Division 12 Gold listed on a recognised exchange, held on an allocated basis.X1

All items with the exception of those referred to in points 1, 2 and 9 must satisfy all of the following conditions:

1. (a)

   they are traded in simple repurchase agreements or cash markets characterised by a low level of concentration;

2. (b)

   they have a proven record as a reliable source of liquidity by either repurchase agreement or sale even during stressed market conditions;

3. (c)

   they are unencumbered.