Core Insights - Gold prices reached $4,000 an ounce for the first time, driven by persistent inflation, a government shutdown, and geopolitical risks [1][4] - Gold has surged over 50% this year, influenced by fears of a prolonged funding crisis and escalating trade tensions [10][19] - The demand for gold has increased significantly from both governments and consumers, with central banks, particularly in China and Russia, boosting their reserves [2][24] Price Movements - Gold futures briefly peaked at $4,005.80 before settling just below that level [1][8] - Spot gold traded at $4,002.10, reflecting a 0.6% increase [2][22] - Silver prices also rose by 1.3% to $48.22, while the dollar index fell by 0.4% [3][22] Market Sentiment - Investors are increasingly viewing gold as a hedge against inflation and political uncertainty, reminiscent of the inflationary environment of the 1970s [6][19] - Prominent investors like Ray Dalio and Ken Griffin have expressed concerns about the long-term stability of the US dollar and the implications of fiscal policies [3][7] - The trend of investing in gold is seen as a response to fears of currency depreciation and market volatility [6][22] Central Bank Activity - Central banks are accumulating gold at a record pace, with over 70% of monetary authorities planning to increase their gold holdings this year [24] - The trend is particularly strong among countries like China, India, and Turkey, indicating a strategic shift in reserve management [24] Economic Context - The current economic environment is characterized by high inflation, record borrowing, and heavy government spending, prompting a flight to hard assets like gold [6][19] - The S&P 500 has risen about 14% this year, but the parallel rise in gold prices suggests underlying investor anxiety about future economic conditions [20][22]

Market Overview - The U.S. stock market has reached record highs following the Fed's first rate cut of the year, reducing rates by 25 basis points to 4-4.25% [1] - The Fed's indication of potential further cuts through 2026 and 2027 has bolstered investor confidence in supportive monetary policy despite slowing growth [1] Investment Strategy - Relative price strength is emphasized as a strategy to identify market leaders likely to outperform [2] - Stocks such as Tutor Perini Corporation (TPC), RF Industries, Ltd. (RFIL), and A-Mark Precious Metals, Inc. (AMRK) are recommended based on their relative price strength [2] Stock Performance Metrics - A stock's potential for returns is primarily assessed through earnings and valuation ratios, alongside its price performance relative to peers [3] - Stocks outperforming their industries or benchmarks should be included in investment portfolios for higher return potential [4] Earnings Estimates and Analyst Sentiment - Stocks that have outperformed the S&P 500 over the past 1 to 3 months and show solid fundamentals are considered optimal for investment [5] - Positive revisions in earnings estimates are crucial, as upward revisions typically lead to price gains [6] Screening Parameters - Stocks must show positive relative price changes over 12 weeks, 4 weeks, and 1 week, alongside positive current-quarter estimate revisions [7] - Only Zacks Rank 1 (Strong Buy) stocks, which have historically outperformed the S&P 500, are included in the screening process [8] Company-Specific Insights - Tutor Perini Corporation (TPC) has a 2025 earnings estimate indicating 220.8% growth, with shares up 153.1% over the past year [9][11] - RF Industries (RFIL) projects a 422.2% growth in 2025 earnings, with shares surging 132.2% in a year [9][13] - A-Mark Precious Metals (AMRK) has a 2026 earnings estimate showing 58.1% year-over-year growth, although shares have declined by 40.3% in the past year [9][15]

Core Viewpoint - Wellfield Technologies Inc. and Leonovus Inc. are progressing with a Reverse Take-Over (RTO) transaction involving Tradewind Markets Inc., which will result in Leonovus acquiring Tradewind in exchange for approximately 151,562,500 pre-consolidated common shares, leading to a name change to "Tradewind Precious Metals Exchange Inc." [2][3][12] Group 1: Transaction Details - The RTO will involve Wellfield receiving approximately 24,250,000 Leonovus Shares on a post-consolidation basis, subject to adjustments for Tradewind's net debt at closing [2][12] - Wellfield is entitled to a C$2,000,000 earnout, payable in 10,000,000 Resulting Issuer Shares if certain milestones are met within two years post-transaction [3][4] - The transaction includes an intellectual property support agreement valued at approximately C$1,000,000 and a non-competition agreement for five years [4] Group 2: Financing and Offering - Leonovus and FinanceCo have engaged Research Capital Corporation for a private placement offering aiming for minimum gross proceeds of C$5,000,000 [5][8] - The offering will consist of Debt Equity Subscription Receipts priced at C$2,000 and Equity Subscription Receipts priced at C$0.20 [7][10] - The proceeds from the offering will be allocated for purchasing physical gold and for working capital [28] Group 3: Tradewind's Business Model - Tradewind's VaultChain™ Gold and VaultChain™ Silver programs facilitate digital purchase and secure storage of physical precious metals, currently holding over CAD $334,000,000 in customer assets [6][15] - The platform aims to enhance transaction efficiency by removing traditional intermediaries and is designed for low-cost transactions [6][20] - Future enhancements will include a regulated trading platform for tokenized precious metals and a yield mechanism for VaultChain™ Gold [6][19] Group 4: Market Position and Strategy - Tradewind is positioned to capitalize on the gold market, which sees average daily trading volumes of $145 billion, by combining blockchain technology with the Royal Canadian Mint's custodial expertise [20][24] - The platform aims to simplify the gold purchasing process for various market participants, including gold dealers and retail customers [17][21] - The integration of blockchain technology with traditional finance is expected to redefine gold ownership and trading, enhancing liquidity and accessibility [21][24]

Core Points - Goldmoney Inc. has announced a normal course issuer bid (NCIB) to purchase up to 777,262 common shares, representing approximately 10% of the company's public float as of September 10, 2025 [1][5] - The NCIB will commence on September 23, 2025, and will terminate on September 22, 2026, unless the shares sought have been repurchased earlier [2] - The shares will be purchased on the open market through the Toronto Stock Exchange (TSX) and alternative Canadian trading systems at prevailing market rates [3] - Goldmoney can repurchase a maximum of 1,000 shares per trading day, or 25% of its average daily trading volume (ADTV), which is 3,657 shares [4] - The Board of Directors believes that repurchasing shares may enhance shareholder value and is in the best interest of the company and its shareholders [5] - Goldmoney previously conducted an NCIB from September 23, 2024, to September 22, 2025, repurchasing 864,800 shares at an average price of $8.33 [6] - Goldmoney Inc. is a TSX-listed company involved in precious metals trading, jewelry manufacturing, coin retailing, and property investment [7]

Core Insights - The recent surge in gold prices has heightened the value of gold collections, prompting collectors to consider better security measures for their assets [1][2]. Group 1: Gold Price Trends - The spot price of gold exceeded $3,700 per ounce, reflecting an increase of over $1,000, or 38%, this year, compared to two years ago when the price was approximately half [2]. - This significant price increase has led to a greater focus on the security of gold holdings, as collectors seek to protect their investments [2][3]. Group 2: Storage Recommendations - For small amounts of gold, it is suggested to store them in a discreet safe at home, as traditional safes may attract thieves [4]. - It is advised that collectors have a trusted person aware of the gold's location, as homeowners' insurance often has low coverage limits for gold, sometimes around $200 [5]. - Larger amounts of gold should ideally be stored in a trusted depository, as keeping significant quantities at home is not recommended [6][11]. - Specialized companies offer storage and insurance for precious metals, with fees typically based on the value of the holdings [12][13]. Group 3: Security Practices - Regardless of the storage method chosen, maintaining secrecy about gold holdings is crucial to avoid potential risks [13][14]. - Collectors are advised not to disclose details about their gold possessions to neighbors or others, as this can lead to security vulnerabilities [15].

Core Viewpoint - The recent turmoil in the Shenzhen gold trading market, particularly involving the company "Yue Baoxin," has exposed the hidden risks of high-leverage gambling practices in the industry, coinciding with a significant rise in gold prices. Group 1: Company Overview - "Yue Baoxin" was located in a building where many gold and jewelry businesses operated, primarily catering to industry insiders and speculators [6][10] - The company has been reported to have closed down, leaving behind a disorganized office space and a fish tank with "wealth-attracting" goldfish still swimming [8][12] - Another company, "Shichuang Xincheng," has also been found to be vacant for a longer period and is in the process of being re-rented, indicating a broader trend of instability in the market [8][10] Group 2: Market Dynamics - The gold price in the Shenzhen market reached a high of 839 yuan per gram, up from 700 yuan per gram six months prior, reflecting a significant increase of 19.86% [17] - The market has been characterized by various speculative practices, including short selling and leveraging, which have contributed to the current crisis [6][14] - The "gold price locking" model, which allows investors to secure gold at a predetermined price with minimal upfront capital, has been likened to a form of gambling, with leverage ratios reaching as high as 80 times [15][19] Group 3: Regulatory Concerns - The lack of regulatory oversight in the gold trading sector has been highlighted, with many companies operating in a gray area, leading to potential illegal activities [20][22] - The current legal framework does not adequately address the risks associated with the "gold price locking" model, which has evolved into a high-risk speculative practice [21][22] - Recommendations have been made to increase the barriers to entry for gold trading businesses to prevent further incidents of financial misconduct [20][22]

Core Insights - Investor sentiment remains bullish despite higher inflation due to tariff policies, with the Federal Reserve expected to lower interest rates for the first time this year as the labor market deteriorates [1] Group 1: Stock Recommendations - A-Mark Precious Metals, Inc. (AMRK) is recommended, with a projected earnings increase of 58.1% year-over-year for fiscal 2026 and a 20% upward revision in broker ratings over the past four weeks [7][9] - Daktronics, Inc. (DAKT) is highlighted, expecting a 28.2% earnings growth for fiscal 2026, supported by a 33.3% broker rating upgrade [10][9] - Ranger Energy Services, Inc. (RNGR) is also noted, with anticipated earnings growth of 53.1% year-over-year in 2025 and a 33.3% increase in broker ratings recently [12][9] Group 2: Broker Insights - Brokers provide valuable insights by engaging with top management, analyzing public filings, and participating in conference calls, which helps in evaluating company fundamentals in the context of current economic conditions [3] - While broker stock upgrades are significant, they should not be the sole basis for portfolio construction; additional factors must be considered for long-term returns [4] Group 3: Stock Screening Strategy - A screening strategy is proposed that includes stocks with broker rating upgrades of 1% or more over the last four weeks, current prices above $5, and an average 20-day volume greater than 100,000 [5] - Stocks with a Zacks Rank of 1 (Strong Buy) or 2 (Buy) have a proven record of success, especially when combined with a VGM Score of A or B [6]

Core Viewpoint - A-Mark Precious Metals (AMRK) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is effective for individual investors as it focuses on earnings estimate revisions, which are crucial for near-term stock price movements [2][4]. - A-Mark's upgrade reflects an optimistic earnings outlook, likely leading to increased buying pressure and a rise in stock price [3][5]. Impact of Institutional Investors - Changes in earnings estimates are closely correlated with stock price movements, largely due to institutional investors who adjust their valuations based on these estimates [4]. Earnings Estimate Revisions for A-Mark - A-Mark is projected to earn $3.43 per share for the fiscal year ending June 2026, with no year-over-year change expected [8]. - Over the past three months, the Zacks Consensus Estimate for A-Mark has increased by 26.1%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - A-Mark's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Viewpoint - Gunvor is expanding its precious metals business from trading derivatives to physical metal, hiring specialists in London and Singapore amid a significant rise in gold prices since late 2022 [1][3]. Group 1: Business Expansion - Gunvor is developing the full value chain from gold and silver concentrates to refined bars, with key traders already in place [2]. - The company has been trading precious metals derivatives but is now moving into physical metal trading [3]. - The precious metals business has been growing over the past year, particularly after hiring Oliver Martin from Anglo American in Singapore [4]. Group 2: Market Context - Gold prices have doubled since late 2022, with spot gold reaching a record high of $3,674 per troy ounce [1]. - Global gold market trading volumes averaged $329 billion a day in the first half of 2025, marking the highest semi-annual value since 2018 [1]. Group 3: Financial Performance - Gunvor's net profit for the first half fell 71% year-on-year to $121 million due to oil oversupply and increased competition [5]. Group 4: Competitive Landscape - Other companies, such as Mitsui & Co and Societe Generale, are also expanding their precious metals businesses, indicating a competitive market [5]. - Gunvor's physical bullion business is led by Gregory Frith, who has extensive relationships in the refinery and end-buyer markets [6].

Financial Data and Key Metrics Changes - For fiscal year 2025, the company reported net income of $17.3 million, with non-GAAP adjusted net income before provision for income taxes at $53.1 million and diluted EPS of $0.71 per share [3][14] - In Q4 fiscal 2025, net income was $10.3 million, with non-GAAP adjusted net income before provision for income taxes at $19.2 million and diluted EPS of $0.41 per share [3][14] - Revenue for Q4 decreased by 1% to $2.51 billion, while for the full year, revenue increased by 1.3% to $10.98 billion [6][7] - Gross profit for Q4 increased by 90% to $81.7 million, while for the full year, it increased by 22% to $210.9 million [7][8] - SG&A expenses for Q4 increased by 135% to $53.4 million, and for the full year, they increased by 55% to $139 million [8][9] - Interest income for Q4 decreased by 34% to $5.3 million, while for the full year, it decreased by 4% to $25.9 million [11][13] - EBITDA for Q4 totaled $29.2 million, a 24% decrease compared to the previous year, while for the full year, it totaled $64.4 million, a 40% decrease [15] Business Line Data and Key Metrics Changes - The company sold 346,000 ounces of gold in Q4, down 23% year-over-year, and 1.6 million ounces for the full year, down 11% [16] - Silver sales in Q4 totaled 15.7 million ounces, down 38% year-over-year, and 73.6 million ounces for the full year, down 32% [16] - The number of new customers in the DTC segment for Q4 was 108,900, down 81% year-over-year, while for the full year, it increased by 57% to 1,129,200 [17][18] - The DTC segment average order value for Q4 was $2,443, down 15% year-over-year, while for the full year, it was $2,886, up 19% [19] Market Data and Key Metrics Changes - The company has made significant progress in expanding into Asia, with LPM Group Limited fully operational in Singapore [5] - The total number of customers in the DTC segment at the end of Q4 was approximately 4.2 million, a 37% increase from the prior year [18] Company Strategy and Development Direction - The company aims to optimize expenses and create greater operating leverage through recent acquisitions and integration initiatives [4][5] - The focus is on expanding into higher margin collectible and luxury segments while strengthening distribution channels [5] - The company is open to future acquisitions while balancing capital allocation between inventory and acquisitions [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in the market, including higher spot prices and premium spreads, but expressed optimism about integration efforts and cost reductions [24] - The company is positioned to capture growth across multiple channels in the upcoming fiscal year [5] - Management highlighted the importance of volatility and uncertainty in the equity markets as favorable conditions for their business [34] Other Important Information - The company has completed significant upgrades to its Las Vegas distribution center, with 95% completion on infrastructure and ongoing software integration [29] - The company is actively managing inventory levels and carrying costs in response to market conditions [35] Q&A Session Summary Question: Current cycle position - Management indicated that the market has shown strength in April but slowed down in May and June, with ongoing challenges related to higher carrying costs and premium spreads [24] Question: Strategic M&A opportunities - Management is always looking for opportunities and believes they are ready to digest more acquisitions if suitable opportunities arise [25][26] Question: Countercyclical efforts - Management reported success in the rare coin auction market, indicating that the strategy is proving beneficial [28] Question: Las Vegas distribution center upgrades - Management confirmed that the distribution center is 95% complete, with operational capacity and cost savings meeting expectations [29] Question: Environment for business - Management noted that a good environment includes volatility and uncertainty in equity markets, which drives demand for precious metals [34] Question: Impact of tariffs - Management explained that tariffs have caused disruptions and increased costs related to sourcing metals from abroad [37][38] Question: Gross margin drivers - Management attributed improved gross profit margins to the integration of higher margin businesses from recent acquisitions [40] Question: International market exposure - Management expressed optimism about growth opportunities in Asia, particularly through the LPM Group Limited acquisition [46][47]