| Label: |
Precious Metal Derivative Contracts (Other Than Gold) |
| Concept Guidance: |
This is the value, as at the relevant date, of precious metal (other than gold) contracts, consistent with the classification and measurement basis used for derivatives by institutions in accordance with accounting standards.A precious metal contract is any contract that transfers the precious metal price risk of an underlying precious metal from one party to another. A precious metal is a classification of metals that are considered to be rare and/or have high economic value, and include silver, platinum and palladium. For the purposes of this item do not include gold contracts.Derivatives are generally defined as those instruments/contracts, where the value is based on other products, and/or on prices associated with financial products. Derivative contracts involve:- Future delivery, receipt or exchange of financial items such as cash or another derivative instrument; or- Future exchange of real assets for financial items where the contract may be tradeable and has a market value.The contracts can either be binding on both parties (e.g. as with a currency swap) or subject to the exercise by one party of a right contained within the contract (as with options).Report this item regardless of whether favourable or unfavourable to the reporting entity.
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