# Gold.com, Inc. (GOLD)

Informational only - not investment advice.

CIK: 0001591588
SIC: 5094 Wholesale-Jewelry, Watches, Precious Stones & Metals
SIC breadcrumb: [Wholesale Trade](/division/F/) > [SIC Major Group 50](/major-group/50/) > [SIC 5094 Wholesale-Jewelry, Watches, Precious Stones & Metals](/industry/5094/)
Latest 10-K filed: 2025-09-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=1591588
Filing source: https://www.sec.gov/Archives/edgar/data/1591588/000119312525200462/amrk-20250630.htm

## At a glance

FY2025 · period end 2025-06-30 · filed 2025-09-11 · accession 0001193125-25-200462 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001591588.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 10,978,614,000 USD | 2025 | verified |
| Net income | 17,320,000 USD | 2025 | verified |
| Assets | 2,215,431,000 USD | 2025 | verified |
| Free cash flow | 141,669,000 USD | 2025 | computed |
| Net margin | 0.16% | 2025 | computed |
| Revenue YoY | +13.19% | 2025 | computed |
| ROE | 2.67% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | GOLD | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 0.2% | 2.8% | 18 | 39 |
| Revenue growth | 13.2% | 4.0% | 87 | 39 |
| FCF margin | 1.3% | 2.4% | 35 | 38 |
| ROE | 2.7% | 9.1% | 26 | 39 |
| ROA | 0.8% | 3.9% | 24 | 39 |
| Liabilities / equity | 2.33 | 1.51 | 76 | 39 |
| Current ratio | 1.56 | 2.21 | 24 | 38 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 50 SIC Major Group 50, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 10978614000 | USD | 2025 | 2025-09-11 |
| Net income | 17320000 | USD | 2025 | 2025-09-11 |
| Assets | 2215431000 | USD | 2025 | 2025-09-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-09-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001591588.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 6,784,039,000 | 6,989,624,000 | 7,606,248,000 | 4,783,157,000 | 5,461,094,000 | 7,613,015,000 | 8,159,254,000 | 9,286,561,000 | 9,699,039,000 | 10,978,614,000 |
| Net income |  |  |  |  | 2,225,000 | 30,509,000 | 159,637,000 | 132,536,000 | 156,360,000 | 68,546,000 | 17,320,000 |
| Gross profit |  | 34,521,000 | 31,334,000 | 29,443,000 | 31,958,000 | 66,973,000 | 210,198,000 | 261,765,000 | 294,669,000 | 173,255,000 | 210,916,000 |
| Diluted EPS |  | 1.30 | 1.00 | -0.48 | 0.31 | 4.31 | 8.90 | 5.45 | 6.34 | 2.84 | 0.71 |
| Operating cash flow |  | -56,156,000 | -9,781,000 | 7,646,000 | -14,533,000 | 47,935,000 | -52,654,000 | -89,166,000 | -30,323,000 | 60,934,000 | 152,347,000 |
| Capital expenditures |  | 1,466,000 | 2,265,000 | 1,317,000 | 490,000 | 836,000 | 2,113,000 | 2,879,000 | 4,783,000 | 7,256,000 | 10,678,000 |
| Dividends paid | 698,000 | 1,675,000 | 2,110,000 | 1,687,000 | 0.00 |  | 21,191,000 | 22,645,000 | 37,468,000 | 41,845,000 | 18,804,000 |
| Share buybacks |  |  |  |  |  |  | 0.00 | 0.00 | 9,762,000 | 22,307,000 |  |
| Assets |  | 437,147,000 | 478,500,000 | 743,001,000 | 705,362,000 | 758,035,000 | 1,191,581,000 | 1,442,659,000 | 1,545,571,000 | 1,827,820,000 | 2,215,431,000 |
| Liabilities |  | 373,838,000 | 405,477,000 | 673,893,000 | 632,796,000 | 653,141,000 | 827,639,000 | 952,188,000 | 945,178,000 | 1,165,964,000 | 1,512,760,000 |
| Stockholders' equity |  | 63,309,000 | 69,591,000 | 65,698,000 | 69,658,000 | 101,004,000 | 362,623,000 | 488,609,000 | 599,123,000 | 607,633,000 | 649,516,000 |
| Free cash flow |  | -57,622,000 | -12,046,000 | 6,329,000 | -15,023,000 | 47,099,000 | -54,767,000 | -92,045,000 | -35,106,000 | 53,678,000 | 141,669,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | 0.05% | 0.56% | 2.10% | 1.62% | 1.68% | 0.71% | 0.16% |
| Return on equity |  |  |  |  | 3.19% | 30.21% | 44.02% | 27.13% | 26.10% | 11.28% | 2.67% |
| Return on assets |  |  |  |  | 0.32% | 4.02% | 13.40% | 9.19% | 10.12% | 3.75% | 0.78% |
| Liabilities / equity |  | 5.90 | 5.83 | 10.26 | 9.08 | 6.47 | 2.28 | 1.95 | 1.58 | 1.92 | 2.33 |
| Current ratio |  | 1.14 | 1.11 | 1.06 | 1.24 | 1.28 | 1.36 | 1.41 | 1.37 | 1.63 | 1.56 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001591588.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-03-31 |  |  | 3.06 | reported discrete quarter |
| 2023-Q1 | 2022-09-30 |  |  | 1.83 | reported discrete quarter |
| 2023-Q2 | 2022-12-31 |  |  | 1.35 | reported discrete quarter |
| 2023-Q3 | 2023-03-31 | 2,317,150,000 | 35,920,000 | 1.46 | reported discrete quarter |
| 2023-Q4 | 2023-06-30 | 3,119,355,000 | 41,834,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 2,078,815,000 | 13,766,000 | 0.57 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 | 2,610,651,000 | 5,013,000 | 0.21 | reported discrete quarter |
| 2024-Q4 | 2024-06-30 | 2,524,955,000 | 30,940,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-09-30 | 2,715,096,000 | 8,984,000 | 0.37 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 | 2,742,345,000 | 6,558,000 | 0.27 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 | 3,009,125,000 | -8,546,000 | -0.36 | reported discrete quarter |
| 2025-Q4 | 2025-06-30 | 2,512,048,000 | 10,324,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-09-30 | 3,680,766,000 | -939,000 | -0.04 | reported discrete quarter |
| 2026-Q2 | 2025-12-31 | 6,476,900,000 | 11,636,000 | 0.46 | reported discrete quarter |
| 2026-Q3 | 2026-03-31 | 10,350,729,000 | 59,487,000 | 2.09 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Risk Factors

Verbatim Item 1A Risk Factors from GOLD's latest 10-K: [/company/GOLD/risk-factors/](/company/GOLD/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1591588/000119312526215252/gold-20260331.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-05-11
Report date: 2026-03-31

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This Quarterly Report on Form 10-Q ("Form 10-Q") contains statements that are considered forward-looking statements. Forward-looking statements give the Company's current expectations and forecasts of future events. All statements other than statements of current or historical fact contained in this Quarterly Report, including statements regarding the Company's future financial position, business strategy, budgets, projected costs and plans, and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. These statements are based on the Company's current plans, estimates and beliefs, and the Company's actual future activities and results of operations may be materially different from those set forth in the forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Any or all of the forward-looking statements in this Quarterly Report may turn out to be inaccurate. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, and financial needs. The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events occurring after the date hereof. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this Form 10-Q.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and notes contained elsewhere in this Form 10-Q, and in the audited consolidated financial statements and notes contained in the Form 10-K for the fiscal year ended June 30, 2025. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Quarterly Report, particularly in “Risk Factors.”

INTRODUCTION

Management's discussion and analysis of financial condition and results of operations is provided as a supplement to the accompanying condensed consolidated financial statements and related notes to aid in the understanding of our results of operations and financial condition. Our discussion is organized as follows:

•
Executive overview. This section provides a general description of our business, as well as significant transactions and events that we believe are important in understanding the results of operations.

•
Results of operations. This section provides an analysis of our results of operations presented in the accompanying condensed consolidated statements of income by comparing the results for the respective periods presented. Included in our analysis is a discussion of seven performance metrics:

o
(i) ounces of gold and silver sold,

o
(ii) Wholesale Sales ticket volume,

o
(iii) Direct-to-Consumer ticket volume:

•
(a) Direct-to-Consumer ticket volume from new customers,

•
(b) Direct-to-Consumer ticket volume from pre-existing customers,

•
(c) Direct-to-Consumer total ticket volume,

o
(iv) Direct-to-Consumer and JMB average order value,

o
(v) number of Direct-to-Consumer customers:

•
(a) Direct-to-Consumer number of new customers,

•
(b) Direct-to-Consumer number of active customers,

•
(c) Direct-to-Consumer total customers,

o
(vi) inventory turnover ratio, and

40

o
(vii) number of secured loans at period-end.

•
Segment results of operations. This section provides an analysis of our results of operations presented for our three segments:

o
Wholesale Sales & Ancillary Services,

o
Direct-to-Consumer, and

o
Secured Lending

comparing results for the periods presented.

•
Non-GAAP Measures. This section provides an analysis of our non-GAAP measures with a reconciliation to the most directly comparable U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) measure reported on the condensed consolidated financial statements. The Company uses the following two non-GAAP measures:

o
"adjusted net income before provision for income taxes", and

o
"earnings before interest, taxes, depreciation, and amortization", or "EBITDA".

•
Liquidity and financial condition. This section provides an analysis of our cash flows, as well as a discussion of our outstanding debt as of March 31, 2026, sources of liquidity and the amount of financial capacity available to fund our future commitments and other financing arrangements.

•
Critical accounting policies and estimates. This section discusses critical accounting policies that are considered both important to our financial condition and results of operations and require management to make significant judgment and estimates. All of our significant accounting policies, including the critical accounting policies, are summarized in Note 2 to the Company’s condensed consolidated financial statements.

•
Recent accounting pronouncements. This section discusses new accounting pronouncements, dates of implementation, and their expected impact on our accompanying condensed consolidated financial statements.

EXECUTIVE OVERVIEW

Our Business

Founded in 1965, Gold.com offers comprehensive solutions for all aspects of the precious metals (gold, silver, platinum, and palladium) and collectibles (including rare coins and currency) value chains. Our vertically integrated platform combines market expertise with state-of-the-art logistics, financing, and minting capabilities to serve customers, collectors, and institutional clients globally. We conduct our operations through three complementary segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending.

Effective December 2, 2025, the Company changed its name to Gold.com, Inc. and transferred the listing of its common shares from Nasdaq to the New York Stock Exchange ("NYSE"). The shares of the Company are now being traded on the NYSE under the symbol "GOLD" as of December 2, 2025. Prior to December 2025, Gold.com, Inc. was operating as A-Mark Precious Metals, Inc.

Factors Affecting Revenues, Gross Profit, Interest Income, and Interest Expense

Set forth below are the key factors affecting the Company’s revenues, gross profit, interest income, and interest expense. These factors may be attributable to both the Company’s ongoing business activities as well as from Company acquisitions.

Revenues. The Company enters into transactions to sell and deliver gold, silver, platinum, and palladium to industrial and commercial users, coin and bullion dealers, mints, and financial institutions. The metals are investment or industrial grade and are sold in a variety of shapes and sizes.

The Company also sells and delivers gold, silver, platinum, palladium, and copper products directly to customers and the investor community through its Direct-to Consumer segment. Customers may place orders online at one of the Company's websites or over the phone.

The Company sells precious metals on forward contracts at a fixed price based on current prevailing precious metal spot prices with a certain delivery date in the future (up to six months from inception date of the forward contract). The Company also uses other derivative products (primarily futures contracts) or combinations thereof to hedge commodity risks. We enter into these forward and futures contracts as part of our hedging strategy to mitigate our price risk of holding inventory; they are not entered into for speculative purposes.

41

Forward sales contracts by their nature are required to be included in revenues, unlike futures contracts which do not impact the Company’s revenue. The decision to use a forward contract versus another derivative type of product (e.g., a futures contract) for hedging purposes is based on the economics of the transaction. Since the volume of hedging can be significant, the movement in and out of forwards can substantially impact revenues, either positively or negatively, from period to period. For this reason, the Company believes ounces sold (excluding ounces sold on forward sales contracts) is a meaningful metric to assess our top line performance.

In addition, the Company earns revenue by providing storage solutions for precious metals and numismatic coins for financial institutions, dealers, investors, and collectors worldwide and by providing storage and order-fulfillment services to our retail customers. The Company also earns fees for facilitating specialized auctions of numismatics, and from advertisements placed on our Direct-to-Consumer websites. These revenue streams represent less than 5% of the Company’s consolidated revenues.

The Company operates in a high volume/low margin industry. Revenues are impacted by three primary factors: product volume, market prices, and market volatility. A material change in any one or more of these factors may result in a significant change in the Company’s revenues. A significant increase or decrease in revenues can occur simply based on changes in the underlying commodity prices and may not be reflective of an increase or decrease in the volume of products sold.

Gross Profit. Gross profit is the difference between our revenues and the cost of our products sold. Since we quote prices based on the current commodity market prices for precious metals, we often enter into a combination of forward and futures contracts to effect a hedge position equal to the underlying precious metal commodity value, which substantially represents inventory subject to price risk. We enter into these derivative transactions solely for the purpose of hedging our inventory, and not for speculative purposes. Our gross profit includes the gains and losses resulting from these derivative instruments. However, the gains and losses on the derivative instruments are substantially offset by the gains and losses on the corresponding changes in the market value of our precious metals inventory. As a result, our results of operations generally are not materially impacted by changes in commodity prices.

Interest Income. The Company enters into secured loans and secured financing structures with its customers under which it charges interest. CFC originates loans and acquires loan portfolios that are secured by precious metal bullion and numismatic material owned by the borrowers and held by the Company for the term of the loan. Also, the Company offers a number of secured financing options to its customers to finance their precious metals purchases including consignments and other structured inventory finance products whereby the Company earns a fee based on the underlying value of the precious metal ("repurchase arrangements with customers").

Interest Expense. The Company incurs interest expense associated with its lines of credit, notes payable, product financing agreements for the transfer and subsequent re-acquisition of gold, silver, and platinum at a fixed price with a third-party finance company ("product financing arrangements"), and short-term precious metal borrowing arrangements with our suppliers ("liabilities on bo

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1591588/000119312525200462/amrk-20250630.htm
Complete FY 2025 MD&A: /company/GOLD/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2025-09-11
Report date: 2025-06-30

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This Annual Report on Form 10-K ("Form 10-K") contains statements that are considered forward-looking statements. Forward-looking statements give the Company's current expectations and forecasts of future events. All statements other than statements of current or historical fact contained in this Annual Report, including statements regarding the Company's future financial position, business strategy, budgets, projected costs and plans, and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. These statements are based on the Company's current plans, estimates and beliefs, and the Company's actual future activities and results of operations may be materially different from those set forth in the forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Any or all of the forward-looking statements in this Annual Report may turn out to be inaccurate. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, and financial needs. The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events occurring after the date hereof. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this Form 10-K.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes contained elsewhere in this Form 10-K. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Annual Report, particularly in “Risk Factors.”

INTRODUCTION

Management's discussion and analysis of financial condition and results of operations is provided as a supplement to the accompanying consolidated financial statements and related notes to aid in the understanding of our results of operations and financial condition. We have omitted discussion of our fiscal year 2023 results where it would be redundant to the discussion previously included in Item 7 of our fiscal year 2024 Annual Report on Form 10-K. Our discussion is organized as follows:

•
Executive overview. This section provides a general description of our business, as well as significant transactions and events that we believe are important in understanding the results of operations.

•
Results of operations. This section provides an analysis of our results of operations presented in the accompanying consolidated statements of income by comparing the results for the respective periods presented. Included in our analysis is a discussion of seven performance metrics:

o
(i) ounces of gold and silver sold,

o
(ii) Wholesale Sales ticket volume,

36

o
(iii) Direct-to-Consumer ticket volume:

•
(a) Direct-to-Consumer ticket volume from new customers,

•
(b) Direct-to-Consumer ticket volume from pre-existing customers,

•
(c) Direct-to-Consumer total ticket volume,

o
(iv) Direct-to-Consumer and JMB average order value,

o
(v) number of Direct-to-Consumer customers:

•
(a) Direct-to-Consumer number of new customers,

•
(b) Direct-to-Consumer number of active customers,

•
(c) Direct-to-Consumer total customers,

o
(vi) inventory turnover ratio, and

o
(vii) number of secured loans at period-end.

•
Segment results of operations. This section provides an analysis of our results of operations presented for our three segments:

o
Wholesale Sales & Ancillary Services,

o
Direct-to-Consumer, and

o
Secured Lending

comparing results for the periods presented.

•
Non-GAAP Measures. This section provides an analysis of our non-GAAP measures with a reconciliation to the most directly comparable U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) measure reported on the consolidated financial statements. The Company uses the following two non-GAAP measures:

o
"adjusted net income before provision for income taxes", and

o
"earnings before interest, taxes, depreciation, and amortization", or "EBITDA".

•
Liquidity and financial condition. This section provides an analysis of our cash flows, as well as a discussion of our outstanding debt as of June 30, 2025, sources of liquidity and the amount of financial capacity available to fund our future commitments and other financing arrangements.

•
Critical accounting policies and estimates. This section discusses critical accounting policies that are considered both important to our financial condition and results of operations and require management to make significant judgment and estimates. All of our significant accounting policies, including the critical accounting policies, are summarized in Note 2 to the Company’s consolidated financial statements.

•
Recent accounting pronouncements. This section discusses new accounting pronouncements, dates of implementation, and their expected impact on our accompanying consolidated financial statements.

EXECUTIVE OVERVIEW

Our Business

The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending.

Wholesale Sales & Ancillary Services Segment

The Company operates its Wholesale Sales & Ancillary Services segment directly and through its consolidated subsidiaries, A-Mark Trading AG (“AMTAG”), Transcontinental Depository Services, LLC ("TDS"), A-M Global Logistics, LLC (“AMGL” or "Logistics"), AM&ST Associates, LLC ("AMST" or the "Silver Towne Mint"), AM/LPM Ventures, LLC, which owns a majority interest in LPM Group Limited ("LPM"), Spectrum Group International, LLC, which was formed in February 2025 to acquire all of the stock of Spectrum Group International, Inc. ("SGI"), Pinehurst Coin Exchange, Inc. ("Pinehurst"), which was acquired in February 2025, and AM Precious Metals Singapore PTE Ltd.

37

The Wholesale Sales & Ancillary Services segment operates as a full-service precious metals company. We offer gold, silver, platinum, and palladium in the form of bars, plates, powder, wafers, grain, ingots, and coins. We sell more than 2,000 products in a variety of weights, shapes, and sizes for distribution to dealers and other qualified purchasers. We have a marketing support office in Vienna, Austria, a numismatics showroom in Hong Kong, and a trading center in El Segundo, California. The trading center, for buying and selling precious metals, is available to receive orders 24 hours every day, even when many major world commodity markets are closed. In addition to Wholesale Sales activity, A-Mark offers its customers a variety of ancillary services, including financing, storage, consignment, logistics, and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver, platinum, and palladium coins, A-Mark purchases product directly from the U.S. Mint, and it also purchases product from other sovereign mints, for sale to its customers.

Through its wholly-owned subsidiary AMTAG, the Company promotes its products and services to certain international markets.

Through our wholly-owned subsidiary TDS, we offer a variety of managed storage options for precious metals products to financial institutions, dealers, investors, and collectors around the world.

The Company's wholly-owned subsidiary AMGL is based in Las Vegas, Nevada, and provides our customers an array of complementary services, including receiving, handling, inventorying, processing, packing, and shipping of precious metals and custom coins on a secure basis.

Through its wholly-owned subsidiary AMST, the Company designs and produces minted silver products. Our Silver Towne Mint operations allow us to provide greater product selection to our customers and greater pricing stability within the supply chain, as well as to gain increased access to fabricated silver products during volatile market environments, which have historically created higher demand for precious metals products.

In February 2024, the Company acquired LPM, one of Asia's largest precious metals dealers. Headquartered in Hong Kong, LPM extends A-Mark's global reach by offering its full-service precious metals products and services in Asia and internationally.

We expanded our product portfolio in February 2025 through our acquisition of SGI, which is the parent company of Stack's Bowers Galleries, one of the world's largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products. SGI also is the majority owner of Spectrum Wine, a global auctioneer, retailer, and storage provider of fine and rare wine. SGI's financial results and metrics attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the financial results and metrics attributable to its auction and retail operations are included in our Direct-to-Consumer segment. (As used herein, and as the context may require, the term "SGI" refers to Spectrum Group International, Inc. and its successor company Spectrum Group International, LLC.)

Also in February 2025, A-Mark continued its expansion into the bullion adjacent collectible coin market through the acquisition of the remaining outstanding equity interests in Pinehurst Coin Exchange, Inc. ("Pinehurst") it did not previously own. Pinehurst is a leading precious metals broker that services the wholesale and retail marketplace and is one of the nation’s largest e-commerce retailers of modern and numismatic coins on eBay. Pinehurst markets a broad range of bullion and is a leader in selling coins produced by the U.S. Mint, the Royal Canadian Mint, and other highly regarded sovereign mints that have been evaluated by leading grading agencies. Pinehurst's financial results and metrics attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the financial results and metrics attributable to its retail operations are included in our Direct-to-Consumer segment.

Direct-to-Consumer

The Company operates its Direct-to-Consumer segment through its wholly-owned subsidiaries JM Bullion, Inc. (“JMB”), Goldline, Inc. (“Goldline”), Spectrum Group International, LLC ("SGI"), Pinehurst Coin Exchange, Inc. ("Pinehurst"), AMS Holding, LLC ("AMS"), AM LPM Singapore PTE Ltd., and through its investment in Silver Gold Bull, Inc. ("SGB"). JMB currently has several wholly-owned subsidiaries, including: Buy Gold and Silver Corp. ("BGASC"), BX Corporation ("BullionMax"), Gold Price Group, Inc. (“GPG”), Silver.com, Inc. (“Silver.com”), Provident Metals Corp. (“PMC”), and CyberMetals Corp. ("CyberMetals"). Goldline owns 100% of AM IP Assets, LLC ("AMIP"). SGB and Goldline each have a 50% ownership interest in Precious Metals Purchasing Partners, LLC ("PMPP"). As the context requires, references to JMB may include BGASC, BullionMax, GPG, Silver.com, PMC, and CyberMetals and references to Goldline may

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/GOLD/mda/fy2025/
All MD&A years: /company/GOLD/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/GOLD/mda/fy2024/): filed 2024-09-13; accession 0000950170-24-106317 (https://www.sec.gov/Archives/edgar/data/1591588/000095017024106317/amrk-20240630.htm)
- [FY 2023 MD&A](/company/GOLD/mda/fy2023/): filed 2023-09-12; accession 0000950170-23-047575 (https://www.sec.gov/Archives/edgar/data/1591588/000095017023047575/amrk-20230630.htm)
- [FY 2022 MD&A](/company/GOLD/mda/fy2022/): filed 2022-09-02; accession 0000950170-22-018068 (https://www.sec.gov/Archives/edgar/data/1591588/000095017022018068/amrk-20220630.htm)
- [FY 2021 MD&A](/company/GOLD/mda/fy2021/): filed 2021-09-13; accession 0001564590-21-047760 (https://www.sec.gov/Archives/edgar/data/1591588/000156459021047760/amrk-10k_20210630.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5094 Wholesale-Jewelry, Watches, Precious Stones & Metals) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/GOLD.md · JSON record: /company/GOLD.json · verified financials: /company/GOLD/financials.json / /company/GOLD/financials.csv · machine TOC for the whole site: /llms.txt