Gold traded near a record and platinum extended a breakneck rally that saw it surge close to $2,000 an ounce after softer-than-expected US inflation data. The core US consumer prices index unexpectedly rose at the slowest pace since early 2021, supporting bets that the Federal Reserve will cut interest rates further. The Fed delivered its third straight rate cut last week — a tailwind for precious metals, which don’t pay interest — but has been ambiguous about the pace of monetary easing into 2026. Trader ...

Financial Data and Key Metrics Changes - Revenues for Q1 fiscal 2026 increased 36% to $3.68 billion from $2.72 billion in Q1 of last year, with a 27.6% increase excluding forward sales [8] - Gross profit for Q1 fiscal 2026 increased 68% to $72.9 million, or 1.98% of revenue, compared to $43.4 million, or 1.6% of revenue in Q1 of last year [8] - SG&A expenses for Q1 fiscal 2026 increased 125% to $59.8 million from $26.6 million in Q1 of last year [9] - Net loss attributable to the company for Q1 fiscal 2026 totaled $900,000, or $0.04 per diluted share, compared to net income of $9 million, or $0.37 per diluted share in Q1 of last year [11] - EBITDA for Q1 fiscal 2026 totaled $14.3 million, a 20% decrease compared to $17.8 million in the same quarter last year [12] Business Line Data and Key Metrics Changes - The number of gold ounces sold in Q1 fiscal 2026 was 439, up 10% from Q1 of last year and up 27% from the prior quarter [12] - Silver ounces sold in Q1 fiscal 2026 totaled 10.4 million, down 49% from Q1 of last year and down 34% from the prior quarter [13] - The number of new customers in the DTC segment was 69,400 in Q1 fiscal 2026, up 25% from Q1 of last year but down 36% from the previous quarter [13] - Total customers in the DTC segment at the end of Q1 were approximately 4.3 million, a 37% increase from the prior year [13] Market Data and Key Metrics Changes - International operations, particularly in Asia with LPM, delivered sizable contributions this quarter, indicating strong future potential [7] - Demand for gold and silver has increased significantly in September and October, reversing a trend of subdued demand in July and August [6][24] Company Strategy and Development Direction - The acquisition of Monex Deposit Company is expected to strengthen the company's DTC presence and operational synergies [3][4] - The rebranding to Gold.com aims to modernize the corporate identity and enhance operational excellence while expanding into adjacent categories [4][5] - The company is focused on integrating recent acquisitions and optimizing operations to capture economies of scale [6][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the year ahead, citing momentum from recent acquisitions and a strong balance sheet [15] - The company is well-positioned to capitalize on heightened volatility in the market and is focused on creating lasting value for shareholders [15] Other Important Information - The company has seen a significant increase in investor interest in gold and silver, which has influenced recent demand trends [4][24] - The transition to Gold.com is set to take place on December 2nd, marking a significant milestone for the company [5] Q&A Session Summary Question: Current thoughts on strategic M&A - Management is always looking for opportunities that align with overall goals and is open to expanding both domestically and internationally [17][18] Question: Thoughts on stablecoins and gold demand - Gold demand has been strong, driven by central bank buying and increased consumer interest, particularly in September and October [22][23] Question: Sustainability of recent demand trends - Management noted that customer behavior can change rapidly, and while recent demand has been strong, it remains to be seen if it will continue [29][30] Question: When will expenses start to synergize with acquisitions? - Management is focused on reducing costs and improving efficiency while integrating acquisitions, with a goal of increasing EBITDA in line with gross profit [35][36] Question: Factors behind the decision to acquire Monex - The long-standing relationship with Monex and the alignment of business models were key factors in the decision to acquire the company outright [41][42] Question: Combining DTC brands under one umbrella - Management believes in the value of maintaining distinct brands while promoting a unified corporate identity through Gold.com [45][46] Question: Logistics capacity post-M&A - The company has significantly upgraded logistics capacity and is well-positioned to handle increased demand, with the ability to ship a high volume of packages efficiently [52][53]

Vietnam ended its decades-long monopoly on bullion trade and production, the first major liberalization of the market in more than a decade https://t.co/FZZdQX9cId ...