Fair Value Measurements

3 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and June 30, 2012, aggregated by the level in the fair value hierarchy within which the measurements fall:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

	September 30, 2012
	Quoted Price in
	Active Markets			Significant Other			Significant
	for Identical			Observable			Unobservable
	Instruments			Inputs			Inputs
in thousands	(Level 1)			(Level 2)			(Level 3)		Total Balance
Assets:
Commodities	$	162,861		$	—		$	—	$	162,861
Derivative assets — open purchases and sale commitments	—			31,589			—		31,589
Total assets valued at fair value:	$	162,861		$	31,589		$	—	$	194,450
Liabilities:
Liability on borrowed metals	$	(27,512	)	$	—		$	—	$	(27,512	)
Liability on margin accounts	(20,468		)	—			—		(20,468		)
Derivative liabilities — open sales and purchase commitments	—			(33,318		)	—		(33,318		)
Derivative liabilities — forward contracts	—			(97		)	—		(97		)
Total liabilities valued at fair value	$	(47,980	)	$	(33,415	)	$	—	$	(81,395	)

	June 30, 2012
	Quoted Price in
	Active Markets			Significant Other			Significant
	for Identical			Observable			Unobservable
	Instruments			Inputs			Inputs
in thousands	(Level 1)			(Level 2)			(Level 3)		Total Balance
Assets:
Commodities	$	136,533		$	—		$	—	$	136,533
Derivative assets — future contracts	—			3,473			—		3,473
Total assets valued at fair value:	$	136,533		$	3,473		$	—	$	140,006
Liabilities:
Liability on borrowed metals	$	(27,076	)	$	—		$	—	$	(27,076	)
Obligation under product financing arrangement	(15,576		)	—			—		(15,576		)
Liability on margin accounts	(14,842		)	—			—		(14,842		)
Derivative liabilities — open sales and purchase commitments	—			(45,932		)	—		(45,932		)
Derivative liabilities — forward contracts	—			(326		)	—		(326		)
Total liabilities valued at fair value:	$	(57,494	)	$	(46,258	)	$	—	$	(103,752	)

There were no transfers in or out of Level 3 during the threemonths ended September 30, 2012 and 2011.

The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy:

Commodities

Commodities consisting of the precious metals component of the Company's inventories are carried at fair value. The fair value for commodities inventory is determined primarily using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Precious metals commodities are classified in Level 1 of the valuation hierarchy.

Derivatives

Futures contracts, forward contracts and open purchase and sales commitments are valued at their intrinsic values, based on the difference between the quoted market price and the contractual price, and are included within Level 2 of the valuation hierarchy.

Margin and Borrowed Metals Liabilities

Margin and borrowed metals liabilities consist of the Company's commodity obligations to margin customers and suppliers, respectively.

Margin liabilities and borrowed metals liabilities are carried at fair value, which is determined primarily using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Margin and borrowed metals liabilities are classified in Level 1 of the valuation hierarchy.

Obligation Under Product Financing

Obligation under product financing is the amount required to repurchase outstanding inventory under an agreement with a third party for the sale of gold and silver (Note 10). This obligation is carried at fair value, which is determined primarily using quoted market pricing and data derived from the markets on which the underlying gold and silver are traded. The obligation is classified in Level 1 of the valuation hierarchy.

Assets Measured at Fair Value on a Non-Recurring Basis

The Company's goodwill and other purchased intangible assets may be measured at fair value on a non-recurring basis. These assets are measured at cost but are written down to fair value if their are impaired. As of September 30, 2012, the Company's goodwill and other purchased intangibles were not impaired, and therefore were not measured at fair value. There were no gains or losses recognized in earnings associated with the above purchased intangibles during the threemonths ended September 30, 2012 and 2011.

Fair Value of Financial Instruments

The Company estimates the fair value of financial instruments that are not required to be carried in the consolidated balance sheets at fair value on either a recurring or non-recurring basis as follows:

	September 30, 2012				June 30, 2012
(in thousands)	Carrying amount		Fair value		Carrying amount		Fair value		Level in fair value hierarchy
Cash and cash equivalents	$	15,659	$	15,659	$	25,305	$	25,305	1
Restricted cash	572		572		550		550		1
Receivables and secured loans	146,341		146,341		127,995		127,995		2
Accounts receivable and consignor advances	15,583		15,583		20,428		20,428		2
Accounts payable and consignor payables	145,587		145,587		95,787		95,787		2
Lines of credit	120,565		120,565		92,669		92,669		2
Notes payable	6,701		6,701		6,728		6,728		2

The carrying amounts of cash and cash equivalents, restricted cash, receivables and secured loans, accounts receivable and consignor advances, and accounts payable and consignor payables approximated fair value due to their short-term nature. The carrying amounts of lines of credit and notes payable approximate fair value based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities.