Gold.com (GOLD) Mining Forum Americas 2026 summary

Business overview and financial performance

• Focuses on bullion, fabricated precious metals, and numismatics, operating globally with over $4 billion in assets and $450 million gross profit for FY2026.

• Operates in direct-to-consumer, wholesale, and secured lending sectors, with over 1.3 million DTC sales and $11 million in lending interest income.

• Completed 14 M&A transactions since 2018, vertically integrated across capital, mints, and logistics, and benefits from expanding margins and global volatility.

• Fully hedged against gold and silver price movements, acting as a retailer of finished goods rather than an extraction company.

• Revenue has grown over 275% in the last decade, supported by organic expansion and strategic acquisitions.

Asset classes and market positioning

• Operates in coins/collectibles, trading cards, and wine, with coins showing a 10-year return of nearly 50%.

• Largest partner and authorized distributor for major sovereign and private mints globally, including the U.S. Mint and Royal Canadian Mint.

• Runs the largest private mints in North America and manages supply-demand-driven premiums on bullion products.

• Demand for physical precious metals spikes during periods of market volatility, independent of spot price.

• Direct-to-consumer brands span the U.S., Canada, U.K., Hong Kong, and Singapore, with JM Bullion as a flagship online retailer.

Operations, logistics, and lending

• JM Bullion serves over 4 million customers, with average order value near $2,800 and scalable e-commerce model.

• Stack's Bowers Galleries is a leading coin auction house, operating globally and serving both retail and wholesale clients.

• Wholesale business generated $19 billion in revenue and $140 million profit, selling over 1.1 million ounces of gold and 45 million ounces of silver.

• Logistics arm, A-Mark Global Logistics, handles over 200,000 packages monthly with highly automated fulfillment centers.

• Secured lending business offers liquidity on bullion, numismatics, and sports cards, with average loans around $250,000 and no principal losses in 20+ years.