GOLD · CIK 0001591588
What Gold.com, Inc. (A-Mark Precious Metals) told the SEC could break it.
A-Mark's core exposure is to precious-metals prices, which drive both its trading revenue and the collateral behind its lending: when gold and silver prices fall, loan-to-value ratios rise above the prescribed maximum (usually 85%), triggering margin calls. Its revenue also carries some customer concentration — one customer was more than 10% of fiscal 2025 revenue, generally tied to large forward-contract activity. Beyond the U.S., it derives a significant portion of business abroad, particularly in China through its LPM acquisition, adding foreign-operations and geopolitical risk, and it flags 2025 tariffs — Executive Order 14257's 10% baseline plus country-specific reciprocal rates of 11-50% — that could raise the cost of its gold and silver products and prices for foreign customers.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- gold/silver precious-metals price exposure (trading + loan collateral)high
Revenue and lending collateral values are driven by precious-metals spot prices; a decline in metal prices raises loan LTV ratios and triggers margin calls, while price swings drive trading revenue.
“When the market price of the pledged collateral decreases and thereby increases the LTV ratio of a loan above a prescribed maximum ratio, usually 85%, the Company has the option to make a margin call on the loan.”
Customer concentration
- one customer >10% of revenuemedium
For FY2025 one customer accounted for more than 10% of revenue, generally tied to significant forward-contract sales activity.
“For the year ended June 30, 2025, we had one customer that comprised more than 10% of our revenues.”
SEC filing →As of 2025
Geographic concentration
- foreign operations, particularly China (LPM acquisition)medium
A significant portion of business is outside the U.S., particularly in China via the LPM acquisition, exposing the company to foreign-operations and geopolitical risk.
“We derive a significant portion of our business outside the United States, and are subject to the risk of foreign operations, particularly in the Peoples Republic of China as a result of our acquisition of LPM.”
Regulatory & policy
- 2025 tariffs (EO 14257 baseline + reciprocal) raising metal product costsmedium
April 2025 Executive Order 14257 imposed a 10% baseline tariff plus country-specific reciprocal tariffs of 11-50%, which could raise the cost of gold and silver products and prices for foreign customers.
“On April 2, 2025, a date called by President Trump “Liberation Day,” President Trump issued Executive Order 14257, which imposed a 10% “baseline” tariff for nearly all U.S. trading partners, and additional country specific “reciprocal tariffs” ranging between 11% and 50%.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement, which combined the Company's Nevada mining operations with Barrick's Nevada mining operations resulting in the establishment of NGM, a joint venture with Barrick, who is the operator”
Cited →“The Kibali gold mine is owned by Kibali Goldmines which is a joint venture between Barrick Mining Corporation (45%), AngloGold Ashanti (45%) and SOKIMO (10%) which represents the interest of the DRC government.”
Cited →
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