.

4
For month ending September 30th, 2017. Past performance is no guarantee of future results.
Palladium: -0.10% (September), +10.98% (QTD), +37.59% (YTD)
Investment Outlook Palladium price, daily moving average (dma), and volume
Volume (rhs) Palladium Price (lhs) 50 dma (lhs) 200 dma (lhs)
$1,000 $1,600
Palladium remained flat in September ending its Q3 2017
$950
rally up 11% and closing the quarter at $936.9/oz. On $1,400

Fu tures Trading Volume ($mn)

$900
September 29th, the palladium/platinum ratio hit a 16 year $1,200

Fr ont Month Futures Price

$850
high of 1.027 as the rally sparked a brief premium. $800 $1,000

Daily volume in palladium front month contracts fell in $750 $800

$700
September averaging $280 million compared to a daily $600
$650
average of $515 million in August. $600
$400

$200
Given palladiums demand is most sensitive to the industrial $550
$500 $-
production cycle, palladium may see further support along

Dec-16

Jun-17
Jan-17
Sep-16

Nov-16
Oct-16

May-17
Feb-17

Jul-17
Mar-17

Apr-17

Aug-17
with industrial metals in anticipation of a rise in US
infrastructure spending and recovery in global growth. Source: Bloom berg, ETF Securities. Chart data from 09/30/16 to 09/30/17. d

Flows Global known ETF holdings of palladium

Cumulative palladium stock in ETFs (lhs) Monthly palladium net flows in ETFs (rhs)
20
ETFs: Global physically backed palladium ETFs posted net
100
inflows for the 3rd straight month of 0.3 metric tonnes (t).

Metric tonnes of palladium (both axes)

15
Cumulative palladium holdings rose 0.7% totalling 49t, but 80
are still down 8% year to date. 10

60
Inventories: NYMEX palladium inventories increased 17% 5
this month by 7,873 ounces bringing total exchange 40
-
palladium stock to 1.68t, but remains down 26% year to date.
20 (5)
Futures: Net speculative positioning in palladium futures
fell 14% in September to 21,528 contracts (as of September - (10)
29th). Long positions fell 16% while short positions were

2010

2011

2012

2013

2016

2017
2014

2015
2009
2008

reduced by nearly half to only 798 contracts.

Source: Bloom berg, ETF Securities. Chart data from 12/31/07 to 09/30/17.

Factors Speculative positioning in palladium futures by investors

30,000 Long Short Net
Global Auto Sales: Chinese passenger vehicle sales rose 25,000
11% in August and 4.3% year over year, while hurricane
Managed Money Palladium Contracts

20,000
damage helped boost September US auto sales.
15,000
Market Balance: Expected continued supply deficits, stable 10,000
demand, and drawdowns in above ground stocks (inventories
5,000
& ETFs) may keep palladiums market balance favorable.
-
Industrial Metals: Palladiums correlation to industrial (5,000)
metals (0.57) is the highest among precious metals. The (10,000)
recent rally in industrial metals, which are up 10.4% year to (15,000)
date, has benefitted palladium demand and performance.
2010

2011

2012

2013

2014

2015

2016

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

Fundamentals Palladium demand by sector (excluding ETFs and similar)

Jewelry Industrial Autocatalyst Physical Investment
Demand: Autocatalyst demand for palladium is expected to 100%
4.2% 3.2% 2.7 % 2.7 % 2.7 %
rise 2% in 2017 after realizing a 5% increase in 2016 demand 90%
1 9.8% 1 9.6% 1 8.8%
20.9% 20.3%
led by China, US and India, according to the Platinum 2017 80%
Focus report by Metals Focus. 70%
Pa lladium Demand

60%
Supply: Global palladium supply deficits have persisted 50%
since 2012 making palladiums fundamentals very supportive 40% 7 8.3%
7 4.5% 7 6.3% 7 7 .4% 7 7 .6%
for prices. Deficits rose to 1.17 million ounces in 2016 and are 30%
expected to persist and grow to 1.38 million ounces in 2017 20%
according to Metals Focus, which may add further support to 10%
0.4% 0.1 % 0.1 % 0.1 % 0.2%
palladium. 0%
2014 2015 2016 2017F 2018F
Source: Metals Focus, ETF Securities. Chart data as of 09 /05/17.

5
For month ending September 30tht, 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
designed to represent 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 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 ISM (Institute for Supply Management) Manufacturing Purchasing Managers 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. Correlation is a measure of fluctuation
between two variables, Standard deviation is a measure of the dispersion of a set of data from its mean. European Central Bank (ECB) = central bank for the
euro and administers monetary policy of the eurozone.
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.
ETF001221 10/31/18

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