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Derivative Instruments and Hedging Transactions (Tables)
 6 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Aggregate Gross and Net Derivative Receivables and Payables Balances The aggregate gross and net derivative receivables and payables balances by contract type and type of hedge, were as follows (in thousands):

 

 

 

December 31, 2025

 

 

June 30, 2025

 

 

 

Gross
Derivative

 

 

Amounts
Netted

 

 

Cash
Collateral
Pledge

 

 

Net
Derivative

 

 

Gross
Derivative

 

 

Amounts
Netted

 

 

Cash
Collateral
Pledge

 

 

Net
Derivative

 

Nettable derivative assets:

 

 

 

Open sale and purchase commitments

 

$

952,738

 

 

$

(17,273

)

 

$

—

 

 

$

935,465

 

 

$

130,609

 

 

$

(825

)

 

$

—

 

 

$

129,784

 

Futures contracts

 

 

89

 

 

 

—

 

 

 

—

 

 

 

89

 

 

 

4,326

 

 

 

—

 

 

 

—

 

 

 

4,326

 

Forward contracts

 

 

12,107

 

 

 

—

 

 

 

—

 

 

 

12,107

 

 

 

405

 

 

 

—

 

 

 

—

 

 

 

405

 

 

$

964,934

 

 

$

(17,273

)

 

$

—

 

 

$

947,661

 

 

$

135,340

 

 

$

(825

)

 

$

—

 

 

$

134,515

 

Nettable derivative liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open sale and purchase commitments

 

$

74,983

 

 

$

(10,111

)

 

$

—

 

 

$

64,872

 

 

$

18,170

 

 

$

(2,675

)

 

$

—

 

 

$

15,495

 

Margin accounts

 

 

43,460

 

 

 

—

 

 

 

(29,114

)

 

 

14,346

 

 

 

(23,276

)

 

 

—

 

 

 

27,445

 

 

 

4,169

 

Futures contracts

 

 

122,225

 

 

 

—

 

 

 

—

 

 

 

122,225

 

 

 

109

 

 

 

—

 

 

 

—

 

 

 

109

 

Forward contracts

 

 

136,780

 

 

 

—

 

 

 

—

 

 

 

136,780

 

 

 

76,404

 

 

 

—

 

 

 

—

 

 

 

76,404

 

 

$

377,448

 

 

$

(10,111

)

 

$

(29,114

)

 

$

338,223

 

 

$

71,407

 

 

$

(2,675

)

 

$

27,445

 

 

$

96,177

 
Summary of Net Gains (Losses) on Derivative Instruments

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

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Gains (losses) on derivative instruments:

 

 

 

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

 

$

438,708

 

 

$

19,895

 

 

$

582,068

 

 

$

(1,239

)

Realized losses on futures commodity contracts, net

 

 

(191,386

)

 

 

(9,118

)

 

 

(221,520

)

 

 

(10,247

)

 

 

$

247,322

 

 

$

10,777

 

 

$

360,548

 

 

$

(11,486

)
Summary of Hedging Activities Shows Precious Metal Commodity Inventory Position Net of Open Sale and Purchase Commitments 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, 2025

 

 

June 30, 2025

 

Inventories

 

$

1,535,749

 

 

$

1,279,545

 

 

 

 

 

 

 

Less unhedgeable inventories:

 

 

 

 

 

 

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

 

 

(76,096

)

 

 

(68,193

)

Premium on metals position

 

 

(20,816

)

 

 

(35,295

)

Precious metal value not hedged

 

 

(96,912

)

 

 

(103,488

)

 

 

 

 

 

 

Commitments at market:

 

 

 

 

 

 

Open inventory purchase commitments

 

 

2,435,382

 

 

 

1,149,622

 

Open inventory sales commitments

 

 

(1,185,114

)

 

 

(521,442

)

Margin sales commitments

 

 

(43,459

)

 

 

(27,446

)

In-transit inventory no longer subject to market risk

 

 

(97,158

)

 

 

(18,801

)

Unhedgeable premiums on open commitment positions

 

 

15,760

 

 

 

10,345

 

Borrowed precious metals

 

 

(85,606

)

 

 

(46,051

)

Product financing arrangements

 

 

(504,593

)

 

 

(484,733

)

Advances on industrial metals

 

 

-

 

 

 

584

 

 

 

535,212

 

 

 

62,078

 

 

 

 

 

 

 

Precious metal subject to price risk

 

 

1,974,049

 

 

 

1,238,135

 

 

 

 

 

 

 

Precious metal subject to derivative financial instruments:

 

 

 

 

 

 

Precious metals forward contracts at market values

 

 

1,255,256

 

 

 

927,990

 

Precious metals futures contracts at market values

 

 

712,352

 

 

 

310,645

 

Total market value of derivative financial instruments

 

 

1,967,608

 

 

 

1,238,635

 

 

 

 

 

 

 

Net precious metals subject to commodity price risk

 

$

6,441

 

 

$

(500

)
Schedule of Outstanding Commitments and Open Forward and Futures Contracts The Company had the following outstanding commitments and open forward and futures contracts (in thousands):

 

 

 

December 31, 2025

 

 

June 30, 2025

 

Purchase commitments

 

$

2,435,382

 

 

$

1,149,622

 

Sales commitments

 

$

(1,185,114

)

 

$

(521,442

)

Margin sales commitments

 

$

(43,459

)

 

$

(27,446

)

Open forward contracts

 

$

1,255,256

 

 

$

927,990

 

Open futures contracts

 

$

712,352

 

 

$

310,645

 
Schedule of Market Values of Denominated in Foreign Currencies Outstanding The market values (fair values) of the Company’s foreign exchange forward contracts and the net open sale and purchase commitment transactions, denominated in foreign currencies, outstanding were as follows (in thousands):

 

 

 

December 31, 2025

 

 

June 30, 2025

 

Foreign exchange forward contracts

 

$

14,435

 

 

$

6,618

 

Open sale and purchase commitment transactions, net

 

$

66

 

 

$

2,056