A-Mark Precious Metals is a fully integrated precious metals company that trades physical gold, silver, platinum, palladium, and copper bullion — bars, coins, and rounds — to wholesale and retail customers globally. The core of the business is a wholesale trading operation that acts as a principal market maker, buying and selling bullion to and from dealers, banks, mints, refiners, and financial institutions. A-Mark is an authorized purchaser for all major sovereign mints, including the U.S. Mint, the Perth Mint, and the Royal Canadian Mint. Alongside wholesale, A-Mark operates a large direct-to-consumer (DTC) business, selling precious metals online through brands including JM Bullion, ProvidentMetals, and Silver Gold Bull. The DTC segment generates a disproportionate share of gross profit relative to revenue, given that retail customers pay higher premiums over spot prices than wholesale customers do. A-Mark also runs a secured lending business through its CFC subsidiary, which makes short-term commercial loans collateralized by bullion, numismatic coins, and graded sports cards. A key feature of the model is that A-Mark hedges its inventory daily, so earnings are largely decoupled from the direction of precious metal prices — what drives profitability is demand and volatility, which expand premiums. A-Mark has grown through acquisitions, including Stack's Bowers Galleries, one of the world's largest rare coin auction houses, and LPM, Asia's largest precious metals dealer. A-Mark's total DTC customer base stands at approximately 4.2 million customers.