How gold sourcing at the pit differs from buying on the market

Sourcing gold at the site means the desk negotiates with miners directly, assays on the spot, and settles quickly.

Bulk aggregation then allows a sale at export-grade pricing. The spread between pit price and bulk sale price is the participant's margin, historically 10 percent or more per cycle.

Participants may also request physical delivery in the country of source instead of a cash settlement.