INVESTING

IN GOLD

Free Writing Prospectus

Filed Pursuant to Rule 433

Registration No. 333-167807

October 12, 2010

2

Agenda

Benefits of ETFs

Traditional ways to access gold

Accessing gold today

Questions and answers

3

The exchange traded landscape

Source: BlackRock, as of 12/31/09.

*Does

not

include

Target

Date

and

Alternative

funds.

There

are

a

total

of

912

Exchange

Traded

Products

(ETPs)

as

of

12/31/09.

ETFs

offer access to nearly any asset class or targeted market

segment in a cost-effective way.

0

100

200

300

400

500

600

700

800

900

1,000

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Year

Currency

Commodity

Fixed Income

Int’l/Global Equity

Domestic Equity

4

ETFs

include many different regulatory

structures

Open-End

Fund

Unit Investment

Trust

1940 Act

Closed-End

Fund

ETF structure has exposure, risk, and tax implications.

1933 Act

Limited

Partnership

Exchange

Traded Notes

Other Listed

Vehicles

Grantor

Trust

5

The benefits of iShares ETFs

Low cost

Transparency

Exchange traded liquidity

Targeted exposure for implementing strategies

6

Examples: Mining

companies, precious

metals mutual funds

Reasonable costs

and low minimums

20 mutual funds:  

$29 billion in assets

4

0.75:

average five-

year correlation of

mutual funds to gold

spot price

5

Equities

and funds

Traditional ways to access gold

1.

One “tonne”

is equivalent to one metric ton, which is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.

2.

Source: Gold Survey 2010, GFMS Limited. GFMS Limited is an independent precious metals research organization based in London.

3.

Source: Ibid.

4.

Source: Morningstar, as of 4/30/10.

5.

Source: Ibid.

Predominantly

limited to large

institutional

investors

Derivatives

and futures

contracts

Examples: Bullion,

jewelry and gold

certificates

Provides pure

access to gold

1,759

tonnes

($55 billion):

2009 jewelry

consumption

473 tonnes

($15 billion):

2009 bar hoarding

and coin investing

Physical

gold

1

2

3

7

Accessing gold today

Exchange traded product landscape:

Provides access to gold through a vehicle that trades on an exchange

Low minimum investment amount

Gold exposure through equities, gold-based futures or physical gold

Eleven gold ETFs: $56 billion in assets

Three hold physical gold 

Eight use derivatives or publicly traded equities

Gold

exchange

traded

products

1.

Source: Morningstar, as of 4/30/10.

Derivatives

and futures

contracts

Equities

and funds

Physical

gold

1

8

A closer look at physically backed gold ETFs

Source: BlackRock, as of 8/6/10.

0

2

4

6

8

10

12

14

1/05

1/06

1/07

1/08

1/09

1/10

0

200

400

600

800

1,000

1,200

1,400

iShares Gold Trust NAV

COMEX Spot Settlement Price

Past performance does not guarantee future results. Please see slide 12 for more performance information.

Spot

settlement

prices

are

for

illustrative

purposes

only

and

do

not

represent

actual

iShares

Gold

Trust

performance.

Spot prices do not reflect any fees, transaction costs or expenses.

iShares Gold Trust

9

Conclusion

ETFs

offer access to a wide range of asset classes and

strategies

Investor demand for gold has been increasing amid global

and political uncertainty

Access to the gold market varies depending on the

investment vehicle

Gold ETFs backed by physical gold offer investors an

innovative way to access the price of gold

APPENDIX

11

iShares Gold Trust (IAU)

Gold ETF (the “Trust”) that seeks to reflect, at any given time, the price of gold

owned by the Trust at that time, less the expenses and liabilities of the Trust

Holds fully allocated

gold daily

Shares are listed and trade

on NYSE Arca

Cost-efficient

Transparent

Key Considerations

Trust Details

Ticker

IAU

Inception Date

1/21/05

Sponsor’s Fee

0.25%

Trust Profile (as of 10/1/10)

Total Net Assets

$4.22 Billion

Shares Outstanding

327 Million

Total Ounces of Gold

3.21 Million

Total Tonnes

of Gold

99.72

12

iShares Gold Trust Performance

The performance quoted represents past performance and does not guarantee future results. Investment return and principal

value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the

original cost.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

ET

(when

NAV

is

normally

determined for

most

iShares

products)

and

do

not

represent

the returns you would receive if you traded shares at other times.

1.

COMEX

Spot

Month

Settlement

Price.

Spot

settlement

prices

are

for

illustrative

purposes

only

and

do

not

represent

actual

iShares

Gold

Trust

performance.

Spot prices do not reflect any fees, transaction costs or expenses.

Performance History (as of 9/30/10)

Trust inception date: 1/21/05

Trust

19.10%

29.27%

20.28%

22.29%            —

21.28%

Benchmark

1

19.41%

29.74%

20.75%

22.76%

16.93%

21.74%

Market Price Returns

19.27%

29.52%

20.29%

22.31%            —

21.28%

YTD 2010

1-Year

3-Year

5-Year

10-Year

Since Trust Inception

iShares Gold Trust (“Trust”) has filed a registration statement (including a prospectus) with the SEC

for

the

offering

to

which

this

communication

relates.

Before

you

invest,

you

should

read

the

prospectus

and

other documents the Trust has filed with the SEC for more complete information about the issuer and this

offering.

You

may

get

these

documents

for

free

by

visiting

www.iShares.com

or

EDGAR

on

the

SEC

website

at www.sec.gov. Alternatively, the Trust will arrange to send you the prospectus if you request it by calling

toll-free 1-800-474-2737.

Investing involves risk, including possible loss of principal. The iShares Gold Trust (“Trust”) is not an

investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes

of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as

mutual funds. Because shares of the Trust are created to reflect

the price of the gold held by the Trust, the

market

price

of

the

shares

will

be

as

unpredictable

as

the

price

of

gold

has

historically

been.

Additionally,

shares of the Trust are bought and sold at market price (not NAV). Brokerage commissions will reduce returns.

Shares of the Trust are created to reflect, at any given time, the market price of gold owned by the trust at that time less

the trust’s expenses and liabilities. The price received upon the sale of the shares, which trade at market price, may be

more or less than the value of the gold represented by them. If an investor sells the shares at a time when no active

market for them exists, such lack of an active market will most likely adversely affect the price received for the shares.

For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.

Following an investment in shares of the Trust, several factors may have the effect of causing a decline in the prices

of gold and a corresponding decline in the price of the shares. Among them: (i) Large sales by the official sector. A

significant portion of the aggregate world gold holdings is owned by governments, central banks and related institutions.

If one or more of these institutions decides to sell in amounts large enough to cause a decline in world gold prices,

the price of the shares will be adversely affected. (ii) A significant increase in gold hedging activity by gold producers.

Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in

world gold prices, adversely affecting the price of the shares. (iii) A significant change in the attitude of speculators

and investors towards gold. Should the speculative community take a negative view towards gold, it could cause a

decline in world gold prices, negatively impacting the price of the shares.

The amount of gold represented by shares of the Trust will decrease over the life of the trust due to sales necessary

to pay the sponsor’s fee and trust expenses. Without increase in the price of gold sufficient to compensate for that

decrease, the price of the shares will also decline, and investors will lose money on their investment. The Trust will

have

limited

duration.

The

liquidation

of

the

Trust

may

occur

at

a

time

when

the

disposition

of

the

Trust’s

gold

will

result in losses to investors.

Although market makers will generally take advantage of differences between the NAV and the trading price of Trust

shares through arbitrage opportunities, there is no guarantee that they will do so. There is no guarantee an active trading

market will develop for the shares, which may result in losses on your investment at the time of disposition of your

shares. The value of the shares of the Trust will be adversely affected if gold owned by the Trust is lost or damaged in

circumstances

in

which

the

Trust

is

not

in

a

position

to

recover

the

corresponding

loss.

The

Trust

is

a

passive

investment

vehicle. This means that the value of your shares may be adversely affected by Trust losses that, if the Trust had been

actively managed, it might have been possible to avoid.

Shares of the iShares Gold Trust are not deposits or other obligations of or guaranteed by BlackRock, Inc., and

its affiliates, and are not insured by the Federal Deposit Insurance Corporation or any other governmental

agency.

BlackRock Asset Management International Inc. (“BAMII”) is the sponsor of the Trust. BlackRock Fund Distribution

Company

(“BFDC”),

a

subsidiary

of

BAMII,

assists

in

the

promotion

of

the

Trust.

BAMII

is

an

affiliate

of

BlackRock,

Inc.

Although shares of the iShares Gold Trust may be bought or sold on the exchange through any brokerage account,

shares of the Trust are not redeemable from the Trust except in large aggregated units called “Baskets.”

“Commodity

Exchange,

Inc.,”

and

“COMEX”

are

trademarks

of

Commodity

Exchange,

Inc.,

and

have

been

licensed

for

use for certain purposes to BlackRock, Inc., and the iShares Gold Trust. The Trust is not sponsored, endorsed, sold or

promoted by Commodity Exchange, Inc., nor does Commodity Exchange, Inc., make any representation regarding the

advisability of investing in the Trust.

©2010

BlackRock

Institutional

Trust

Company,

N.A.

All

rights

reserved.

iShares

®

is

a

registered

trademark

of

BlackRock

Institutional

Trust

Company,

N.A.

All

other

trademarks,

servicemarks

or

registered

trademarks

are

the

property

of

their

respective owners. iS-3615-1010 3101-CM12-8/10