Gold.com (NasdaqGS:AMRK) Q2 2026 Earnings call February 05, 2026 04:30 PM ET Company ParticipantsCarrie Dixon - CFOGreg Roberts - CEOThor Gjerdrum - PresidentConference Call ParticipantsCriag Irwin - Director and Senior Research AnalystGreg Gibbs - Vice President and Senior Research AnalystMike Baker - Managing Director and Senior Research AnalystSy Jacobs - Equity Research AnalystThomas Forte - Director and Senior Consumer Internet AnalystTom Forte - Director and Senior Consumer Internet AnalystOperatorGoo ...

Gold.com (NasdaqGS:AMRK) Q2 2026 Earnings call February 05, 2026 04:30 PM ET Speaker2Good afternoon and welcome to Gold.com's conference call for the fiscal second quarter ended December 31st, 2025. My name is Paul, and I will be your operator this afternoon. Before this call, Gold.com issued its results for the fiscal second quarter 2026 in a press release, which is available in the investor relations section of the company's website at www.gold.com. You can find the link to the investor relations section ...

After having climbed roughly 7% to above $79,000 from its panickly weekend lows near the $74,000 mark, bitcoin (BTC) is again giving ground during morning U.S. trade. Bitcoin was recently changing hands at $77,100, lower by 2% over the past 24 hours. Ether (ETH) was faring worse, down to $2,260, or 4.7% lower. The selloff is occurring as gold and silver are both posting strong gains in what appears to be a real rebound from their own panicky price action last Friday. Alongside, U.S. stocks — particular ...

Key Takeaways In the world of commodity investing, category names can obscure critical strategy differences. Funds grouped under the same "broad commodities†label can behave very differently depending on how they allocate across sectors, manage risk, and navigate futures curves. Understanding those differences is essential, because they ultimately determine whether a portfolio captures diversification—or simply concentrates exposure in unexpected places. The WisdomTree Enhanced Commodity Strategy Fund (GCC) ...

Core Viewpoint - Crude oil prices have fallen to their lowest levels since early 2021 due to a significant supply glut and progress in peace talks regarding the Russia-Ukraine conflict [1][2]. Group 1: Price Movements - Brent crude futures dropped over 2.8% to below $58.86, while West Texas Intermediate (WTI) futures fell by 3.1% to below $55 [1]. - Both Brent and WTI are projected to experience yearly losses exceeding 20% as the market faces an "extraordinary oversupply" [2][3]. Group 2: Supply Dynamics - OPEC+ has increased production significantly, adding 2.9 million barrels per day from April to December, as Saudi Arabia aims to regain market share [4]. - The International Energy Agency forecasts that the oil glut could reach 3.8 million barrels per day by 2026, despite OPEC's recent decision to maintain production rates [5]. Group 3: Market Conditions - Crude tankers are currently holding over 1 billion barrels at sea, indicating difficulties in finding buyers for the oil [5]. - The market has entered a contango state, where future prices are higher than current spot prices, reflecting increased storage and financing costs [6]. Group 4: Refined Products Impact - The price pressure is also affecting refined products, with crack spreads tightening as prices for derivatives like jet fuel, gasoline, and diesel have decreased [7].

Core Viewpoint - Crude oil prices have fallen to their lowest levels since early 2021 due to a significant supply glut and progress in peace talks regarding the Russia-Ukraine conflict [1][2] Group 1: Price Movements - Brent crude futures dropped over 2.8% to below $58.86, while West Texas Intermediate (WTI) futures fell by 3.1% to below $55 [1] - Both Brent and WTI are projected to experience yearly losses exceeding 20% as the market faces an "extraordinary oversupply" [2][3] Group 2: Supply Dynamics - OPEC+ has increased production significantly, adding 2.9 million barrels per day between April and December, as Saudi Arabia aims to regain market share [4][3] - The International Energy Agency forecasts an oil glut of 3.8 million barrels per day by 2026, despite OPEC's recent decision to maintain production rates [5] Group 3: Market Conditions - Crude tankers at sea are currently holding over 1 billion barrels, indicating difficulties for sellers in finding buyers [5] - The market has entered a contango state, where future prices are higher than current spot prices, reflecting increased storage and financing costs [6] Group 4: Refined Products Impact - The price pressure is also affecting refined products, with crack spreads tightening as prices for derivatives like jet fuel, gasoline, and diesel have decreased [7]

Core Insights - Crude oil prices have fallen to levels not seen since early 2021 due to a supply glut and progress in peace talks regarding the Russia-Ukraine conflict [1][7] Price Movements - Brent crude futures dropped by 2.2% to below $59.30, while West Texas Intermediate (WTI) crude fell by 2.4% to below $55.50, marking the lowest prices since February 2021 [2] - Dubai crude oil and US Gulf Coast barrels have entered contango, indicating increased downward pressure on the oil market [3] Market Dynamics - Crack spreads have tightened as prices for crude derivatives like jet fuel and gasoline have decreased, impacting overall pricing [4] - Both Brent and WTI crude are projected to experience yearly losses exceeding 20% due to oversupply, with OPEC+ increasing production significantly [5] Future Projections - Analysts from JPMorgan Chase and Goldman Sachs predict Brent prices could fall into the $50s by 2026, with potential drops into the $40s or $30s if OPEC+ does not cut production [6]

Group 1: RBA's Hawkish Shift and Economic Indicators - The Reserve Bank of Australia (RBA) is adopting a more hawkish outlook due to recent economic data, with inflation figures exceeding forecasts and remaining above the RBA's target band [2][3] - Australia's latest inflation data shows a headline CPI increase to an annual rate of 3.8% and a trimmed mean of 3.3%, indicating "uncomfortably hot" inflation, particularly in housing and services [2] - October's household spending data revealed a 1.3% increase, the strongest monthly rise since January 2024, suggesting robust consumer activity and altering the narrative on Australia's economic caution [3] Group 2: Market Reactions and Expectations - Swaps markets are fully pricing in a 25 basis point increase in the RBA cash rate to 3.85% by November of next year, reflecting heightened expectations for rate hikes [3] - The AUD/USD currency pair has shown a bullish bias in response to these developments, indicating potential upside as it approaches resistance levels [3] Group 3: Oil Market Dynamics - The global oil market is experiencing a trend of narrowing backwardation, particularly in WTI crude futures, suggesting ample near-term supply [6][7] - WTI crude futures for November delivery settled with a 47 cent premium over the May 2026 contract, marking the narrowest spread since January of the previous year [6] - Analysts attribute this narrowing to increased supply from OPEC+ and seasonal refinery maintenance in the U.S., which is impacting demand for immediate barrels [7] Group 4: Uber's Investment in Japan - A report from Nikkei indicates that Uber plans to invest $2 billion in Japan over a five-year period, although specific details regarding the investment focus or timeline are not available [9] - Historically, SoftBank Group Corp. has had significant dealings with Uber, including substantial investments, and recently announced a joint venture with OpenAI in Japan [9]

Core Insights - The benchmark diesel price has decreased after a four-week increase, with the Department of Energy/Energy Information Administration reporting a decline of 3.7 cents per gallon to $3.831/g [1] - The diesel price surge relative to crude was attributed to sanctions against major Russian oil companies and tight global inventories [4] Price Movements - The average weekly retail diesel price fell from $3.868/g to $3.831/g, marking a decline after a previous increase of 24.8 cents [1] - The spread between ultra low sulfur diesel (ULSD) and crude benchmark Brent has narrowed from $1.1561 cents/g to 89.73 cents/g [2] Market Dynamics - The recent high spread of approximately $1.15/g was the highest since September 2023, indicating significant market volatility [3] - The market has shifted from a focus on sanctions to discussions of a peace plan in the Russia-Ukraine conflict, which may influence future price movements [5] Inventory and Contract Structures - The spread between first and second month ULSD contracts has begun to narrow, suggesting a potential increase in inventories [5] - The market has been in a backwardation structure, where front month prices are higher than subsequent months due to tight inventories [6] Spread Fluctuations - The spread fluctuated significantly, moving from negative 7.64 cents/g to negative 4.22 cents/g over several days, indicating changing market conditions [7]

Financial Data and Key Metrics Changes - In the third quarter of 2025, the company reported a profit of $40.3 million, or $0.18 per share, with an adjusted profit of $42.5 million, or $0.19 per share. This adjusted profit decreased by $37.8 million compared to the previous quarter, primarily due to a decline in time charter earnings from $283 million to $248 million [4][5] - Ship operating expenses increased by $3.1 million from the previous quarter, attributed to a decrease in supply rate and costs related to a change in ship management for seven LR2 tankers [5] - The company has strong liquidity with $819 million in cash and cash equivalents as of September 30, 2025, and no meaningful debt maturities until 2030 [6][7] Business Line Data and Key Metrics Changes - The company achieved $83,300 per day on VLCC fleet, $60,600 per day on Suezmax fleet, and $42,200 per day on LR2/Aframax fleet for the third quarter of 2025, showing significant increases compared to the previous year [3] - The average cash-based breakeven rates for the next 12 months are estimated at approximately $26,000 per day for VLCCs, $23,300 for Suezmax tankers, and $23,600 for LR2 tankers [8] Market Data and Key Metrics Changes - Oil in transit has reached record highs, with year-on-year increases in export volumes, particularly from the Americas and the Atlantic Basin [10] - The company noted logistical challenges around the trade of sanctioned export oil, which has been amplified by sanctions on companies like Lukoil and Rosneft [11] - The demand for compliant crudes, especially in the Middle East, has increased, leading to higher crude price levels [12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet while generating cash flow, with a strategy that emphasizes efficient fleet management and capitalizing on market opportunities [6][20] - The management highlighted a shift back to a VLCC-centric trade pattern, driven by positive export numbers from Brazil, Guyana, and Canada [12][20] - The company is cautious about expanding its fleet due to the current market dynamics and is considering focusing on VLCCs for future growth [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market, citing high utilization rates, strong oil exports, and limited growth in the compliant tanker fleet [20] - The company anticipates a prolonged period of tight physical shipping markets, with key fundamentals supporting continued demand [66] - Management acknowledged the volatility of the market but indicated that current conditions suggest a strong outlook for Q1 2026 [66] Other Important Information - The company has converted existing credit facilities into revolving reducing credit facilities, allowing for greater financial flexibility [7] - The average age of the fleet is seven years, consisting entirely of ECO vessels, with 56% fitted with scrubbers [7] Q&A Session Summary Question: Will the company focus on deleveraging the balance sheet while maintaining dividends? - Management indicated that they are different from peers and prefer not to operate with low loan-to-value ratios, focusing instead on generating cash quickly without aggressive debt reduction [24][25] Question: How do older ships become less efficient without being scrapped? - Management explained that older ships face high insurance costs and limited trading options, making them less efficient in the compliant oil market, which could lead to a wall of scrapping in the future [26][30] Question: What is the outlook for the dark fleet and its impact on the market? - Management noted an increase in vessels sitting idle and discussed potential solutions for recycling sanctioned vessels, indicating that the dark fleet's dynamics are complex and evolving [34][36] Question: How does the current market environment affect vessel demand? - Management highlighted that the current contango in oil pricing could extend trade lanes, positively impacting vessel demand, although they noted that floating storage is not currently a commercial strategy [41][62] Question: What is the outlook for Q1 2026 compared to Q4 2025? - Management expressed confidence that Q1 2026 could sustain strong rates due to favorable market conditions and key drivers that were not present in Q4 of the previous year [66]