| Customer and Supplier Concentrations |
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17.
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CUSTOMER AND SUPPLIER CONCENTRATIONS
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Customer Concentration
Customers providing 10 percent or more of the Company's revenues for the three and nine months ended March 31, 2020 are presented on a comparative basis, with their corresponding balances for the three and nine months ended March 31, 2019 in the table below:
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in thousands
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Three Months Ended
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Nine Months Ended
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March 31, 2020
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March 31, 2019
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March 31, 2020
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March 31, 2019
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Amount
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Percent
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Amount
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Percent
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Amount
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Percent
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Amount
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Percent
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Total revenue
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$
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1,258,722
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100.0
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%
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$
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1,266,986
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|
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100.0
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%
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$
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3,795,326
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|
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100.0
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%
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$
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3,932,988
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|
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100.0
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%
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Customer concentrations
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HSBC Bank USA(1)
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$
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138,181
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11.0
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%
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$
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347,966
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27.5
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%
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$
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536,961
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14.1
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%
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$
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972,958
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24.7
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%
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TD Securities
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33,544
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2.7
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%
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3,019
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0.2
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%
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|
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430,504
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|
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11.3
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%
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8,190
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0.2
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%
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Customer A
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192,497
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15.2
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%
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91,145
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7.2
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%
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|
350,232
|
|
|
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9.3
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%
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289,492
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7.4
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%
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$
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364,222
|
|
|
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28.9
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%
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$
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442,130
|
|
|
|
34.9
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%
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$
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1,317,697
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|
|
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34.7
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%
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$
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1,270,640
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32.3
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%
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(1)
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Sales with these trading partners are primarily comprised of sales on forward contracts that are entered into for hedging purposes rather than sales characterized with the physical delivery of precious metal product.
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Customers providing 10 percent or more of the Company's accounts receivable as of March 31, 2020 and June 30, 2019 are presented on a comparative basis in the table below.
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in thousands
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March 31, 2020
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June 30, 2019
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Amount
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Percent
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Amount
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Percent
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Total accounts receivable, net
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$
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96,753
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100.0
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%
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$
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26,895
|
|
|
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100.0
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%
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Customer concentrations
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Customer B
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$
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12,926
|
|
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13.4
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%
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$
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1,523
|
|
|
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5.7
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%
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Customer C
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71,794
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74.2
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%
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|
983
|
|
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3.6
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%
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|
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$
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84,720
|
|
|
|
87.6
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%
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$
|
2,506
|
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9.3
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%
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Supplier Concentration
The Company buys precious metals from a variety of sources, including through brokers and dealers, from sovereign and private mints, from refiners and directly from customers. The Company believes that no one or small group of suppliers is critical to its business, since other sources of supply are available that provide similar products on comparable terms.
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