The 220k oz goes like this.
Spot deferred contracts have a term of one month (from the date that they are entered) and the quoted spot price is the price that is received if we close at the end of the contract. Atthe end of the month, the banks usually roll the contracts forward, but strictly peaking there is no obligation to do so. If we elect to close the spot deferred contract within the one month period, the price received is adjusted in line with the forward curvefor the one month period. Depending on whether gold in in contango or backwardation during this period, the price is slightly higher or lower, but usually the difference is immaterial give in the short time frame involved. The spot deferred contracts differ from the fixed forwards in that the fixed forwards are much longer dated than the spot deferreds and the price is also adjusted for the forward curveon the date that the contract is set.
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