Wazz, if only you were correct.
From the last 2024 annual accounts.
Australian dollar gold delivery commitments as at 30 June 2024 were as follows:
ozs $/oz $’000
Within one year 62,250 2,821 175,622
More than one year but less than two years 67,200 2,698 181,311
More than two years but less than three years 53,550 2,705 144,867
More than three years but less than four years 41,250 2,906 119,879
More than four years but less than five years - - -
Total 224,250 2,772 621,679
Unless this was an error in the accounts.
Also in the 2024 accounts at note 29.
The physical gold delivery contracts are accounted for using the ‘own-use-exemption’ and no mark to market valuation
is recognised in the financial statements in relation to the undelivered ounces. The use of the ‘own-use-exemption’ is a
significant judgement and in the event the contracts are no longer held for the purpose of delivery of the non-financial item
(gold bullion) in line with the entity’s expected sale requirements, financial assets and/or liabilities would require recognition.
If they cant deliver the ounces they would need to mark to market the hedge book and recognise the difference.
DYOR
GLTA
Cheers
Ralph
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