Company: GOLD
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-016909
Chunk: 111

Company: Gold.com, Inc.
Filing Date: 2025-02-10
Form: 10-Q
Item: Item 8
Chunk 111
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 are reversed, and the realized gains and losses for forward contracts are recorded in revenue and cost of sales, respectively, and the net realized gains and losses for futures contracts are recorded in cost of sales.

30

Below is a summary of the net gains (losses) on derivative instruments (in thousands): 

        Three Months Ended December 31,

        Six Months Ended December 31,

        2024

        2023

        2024

        2023

        Gains (losses) on derivative instruments:

        Unrealized gains (losses) on open futures commodity and forward contracts and open sale and purchase commitments, net
         
        $
        19,895

        $
        (70,943
        )
         
        $
        (1,239
        )
         
        $
        (73,978
        )

        Realized (losses) gains on futures commodity contracts, net

        (9,118
        )

        13,654

        (10,247
        )

        6,183

        $
        10,777

        $
        (57,289
        )
         
        $
        (11,486
        )
         
        $
        (67,795
        )

       The Company’s net gains (losses) on derivative instruments, as shown in the table above, were substantially offset by the changes in the fair market value of the underlying precious metals inventory, which were also recorded in cost of sales in the condensed consolidated statements of income.Summary of Hedging PositionsIn a hedging relationship, the change in the value of the derivative financial instrument is offset to a great extent by the change in the value of the underlying hedged item. The following table summarizes the results of our hedging activities, which shows the precious metal commodity inventory position, net of open sale and purchase commitments, that was subject to price risk (in thousands): 

        December 31, 2024

        June 30, 2024

        Inventories
         
        $
        1,194,196

        $
        1,097,144

        Precious metals held under financing arrangements

        19,420

        22,066

        1,213,616

        1,119,210

        Less unhedgeable inventories:

        Commemorative coin inventory, held at lower of cost or net realizable value

        (2,900