If you look on P.23 there is a Gold in Circuit heading under which it shows the holding of 65k ozs. If you go back to the same section of the last qtly as part of the 92k ozs of GIC it includes 16.5k ozs of "finished goods". Add this to the 10k oz draw down on p. 3 and that is the GIC draw down for the Qtr.
JW expressly states a GIC figure of 97k ozs as one of the head line dot points at the start of last qtrs report so it is definitely separate from the stated gold bullion numbers.
W
Ann: Quarterly Activities Report, page-28
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