This is the value, as at the relevant date, of bought (long/purchased) precious metals derivative contracts, consistent with the classification and measurement basis used for derivatives by institutions in accordance with accounting standards. 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, but exclude gold.Bought (long) positions represent assets, or instruments, that have been purchased by the reporting party. With regard to options, this refers to the purchase of the option contract itself.Options provide the reporting party with the right but not the obligation to buy (call options) or sell (put options) a specific amount of an asset on or before a specified future date.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.