巴里克黃金 (GOLD) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to Gold.com's conference call for the fiscal second quarter ended December 31, 2025. My name is Paul, and I will be your operator this afternoon.

下午好，歡迎參加 Gold.com 截至 2025 年 12 月 31 日止之 2026 財政年度第二季電話會議。我叫 Paul，今天下午將擔任各位的會議主持人。

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 at the top of the homepage.

在本次電話會議之前，Gold.com 已透過新聞稿公布 2026 財政年度第二季的業績，新聞稿可於公司網站 www.gold.com 的投資人關係（Investor Relations）專區取得。您可在首頁頂端找到投資人關係專區的連結。

Joining us for today's call are Gold.com's CEO, Greg Roberts; President, Thor Gjerdrum; and CFO, Cary Dickson. Following their remarks, we will open the call for your questions. Then before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call.

出席今天電話會議的有 Gold.com 執行長 Greg Roberts、總裁 Thor Gjerdrum，以及財務長 Cary Dickson。在他們致詞後，我們將開放提問。在結束會議前，我也將提供管理層於本次會議中所作前瞻性陳述的必要注意事項。

I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Gold.com's website.

提醒各位，本次電話會議將進行錄音，並將透過 Gold.com 網站投資人關係專區中的連結提供重播。

Now I would like to turn the call over to Gold.com's CEO, Mr. Greg Roberts. Sir, please proceed.

現在我想把電話會議交給 Gold.com 執行長 Greg Roberts 先生。先生，請開始。

Thank you, Paul, and good afternoon to everyone. Thank you again for joining us today for our first earnings call as Gold.com.

謝謝你，Paul，各位下午好。再次感謝各位今天參加我們以 Gold.com 名義舉行的第一場法說會。

This is a truly historic moment for our company and I'm excited to officially address you under our new corporate identity following the successful completion of our rebrand to Gold.com as well as the New York Stock Exchange relisting in December. This transition represents far more than a name change. It encapsulates our corporate identity as the most trusted and globally-recognized precious metals platform and our commitment to delivering value for our customers, partners and, of course, our shareholders.

這對我們公司而言是極具歷史意義的一刻；在我們成功完成品牌重塑、更名為 Gold.com，以及於 12 月在紐約證券交易所重新掛牌之後，我很高興能以新的企業識別正式向各位致意。這次轉型遠不只是改名。它體現了我們作為最受信賴、全球最具辨識度的貴金屬平台之企業定位，以及我們為客戶、合作夥伴，當然也為股東創造價值的承諾。

It also represents our evolution as a category leader with a diversified portfolio spending -- spanning precious metals, numismatics, wine and other high-value collectibles as well as alternative assets, and this is all supported by a vertically integrated operating model and a growing global footprint.

這也代表我們作為品類領導者的演進，擁有多元化的產品組合——涵蓋貴金屬、錢幣收藏（numismatics）、葡萄酒及其他高價值收藏品，以及另類資產；而這一切均由垂直整合的營運模式與持續擴大的全球版圖所支撐。

I'm excited to share that we have entered into an agreement with an affiliate of Tether Investments, whereby Tether will be purchasing approximately $125 million of Gold.com's common shares at an issue price of $44.50. And they have agreed to purchase approximately $25 million more of our shares at the same price following regulatory clearance. We and Tether are extremely excited to enter into certain other mutually-beneficial commercial commitments.

我很高興分享，我們已與 Tether Investments 的關係企業達成協議，Tether 將以每股 44.50 美元的發行價格，購買約 1.25 億美元的 Gold.com 普通股；並同意在取得監管核准後，以相同價格再額外購買約 2,500 萬美元的本公司股份。我們與 Tether 也非常期待就其他互利的商業合作承諾展開合作。

I'll touch on the details of the transactions before turning to the quarter.

在進入本季表現之前，我先簡要說明本次交易的細節。

Tether is one of the largest owners of gold globally and sponsors the largest dollar-backed stablecoin, USDT, and the largest gold-backed stable coin, XAUT, in the world. As part of the transaction, Tether is entitled to nominate a member to the Board of Directors of Gold.com. It is expected that Tether will provide Gold.com with a gold leasing facility of no less than $100 million.

Tether 是全球最大的黃金持有者之一，並發行全球最大的美元掛鉤穩定幣 USDT，以及全球最大的黃金掛鉤穩定幣 XAUT。作為交易的一部分，Tether 有權提名一名成員加入 Gold.com 董事會。預期 Tether 將向 Gold.com 提供不低於 1 億美元的黃金租賃融資額度。

The companies are also expected to enter into agreements for Gold.com to provide storage and utilize logistics and for Gold.com to offer Tether stablecoins through its DTC channels. Gold.com has agreed to invest $20 million of the proceeds raised from this investment in Tether's XAUT stablecoin. Tether's minority investment in Gold.com validates our strategy to be the vertically integrated leader in physical bullion and to offer the industry's most comprehensive precious metals platform.

雙方亦預期將簽訂協議，由 Gold.com 提供保管服務並使用物流資源，且 Gold.com 將透過其 DTC（直接面向消費者）通路提供 Tether 的穩定幣。Gold.com 已同意將本次投資募集資金中的 2,000 萬美元投資於 Tether 的 XAUT 穩定幣。Tether 對 Gold.com 的少數股權投資，驗證了我們成為實體金銀垂直整合領導者、並提供業界最完整貴金屬平台的策略。

This investment builds upon our 60-plus year legacy and expands our reach beyond traditional bullion into cryptocurrency. The proceeds from this transaction will provide us with increased funding and flexibility to strengthen our balance sheet by further developing our portfolio of category-leading brands. We look forward to Tether's continued support and partnering with their team to potentially develop additional innovative, mutually beneficial commercial opportunities.

這項投資建立在我們 60 多年的傳承之上，並將我們的觸角從傳統金銀延伸至加密貨幣領域。本次交易所得款項將為我們提供更多資金與彈性，以透過進一步發展各品類領先品牌來強化資產負債表。我們期待 Tether 持續支持，並與其團隊合作，進一步開發更多創新且互利的商業機會。

Now turning to the quarter. Our second-quarter results demonstrate our ability to successfully navigate rapidly evolving market conditions. During the quarter, we experienced an increase in consumer demand across our platforms. Premium spreads remained tight through the end of 2025 and backwardation in the silver market contributed to trading losses and higher interest expense due to increases in product financing and precious metals lease rates.

接著談本季表現。我們第二季的業績展現了在市場環境快速變化下成功因應的能力。本季期間，我們各平台的消費者需求增加。溢價價差（premium spreads）在 2025 年底前仍維持緊縮，而白銀市場的逆價差（backwardation）導致交易虧損，並因產品融資與貴金屬租賃利率上升而使利息費用增加。

Despite these headwinds, we delivered $11.6 million in net income and earnings of $0.46 per diluted share, demonstrating the resilience of our business model and our disciplined approach to managing market volatility.

儘管面臨這些逆風，我們仍達成 1,160 萬美元的淨利，稀釋後每股盈餘為 0.46 美元，展現我們商業模式的韌性，以及在管理市場波動方面的紀律。

As announced last week, we also closed the acquisition of Monex Deposit Company. Monex's large and loyal customer base, along with its well-established storage and services platforms, strengthens our offerings and expands our ability to serve customers across the full precious metals value chain. We are making meaningful progress in optimizing our expense structure as well as unlocking synergies from all of our recent acquisitions.

如上週所宣布，我們也完成對 Monex Deposit Company 的收購。Monex 龐大且忠誠的客戶基礎，加上其成熟的保管與服務平台，強化了我們的產品與服務，並提升我們在整個貴金屬價值鏈中服務客戶的能力。我們在優化費用結構方面取得實質進展，同時也持續釋放近期各項收購所帶來的綜效。

Integration efforts continue to advance with our AMGL facility in Las Vegas, operating at increased capacity and delivering the operational leverage we anticipated. Internationally, we are seeing encouraging signs of growth and remain committed to expanding our international presence.

整合作業持續推進；我們位於拉斯維加斯的 AMGL 設施以更高產能運作，並帶來我們所預期的營運槓桿效益。在國際市場方面，我們看到令人鼓舞的成長跡象，並仍致力於擴大國際布局。

At the end of the second quarter, we increased our equity interest in UK-based Atkinsons Bullion & Coins with an additional 24.5% investment, bringing our total ownership to 49.5%. Since our initial investment in 2023, we have been very impressed by the Atkinsons team and the business' sustained success across Europe.

在第二季末，我們對英國 Atkinsons Bullion & Coins 追加投資 24.5% 股權，使我們的總持股比例提升至 49.5%。自 2023 年首次投資以來，我們對 Atkinsons 團隊及其在歐洲持續成功的表現印象深刻。

Moving on, performance at LPM in Hong Kong and our new location in Singapore also remains incredibly strong with both retail showroom activity and wholesale trading volumes showing positive momentum. Asia continues to represent an attractive long-term growth opportunity for Gold.com, and we remain focused on expanding our footprint across that region.

接著，香港 LPM 以及我們在新加坡的新據點表現依然非常強勁，無論是零售展示間的來客活動或批發交易量皆呈現正向動能。亞洲仍是 Gold.com 具吸引力的長期成長機會，我們將持續聚焦於擴大該區域的布局。

Looking ahead to fiscal third quarter, consumer demand remains elevated, and we have experienced an expansion of premium spreads. The problem with backwardation in Q2 has eased, and we're starting to see the markets move back towards contango, which is a positive for our trading business. We continue to benefit from our strong balance sheet and the ability to adjust weekly production levels across our minting operations to manage our inventory levels and to keep up with demand.

展望 2026 財政年度第三季，消費者需求仍維持高檔，我們也觀察到溢價價差擴大。第二季的逆價差問題已趨緩，我們開始看到市場朝向正價差（contango）回歸，這對我們的交易業務是正面因素。我們持續受惠於強健的資產負債表，以及能夠在鑄造營運中按週調整產量，以管理庫存水位並滿足需求。

I will now turn the call over to our CFO, Cary Dickson, who will provide an overview of our financial performance. Then our President, Thor Gjerdrum, will discuss key operating metrics. I will then provide further insights into the business and growth strategies followed by taking your questions.

接下來我將把電話會議交給財務長 Cary Dickson，由他概述我們的財務表現。之後，我們的總裁 Thor Gjerdrum 將說明關鍵營運指標。接著我會再補充對業務與成長策略的進一步看法，然後開放各位提問。

Cary, jump in.

Cary，請接著說。

Thank you, Greg, and I hope everyone is having a great afternoon.

謝謝你，Greg，也希望各位下午一切順利。

Our revenues for fiscal Q2 '26 increased 136% to $6.5 billion from $2.7 billion in Q2 of last year. Excluding an increase of $2.5 billion of forward sales, our revenues increased $1.2 billion or 69% which was due to higher average selling prices of gold and silver as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold.

我們 2026 財政年度第二季營收年增 136%，由去年第二季的 27 億美元增至 65 億美元。若排除遠期銷售增加 25 億美元的影響，營收增加 12 億美元（或 69%），主要來自黃金與白銀平均售價上升，以及黃金銷售盎司數增加；但部分被白銀銷售盎司數下降所抵銷。

For the six-month period, our revenues increased 86% to $10.1 billion from $5.4 billion in the same year-ago period. Excluding an increase of $3 billion of forward sales our revenues increased $1.6 billion or 50.3%, which is due to higher average selling prices of gold and silver as well as increase in gold ounces sold, partially offset by a decrease in silver ounces sold.

就六個月期間而言，我們的營收較去年同期由 54 億美元增加 86% 至 101 億美元。若排除遠期銷售增加 30 億美元的影響，我們的營收增加 16 億美元或 50.3%，主要係因黃金與白銀平均銷售價格上升以及黃金銷售盎司數增加所致，惟部分被白銀銷售盎司數下降所抵銷。

Revenues also increased in both the three-month and the six-month periods due to acquisitions of SGI, Pinehurst and AMS in the last two quarters of fiscal '25.

由於在 2025 會計年度最近兩個季度收購 SGI、Pinehurst 與 AMS，三個月及六個月期間的營收亦均有所增加。

Gross profit for fiscal Q2 '26 increased 109% to $93 million or 1.44% of revenue from $44.8 million or 1.63% of revenue in Q2 of last year. The increase was due to an increase in gross profit driven by both the Wholesale Sales & Ancillary segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst and AMS, which were not included in the same year-ago period, partially offset by lower trading profits.

2026 會計年度第二季的毛利增加 109% 至 9,300 萬美元（占營收 1.44%），高於去年第二季的 4,480 萬美元（占營收 1.63%）。此增幅係因批發銷售與附屬業務部門以及直達消費者部門的毛利均增加所帶動，其中包括收購 SGI、Pinehurst 與 AMS（去年同期未納入），惟部分被較低的交易利潤所抵銷。

For the six-month period, gross profit increased 88% to $166.3 million or 1.64% of revenue from $88.2 million or 1.62% of revenue in the same year-ago period. The increase was due to an increase in gross profit earned by both the Wholesale Sales & Ancillary segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst and AMS, which were not included in the same year-ago period, partially offset by lower trading profits.

就六個月期間而言，毛利增加 88% 至 1.663 億美元（占營收 1.64%），高於去年同期的 8,820 萬美元（占營收 1.62%）。此增幅係因批發銷售與附屬業務部門以及直達消費者部門的毛利均增加所致，其中包括收購 SGI、Pinehurst 與 AMS（去年同期未納入），惟部分被較低的交易利潤所抵銷。

SG&A expenses for fiscal Q2 '26 increased 132% to $59.8 million from $25.8 million in Q2 of last year. The change is primarily due to an increase in compensation expense, including performance-based accruals of $21 million, higher advertising costs of $5 million, an increase in consulting and professional fees of $2.7 million, an increase in facility expense of $1.3 million.

2026 會計年度第二季的銷售、一般及行政（SG&A）費用較去年第二季由 2,580 萬美元增加 132% 至 5,980 萬美元。此變動主要係因薪酬費用增加（包括 2,100 萬美元以績效為基礎的應計項目）、廣告成本增加 500 萬美元、顧問及專業費用增加 270 萬美元，以及設施費用增加 130 萬美元。

SG&A expenses for the three months ended December 31, '25 included $30 million worth of expenses that were incurred related to SGI, Pinehurst, and AMS. So they accounted for the bulk of the increase, which were not included in the same year-ago period as they were not consolidated subsidiaries.

截至 2025 年 12 月 31 日止三個月的 SG&A 費用包含與 SGI、Pinehurst 及 AMS 相關而發生的 3,000 萬美元費用。因此其占增幅的大部分；由於其當時並非合併子公司，去年同期並未納入。

For the six-month period, SG&A expenses increased 128% to $120 million from $52.4 million in the same year-ago period. The change was primarily due to an increase in compensation expense, including performance-based accruals of $41 million, higher advertising cost of $10 million, an increase in consulting and professional fees of $6.7 million and an increase in facilities expense of $2.6 million.

就六個月期間而言，SG&A 費用較去年同期由 5,240 萬美元增加 128% 至 1.20 億美元。此變動主要係因薪酬費用增加（包括 4,100 萬美元以績效為基礎的應計項目）、廣告成本增加 1,000 萬美元、顧問及專業費用增加 670 萬美元，以及設施費用增加 260 萬美元。

SG&A expenses for the six months ended December 31, '25 included $60 million of expenses incurred by SGI, Pinehurst and AMS, which were not included in the same year-ago period. Depreciation and amortization expense for fiscal Q2 '26 increased by 65% to $7.6 million from $4.6 million in the same year-ago quarter.

截至 2025 年 12 月 31 日止六個月的 SG&A 費用包含由 SGI、Pinehurst 與 AMS 發生的 6,000 萬美元費用，去年同期並未納入。2026 會計年度第二季的折舊與攤銷費用增加 65% 至 760 萬美元，高於去年同期的 460 萬美元。

The change is primarily due to a $3.2 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst and AMS and $1.6 million increase in depreciation expense, partially offset by a $1.8 million decrease in intangible asset amortization from JMB and Silver Gold Bull.

此變動主要係因透過收購 SGI、Pinehurst 與 AMS 所取得之無形資產相關攤銷費用增加 320 萬美元，以及折舊費用增加 160 萬美元，惟部分被 JMB 與 Silver Gold Bull 的無形資產攤銷減少 180 萬美元所抵銷。

For the six-month period, depreciation and amortization expense increased 63% to $15.2 million from $9.4 million in the same year-ago period. The change is primarily due to a $6.4 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst and AMS.

就六個月期間而言，折舊與攤銷費用增加 63% 至 1,520 萬美元，高於去年同期的 940 萬美元。此變動主要係因透過收購 SGI、Pinehurst 與 AMS 所取得之無形資產相關攤銷費用增加 640 萬美元。

And a $3.1 million increase in depreciation expense, partially offset by a $3.7 million decrease in intangible asset amortization from JMB and SGB. Interest income for fiscal Q2 '26 decreased by 15% to $5.8 million from $6.8 million in the same year-ago period. The decrease was due to a decrease in other finance product income of $1.1 million, partially offset by an increase in interest income earned by our Secured Lending segment of $0.1 million.

以及折舊費用增加 310 萬美元，惟部分被 JMB 與 SGB 的無形資產攤銷減少 370 萬美元所抵銷。2026 會計年度第二季的利息收入較去年同期由 680 萬美元下降 15% 至 580 萬美元。下降原因為其他融資產品收入減少 110 萬美元，惟部分被擔保放款部門所賺取的利息收入增加 10 萬美元所抵銷。

For the six-month period, interest income decreased 18% to $11.4 million from $13.9 million in the same year-ago period. The decrease was due to a decrease in other financing product income of $2.2 million and a decrease in interest income earned by our Secured Lending segment of $0.3 million.

就六個月期間而言，利息收入較去年同期由 1,390 萬美元下降 18% 至 1,140 萬美元。下降原因為其他融資產品收入減少 220 萬美元，以及擔保放款部門所賺取的利息收入減少 30 萬美元。

Interest expense for fiscal Q2 '26 increased 57% to $16.3 million from $10.4 million in Q2 of last year. The increase is primarily due to an increase of $3.7 million related to product financing arrangements, an increase of $1.9 million related to precious metal leases, an increase of $0.1 million associated with our trading credit facility.

2026 會計年度第二季的利息費用較去年第二季由 1,040 萬美元增加 57% 至 1,630 萬美元。此增幅主要係因與產品融資安排相關增加 370 萬美元、與貴金屬租賃相關增加 190 萬美元，以及與我們的交易信用額度相關增加 10 萬美元。

For the six-month period, the interest expense increased 42% to $28.9 million from $20.4 million in the same year-ago period. The increase is primarily due to an increase of $4.2 million related to product financing arrangements, an increase of $3.2 million related to precious metal leases, an increase of $0.7 million associated with our trading credit facility.

就六個月期間而言，利息費用較去年同期由 2,040 萬美元增加 42% 至 2,890 萬美元。此增幅主要係因與產品融資安排相關增加 420 萬美元、與貴金屬租賃相關增加 320 萬美元，以及與我們的交易信用額度相關增加 70 萬美元。

Earnings from equity method investments in Q2 '26 increased 142% to earnings of $1.0 million from a loss of $2.4 million in the same year-ago period. For the six-month period, earnings from equity method investments increased 106% to earnings of $0.1 million from a loss of $1.8 million in the same year ago period. The increase in both periods were due to increased earnings of our equity method investees.

2026 會計年度第二季按權益法核算之投資收益增加 142%，由去年同期虧損 240 萬美元轉為收益 100 萬美元。就六個月期間而言，按權益法核算之投資收益增加 106%，由去年同期虧損 180 萬美元轉為收益 10 萬美元。兩個期間的增加均係因按權益法核算之被投資公司收益增加所致。

Net income attributable to the company for the second quarter of fiscal '26 totaled $11.6 million or $0.46 per diluted share compared to net income of $6.6 million or 27% diluted share (sic - see slide 2, "$0.27") in the same year-ago quarter.

2026 會計年度第二季歸屬於本公司的淨利為 1,160 萬美元，或每股稀釋後 0.46 美元；相較之下，去年同期淨利為 660 萬美元，或每股稀釋後 27%（原文如此—見投影片 2，「$0.27」）。

For the six-month period, the net income attributable to the company totaled $10.7 million or $0.42 per diluted share compared to net income of $15.5 million or 65% (sic - see slide 4, $0.65) per diluted share in the same year-ago period.

就六個月期間而言，歸屬於本公司的淨利為 1,070 萬美元，或每股稀釋後 0.42 美元；相較之下，去年同期淨利為 1,550 萬美元，或每股稀釋後 65%（原文如此—見投影片 4，$0.65）。

Adjusted net income before provision for income taxes, a non-GAAP financial measure, which excludes depreciation, amortization, acquisition costs and contingent consideration fair value adjustments for Q2 totaled $23.2 million, an increase of $9.9 million or 74% compared to $13.4 million in the same year-ago quarter.

第二季所得稅費用前之調整後淨利（非 GAAP 財務衡量指標），排除折舊、攤銷、收購成本及或有對價公允價值調整後，合計為 2,320 萬美元，較去年同期的 1,340 萬美元增加 990 萬美元或 74%。

Adjusted net income before provision for income taxes for the 6-month period totaled $28.1 million, which is consistent with the same year-ago period. EBITDA, a non-GAAP liquidity measure, for Q2 fiscal '26 totaled $33.9 million, an increase of $17.7 million or 109% compared to the $16.2 million in the same year-ago quarter.

6 個月期間的稅前調整後淨利合計為 2,810 萬美元，與去年同期一致。2026 會計年度第 2 季的 EBITDA（一項非 GAAP 的流動性衡量指標）合計為 3,390 萬美元，較去年同期同季的 1,620 萬美元增加 1,770 萬美元（增幅 109%）。

EBITDA for the six-month period totaled $48.2 million, an increase of $14.2 million or 42% compared to the $34 million in the same year-ago period. Turning to our balance sheet. At quarter end, we had $152 million worth of cash compared to $78 million at the end of fiscal '25.

6 個月期間的 EBITDA 合計為 4,820 萬美元，較去年同期的 3,400 萬美元增加 1,420 萬美元（增幅 42%）。接著談談我們的資產負債表。截至季末，我們的現金為 1.52 億美元，相較於 2025 會計年度末的 7,800 萬美元。

Our nonrestricted inventories totaled over $1 billion, $1.031 billion as of December 31, '25, compared to $795 million as of the end of fiscal '25. Gold.com's Board of Directors has declared a quarterly cash dividend of $0.20 per share, maintaining the company's current dividend program. The dividend is payable on March 4, 2026, to stockholders of records as of February 20, 2026.

我們的非受限存貨總額超過 10 億美元；截至 2025 年 12 月 31 日為 10.31 億美元，相較於 2025 會計年度末的 7.95 億美元。Gold.com 董事會已宣告每股 0.20 美元的季度現金股利，維持公司目前的股利政策。該股利將於 2026 年 3 月 4 日支付給截至 2026 年 2 月 20 日登記在冊的股東。

That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor?

以上為我的財務摘要。接下來我將把電話交給 Thor，他將更新我們的關鍵營運指標。Thor？

Thank you, Cary.

謝謝你，Cary。

Looking at our key operating metrics for the second quarter of fiscal 2026. We sold 545,000 ounces of gold in Q2 fiscal '26, which was up 17% from Q2 of last year and up 24% from the prior quarter. For the six-month period, we sold 984,000 ounces of gold, which was up 14% from the same year-ago period. We sold 18.6 million ounces of silver in Q2 fiscal 2026, which was down 15% from Q2 of last year and up 79% from last quarter.

來看 2026 會計年度第二季的關鍵營運指標。我們在 2026 會計年度第 2 季售出 545,000 盎司黃金，較去年第 2 季成長 17%，較上一季成長 24%。就 6 個月期間而言，我們售出 984,000 盎司黃金，較去年同期成長 14%。我們在 2026 會計年度第 2 季售出 1,860 萬盎司白銀，較去年第 2 季下降 15%，較上一季成長 79%。

For the six-month period, we sold 29 million ounces of silver, which was down 31% from the same year-ago period. The number of new customers in the DTC segment, which is defined as the number of customers that have registered or set up a new account or made a purchase for the first time during the period, was 96,100 in Q2 fiscal 2026, which is up 47% from Q2 of last year and increased 38% from last quarter.

就 6 個月期間而言，我們售出 2,900 萬盎司白銀，較去年同期下降 31%。DTC（直面消費者）部門的新客戶數（定義為期間內註冊或建立新帳戶，或首次購買的客戶數）在 2026 會計年度第 2 季為 96,100 人，較去年第 2 季增加 47%，較上一季增加 38%。

For the six-month period, the number of new customers in the DTC segment was up 165,500, which increased 37% from 120,700 new customers in the same year-ago period. The number of total customers in the DTC segment at the end of the second quarter was approximately 4.4 million, which was a 37% increase from the prior year.

就 6 個月期間而言，DTC 部門的新客戶數為 165,500 人，較去年同期的 120,700 人增加 37%。截至第二季末，DTC 部門的總客戶數約為 440 萬人，較前一年增加 37%。

These changes in customer base metrics were primarily due to the acquisitions of SGI, Pinehurst and AMS, which were not included in the same year-ago period as well as organic growth from our JMB customer base.

這些客戶基礎指標的變化，主要來自於收購 SGI、Pinehurst 與 AMS（去年同期未納入），以及我們 JMB 客戶基礎帶來的有機成長。

Finally, the number of secured loans at the end of December totaled 355, a decrease of 31% from December 31, 2024, and a decrease of 16% from the end of September. The dollar value of our loan portfolio as of December 31, 2025, totaled $120.4 million, an increase of 22% from December 31, 2024, and an increase of 16% from September 30, 2025.

最後，截至 12 月底，擔保貸款筆數合計為 355 筆，較 2024 年 12 月 31 日下降 31%，較 9 月底下降 16%。截至 2025 年 12 月 31 日，我們的貸款組合金額合計為 1.204 億美元，較 2024 年 12 月 31 日增加 22%，較 2025 年 9 月 30 日增加 16%。

That concludes my prepared remarks. I'll now turn it back over to Greg for closing remarks. Greg?

以上為我預先準備的發言。接下來我把電話交回給 Greg 作結語。Greg？

Thanks, Thor and Cary. With Tether's strategic investment in Gold.com and our expanded portfolio of category-leading brands, we believe Gold.com is well positioned to capture growth across multiple channels and to deliver long-term value for our shareholders.

謝謝 Thor 和 Cary。隨著 Tether 對 Gold.com 的策略性投資，以及我們擴大的、在各品類領先的品牌組合，我們相信 Gold.com 已具備良好定位，可在多個通路掌握成長並為股東創造長期價值。

Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions, expanding both our domestic and geographic reach as well as further diversifying our customer base. We are pleased with our recent accomplishments and remain committed to exploring additional opportunities to deliver value to our shareholders over the long term.

我們的策略重點仍在於整合並實現近期收購所帶來的成本節省與綜效，擴大我們在國內與地理上的觸及範圍，並進一步多元化客戶基礎。我們對近期成果感到滿意，並將持續致力於探索更多機會，以在長期為股東創造價值。

This concludes my remarks. Operator, we can now open the line for questions.

以上結束我的發言。接線員，我們現在可以開放提問。

(Operator Instructions) Thomas Forte, Maxim Group.

（接線員指示）Thomas Forte，Maxim Group。

Great. First off, Greg, congratulations, especially on the announcement of Tether. I'm going to ask both my questions at the same time. So the big difference between this quarter and quarter to date, in recent quarters, is that silver is starting to run.

很好。首先，Greg，恭喜你，尤其是關於 Tether 的公告。我會同時提出兩個問題。因此，本季與年初至今相較於近期幾季最大的差異在於，白銀開始走強。

So I was hoping that you could compare and contrast the performance of gold and silver in the December quarter?

所以我希望你能比較並對照 12 月季度中黃金與白銀的表現？

And then the second question I had was, you invested in expanding your facility in Las Vegas. And then you also have the Dallas facility, which I think you got with the JMB acquisition, with the Tether investment, how should we think about your capacity and if you need to further expand your fulfillment center and logistics efforts?

第二個問題是，你們投資擴建拉斯維加斯的設施。另外你們也有達拉斯的設施，我想那是透過收購 JMB 取得的；在 Tether 投資之後，我們應該如何看待你們的產能，以及你們是否需要進一步擴充履約中心與物流作業？

Yes. So we have expanded in Vegas, and I'm happy to say that we really tested the ceiling on Vegas in January. We were excited and over 120,000 packages in January alone and a similar number, not quite that high, in December. So the facility is operating and it's built to do more, but it was great to test the limits over the last couple of months.

是的。我們已在拉斯維加斯擴建，我很高興地說，我們在 1 月確實測試了拉斯維加斯的產能上限。我們很振奮，光是 1 月就處理了超過 120,000 個包裹；12 月也有相近的數量，只是沒有那麼高。因此，該設施正在運作，而且其設計可承載更多量能；但在過去幾個月能測試其極限，對我們而言非常好。

I think that we're ready to do more. One of the challenges right now is this uptick and this swing up in volume really happened very quickly. November was a very slow month for us for whatever reason and then things started to pick up in December. But really, it was craziness through the last three weeks of December and then into January, and we did need at that point to hire some more actual humans.

我認為我們已準備好做得更多。目前其中一個挑戰是，這波量能的上升與跳增發生得非常快。不知何故，11 月對我們而言是非常慢的一個月，接著 12 月開始回升。但實際上，12 月最後三週非常瘋狂，並延續到 1 月；在那個時間點，我們確實需要再聘用一些真正的人力。

Even though we have been using and testing our automation, we did need more actual employees. So the fact that we were able to scale up and get the packages we did out in January is a real testament to everything Thor and Brian have been doing there and to see it all work was very exciting for us.

即使我們一直在使用並測試自動化，我們仍需要更多實際員工。因此，我們能夠擴大規模並在 1 月把那麼多包裹寄出，充分證明 Thor 和 Brian 在那裡所做的一切；看到整個流程順利運作，讓我們非常興奮。

As it relates to Tether and what we're going to do for them, I mean, it's no surprise that they are the -- what I believe to be the largest holder of gold in the world outside of central banks, and they need to store that metal. And the conversations we've had and within our press release, storage is a big component for us to assist with, and time will tell if we need to build another facility or expand the facilities we have.

至於 Tether 以及我們將為他們做什麼，我的意思是，眾所周知，他們——我認為——是全球除央行之外最大的黃金持有者，而他們需要存放這些金屬。根據我們的對話以及新聞稿內容，倉儲是我們協助的一大重點；至於是否需要再建一座新設施或擴建現有設施，仍有待時間驗證。

But these guys have a lot of gold and that gold takes up a lot of space. So we're hoping to be able to help them with storage solutions.

但這些人有很多黃金，而那些黃金會占用很大的空間。所以我們希望能夠在儲存解決方案方面幫助他們。

And then the gold versus silver performance in the December quarter?

那麼，12 月季度黃金相對白銀的表現呢？

Yes. I mean, I think we talked a little bit about it in Q1 and probably a little bit in last fiscal year. We had seen -- throughout the slower times that we were dealing with earlier in 2025, we saw a much higher gold ratio to silver at the DTC brands.

是的。我的意思是，我想我們在第一季（Q1）談過一點，可能在上一個會計年度也談過一些。我們看到——在 2025 年初我們所面對的較為低迷時期，DTC 品牌端的黃金相對白銀的比重高出許多。

What we've seen in the last, let's call it, eight weeks, is a shift back to silver. And I would say silver could be either side of 50% right now as it relates to total volume. And as we expect and what we have seen in the past is when you get that increased demand, you're going to see premiums go up.

我們在最近大概八週看到的是，趨勢又轉回白銀。我會說，就總交易量而言，白銀目前可能在 50% 的上下兩側。而依我們的預期以及過去所見，一旦需求增加，你就會看到溢價上升。

And anybody that's on the call, and I know there's many of you that track the premiums at JM Bullion, the premiums are significantly higher for 1 ounce silver products than they were three months ago. So the demand has -- the demand in silver is, as we've always talked about, silver is good to us, and volatility is good, and we've seen a lot of that. So silver is our friend.

任何在線上的各位——我知道你們很多人都有追蹤 JM Bullion 的溢價——1 盎司白銀產品的溢價，已經明顯高於三個月前。所以需求已經——白銀的需求如同我們一直談到的，白銀對我們很有利，波動也很有利，而我們確實看到了大量波動。所以白銀是我們的朋友。

Mike Baker, D.A. Davidson.

Mike Baker，D.A. Davidson。

Great. So yes, everyone has seen the craziness -- and I guess, your words, craziness in silver pricing and gold pricing and volatility the last couple of months or so, you seem to indicate that -- well, you said that premiums are wider now in the current quarter than they were for at least the beginning of last quarter.

很好。所以，是的，大家都看到了——我想用你的話說——過去幾個月白銀與黃金價格的瘋狂波動；你似乎表示——嗯，你說本季的溢價比至少上一季初期時更寬。

Remind us how that impacts profitability? I know you don't give any kind of guidance or anything along those lines. But how should we think about the impact of profitability from widening spreads in the March quarter versus December quarter?

提醒我們一下，這會如何影響獲利能力？我知道你們不提供任何指引或類似資訊。但我們應該如何看待 3 月季度相較於 12 月季度，價差擴大對獲利能力的影響？

You should probably think about that we're going to have a really good quarter this quarter.

你大概可以這樣想：我們這一季會是一個非常好的季度。

Fair enough. Okay. A couple more questions since that was such a quick answer. In the past, and you even alluded to it, I think, in the press release, at times when pricing was really high, there's been a situation where you've been more of a buyer than a seller as people sort of proverbially empty out their closet and sell you back, the gold or silver that they might have in store and that hurts you guys in -- or your profitability.

可以理解。好。既然回答這麼快，我再問幾個問題。過去——你也提到過，我想在新聞稿裡也有暗示——在價格非常高的時候，有時會出現你們更像買方而不是賣方的情況，因為人們會把他們存放的黃金或白銀（打個比方像把衣櫃清空）賣回給你們，而這會在——或對你們的獲利能力造成傷害。

It seems like -- is that what you're referring to in terms of the trading losses in the December quarter? And how does that play out in the March quarter?

看起來——你指的是 12 月季度的交易損失嗎？那在 3 月季度會如何發展？

No, I think they're two separate issues. I think that when we're talking about trading headwinds, we're talking about backwardation specifically. And as we've talked about before, this -- Gold.com has historically enjoyed a short position in silver and gold that hedges our position. And with that trade comes contango income and it gets carried in our interest income.

不，我認為那是兩個不同的議題。我認為當我們談到交易逆風時，我們特別指的是現貨升水（backwardation）。而如同我們之前談過的，Gold.com 歷來在白銀與黃金上維持一個空頭部位，用來對沖我們的部位。而這筆交易會帶來正價差（contango）收益，並計入我們的利息收入。

And when you have backwardation, that turns into an expense -- an interest expense. So we -- with everything that's been going on, particularly in silver and the tightness of the market at an institutional level and our being net short in backwardation, it created a significant expense in Q2 versus Q2 of 2024. So I think that answers that question.

而當出現現貨升水（backwardation）時，那就會變成一項費用——利息費用。所以——在目前發生的各種情況下，特別是白銀，以及機構層面市場的緊俏，再加上我們在現貨升水環境下仍為淨空頭，這使得第二季（Q2）的費用相較於 2024 年第二季（Q2）顯著增加。所以我想這回答了那個問題。

As it relates to the buybacks, buybacks are great when your demand is increasing. And you have a significant increase in demand, which is what we're seeing here in December and what we're seeing in this quarter, and at that point, when product actually starts to become scarce on the silver side, and we have seen a tightening of supply across the silver market, having those buybacks is actually helping us.

至於回購（buybacks），當需求增加時，回購是很棒的。而我們確實看到需求大幅增加——這就是我們在 12 月看到的，也是我們在本季看到的——而在那個時間點，當白銀端的產品開始變得稀缺時（我們也確實看到整個白銀市場供給趨緊），擁有這些回購反而是在幫助我們。

And the majority of the buybacks coming in today are going to our own DTC platform. So they're being sold off as opposed to maybe last quarter, a lot of the buybacks were going out into the wholesale market. So when we actually need them and premiums are up and we can resell 100% of what we're buying back at a retail level, it's going to improve our performance.

而目前進來的大多數回購，都是進到我們自有的 DTC 平台。所以它們是被賣出，而不是像可能上一季那樣，很多回購是流向批發市場。因此，當我們真的需要這些貨、溢價又上升、而且我們能以零售層級把回購的貨 100% 轉售出去時，這將改善我們的表現。

Yes. That makes perfect sense. If I could ask one more, just help with, where and how does the Tether acquisition -- where does that show up in the P&L going forward, or the Tether investment, I should say, in terms of storage, how does that impact your profitability? Remind us how big that business is for you guys in terms of profits and what that deal could do for that line item?

是的。這完全說得通。如果我可以再問一個：Tether 的收購——或者我應該說 Tether 的投資——未來在損益表（P&L）上會呈現在哪裡？或者就儲存業務而言，這會如何影響你們的獲利能力？提醒我們一下，這塊業務對你們的獲利規模有多大，以及那筆交易可能會對該項目帶來什麼影響？

Well, I think if you look at the fact that we're bringing in $150 million of fresh money as well as a gold lease, which will provide more liquidity for us, my anticipation is that you're going to see a significant drop in our interest expense and our dollar borrowings.

嗯，我想如果你看我們引入了 1.5 億美元的新資金，以及一筆黃金租借（gold lease），這將為我們提供更多流動性；我預期你會看到我們的利息費用以及美元借款大幅下降。

If you look at our dollar borrowings, we're paying 6% to 7% for our dollar lines. The less we can be reliant right now on those dollar lines and the more we can utilize gold leases for liquidity, which are at a much lower rate, we're going to see an immediate impact.

如果你看我們的美元借款，我們的美元授信利率大約是 6% 到 7%。目前我們越能降低對這些美元授信的依賴、越能利用利率低得多的黃金租借來取得流動性，就會看到立竿見影的影響。

So it's a very good thing. If you just throw everything else out, and you just take the interest expense benefits we're going to see from this transaction, it's a significant amount of money.

所以這是一件非常好的事。如果你把其他因素都先放一邊，只看這筆交易帶來的利息費用效益，那就是一筆相當可觀的金額。

Craig Irwin, ROTH Capital.

Craig Irwin，ROTH Capital。

So Greg, over the last number of weeks, a few of your smaller private competitors have talked publicly about challenges, keeping some of their most popular SKUs in inventory. And I know you deal with more than 12,000 SKUs, but can you maybe comment on your ability to keep products and inventory as we're seeing this surge in demand?

Greg，過去幾週，你們一些規模較小的私人競爭對手公開談到，他們在維持某些最受歡迎的 SKU 庫存方面遇到挑戰。我知道你們經營超過 12,000 個 SKU，但你能否談談在需求激增之際，你們維持產品與庫存的能力？

And if you do touch on the captive mint capacity, can you maybe talk a little bit about your combined monthly production capacity in ounces?

另外，如果你提到自有鑄幣產能（captive mint capacity），能否也談談你們合計每月的產能（以盎司計）大概是多少？

Yes. I mean, I don't have the exact numbers in front of me, but I can tell you that having our balance sheet and having two mints available to us is going to allow us to sell more products than our competitors and there's nobody really even close. Probably mid-summer last year, we had production at the Silver Towne Mint in the 200,000 ounces a week rate for silver, small silver products.

是的。我的意思是，我手邊沒有精確數字，但我可以告訴你，憑藉我們的資產負債表，以及我們可用的兩座鑄幣廠，將使我們能賣出比競爭對手更多的產品，而且真的沒有人能接近。大概在去年仲夏時，我們在 Silver Towne Mint 的產量，白銀（小型白銀產品）約達每週 200,000 盎司的水準。

We anticipate we're going to sell -- we're going to manufacture over 800,000 ounces this week. So demand creates supply and we have an option on supply. So having these mints is very important. Now that doesn't mean we're not going to run out of Silver Eagles at our platforms because Silver Eagles are on allocation, and there's only so many being minted right now.

我們預期本週將會銷售——我們本週將製造超過800,000盎司。因此需求創造供給，而我們在供給上有選擇權。所以擁有這些鑄幣廠非常重要。不過，這並不代表我們在各平台上不會把銀鷹幣賣到缺貨，因為銀鷹幣是配給供應的，而且目前能鑄造的數量有限。

But when Silver Eagles do go on allocation and become scarce, customers tend to buy our other private mint products. So there's a direct correlation, and I believe that although we're not trying to maintain 12,000 SKUs right now, we're trying to maintain a core group of SKUs that everybody wants that we can deliver.

但當銀鷹幣進入配給、變得稀缺時，客戶往往會改買我們其他的民間鑄幣產品。所以兩者有直接的關聯；我相信，雖然我們現在並不是要維持12,000個SKU，但我們正努力維持一個大家都想要、而且我們能交付的核心SKU組合。

We have still faced some of the challenges that our competitors have in a small scale, just on delayed delivery. So we do have a little bit higher percentage right now of what we call preorders that are customers committing and paying for product, knowing that -- we disclosed to them, there will be a slight delay in delivery.

我們仍然在小範圍內面臨一些與競爭對手相同的挑戰，主要是交付延遲。因此，我們目前所謂的預購（preorders）占比稍微高一些，也就是客戶承諾並付款購買產品，同時也知道——我們已向他們揭露——交付會有些微延遲。

So we're balancing through that. But I do believe we're taking market share right now. And I do believe -- I've always believed we're better than everybody else.

所以我們正在在這之中取得平衡。但我確實相信我們現在正在取得市占率。而且我也相信——我一直都相信——我們比其他所有人都更好。

Excellent. Excellent. So then I wanted to ask about the throughput capacity at AMGL. So yesterday, I visited the facility with Steve Reiner. And the last time I had visited that facility, you had actually just hit about 100,000 packages in one month, which is just a mind-blowing number.

很好。很好。那我想問一下AMGL的處理量（throughput）產能。昨天我和Steve Reiner一起參觀了該設施。我上次去那裡時，你們其實剛達到單月約100,000個包裹，這個數字非常驚人。

And now the level of automation in that facility is something that is kind of like night and day as far as how well organized and how precise everything Brian has the whole facility running. With the roughly 25% to 30% capacity increases as far as throughput, you still have a number of initiatives that you're in the process of implementing there that will improve efficiency further.

而現在該設施的自動化程度，和過去相比可說是天壤之別；Brian把整個設施運作得非常有條理、非常精準。在處理量約提升25%到30%的情況下，你們仍有多項正在推動的計畫，將進一步提升效率。

Can you maybe talk about what your goal is as far as monthly throughput or what your aspirations are? And then what would it take you -- what would it take for you to put a similar logistics facility in Europe or in Asia to capture on the local production, local shipment synergies that come from what you've developed in Las Vegas?

你能否談談你們對每月處理量的目標或願景是什麼？另外，如果要在歐洲或亞洲建立一個類似的物流設施，以掌握你們在拉斯維加斯所打造的在地生產、在地出貨所帶來的協同效益，需要具備哪些條件——你們需要做些什麼？

Yes. Like I said earlier on this call, we were in excess of 120,000 packages in December. I would anticipate that we'll be in the 275,000 range for December and January. And I think that those are going to be likely our two busiest months. We still have automation that is coming online. We're still improving software and APIs and the ability for customers to direct shipments more efficiently.

是的。如我先前在這通電話中提到的，我們在12月超過了120,000個包裹。我預期12月和1月會在275,000左右。我認為那很可能會是我們最忙的兩個月份。我們仍有自動化設備正在上線。我們也仍在改善軟體與API，以及讓客戶能更有效率地指示出貨的能力。

And I think there's room to grow in that facility. I would think that within a few months or six months when everything is -- that we have planned for is online, we should be easily able to ship 150,000 packages a month, which would be a phenomenal number and would be a very impressive accomplishment.

我認為那個設施還有成長空間。我想在幾個月內或六個月內，當我們規劃的所有項目都上線後，我們應該能輕鬆達到每月出貨150,000個包裹，這將是非常驚人的數字，也會是非常令人印象深刻的成就。

As it relates to other facilities, as you can probably imagine walking through this place, it's a very large capital commitment which we made and we committed to, and we continue to expand even when things were slow. So we're hoping we're going to benefit from that gamble and benefit from the rewards of being committed to that facility.

至於其他設施，正如你走過這個地方可能可以想像的，這是一項非常大的資本承諾；我們已經做出並投入這項承諾，而且即使在景氣低迷時我們也持續擴張。因此我們希望能從這個賭注中受益，並享受堅持投入這座設施所帶來的回報。

But to stand up another facility like it in Europe or somewhere else, pretty big capital commitment and a pretty big -- it's a pretty big project. And at the moment, I just don't see outside of the US, a real need for small package delivery at these quantities.

但要在歐洲或其他地方再建立一座類似的設施，需要相當大的資本承諾，也是一個相當大的——是一個很大的專案。而就目前而言，我在美國以外的地區，還看不到有以這種數量進行小包裹配送的真正需求。

It is somewhat -- although we do ship from Vegas to all parts of the world, I don't know that at the moment, we would need to tie up inventory and tie up capital in a facility this size outside of the US.

某種程度上——雖然我們確實從拉斯維加斯出貨到世界各地——但我不確定目前是否需要在美國以外綁住庫存、並在一個這種規模的設施上占用資本。

Understood. That makes a lot of sense. And then if I could just slip in another question. So sometimes GAAP EPS and the onetime items in GAAP EPS ends up being important. And I think that might be the case this quarter. Your noncontrolling items in the second quarter of negative $1.892 million, it's a deviation from what's generally been a positive contribution over the last several quarters.

了解。這很合理。另外如果我可以再插問一個問題。有時候GAAP每股盈餘（EPS）以及其中的一次性項目會變得很重要。我認為本季可能就是如此。你們第二季的非控制權益項目為負1.892百萬美元，這與過去幾季通常為正向貢獻的情況不同。

Was there anything specific at one of your equity investments that you can possibly call out for us so that we can understand this impact on GAAP earnings and whether or not this is transitory or something that can repeat?

你們是否能指出某一項權益法投資中有什麼特定因素，讓我們理解它對GAAP盈餘的影響，以及這是短暫性的，還是可能重複發生？

Well, probably the key issue that we dealt with in this quarter was Sunshine Mint, which we do have a minority interest in. They shut down their facility in Idaho and consolidated everything in Las Vegas. And the timing of that may not have been perfect because they consciously did it when they were slowing down and then things picked up. So there's been a little bit of a whipsaw there for them.

嗯，本季我們處理的關鍵議題，可能是Sunshine Mint；我們在其中持有少數股權。他們關閉了愛達荷州的工廠，並把所有業務整併到拉斯維加斯。而這個時點可能不算完美，因為他們是在景氣放緩時刻意這麼做的，結果之後需求又回升。所以對他們來說出現了一些來回震盪（whipsaw）的情況。

But I think that that's probably the area that I would expect where these numbers are coming from. I consider it an anomaly. I think Sunshine is having a very good start to this quarter. A lot of it also has to do with demand at the US Mint.

但我認為這大概就是我預期這些數字來源的地方。我把它視為異常。我認為Sunshine在本季初有一個非常好的開局。其中很大一部分也與美國鑄幣局（US Mint）的需求有關。

And because Sunshine makes blanks for the US Mint, and that is one of their key businesses, and they're geared for that and relying on that customer. When the US Mint slows down, they're going to have some negative results. But I do believe that we've got a little -- we've got most of that behind us and they're looking better this quarter.

而且因為Sunshine為美國鑄幣局製作胚餅（blanks），那是他們的核心業務之一；他們的產能配置也以此為主並仰賴這個客戶。當美國鑄幣局放緩時，他們就會出現一些負面結果。但我確實相信我們已經——大部分都已經度過那段時間，而他們本季看起來更好了。

Congratulations on this nice big investment.

恭喜你們做了這筆很大的投資。

(Operator Instructions) Sy Jacobs, Jacobs Asset Management.

（接線員指示）Sy Jacobs，Jacobs Asset Management。

So I appreciate the rare and really bullish forward-looking statement in response to the first questioner about the swing up in margins.

我很感謝你在回應第一位提問者關於毛利率回升時，給出罕見且非常偏多的前瞻性說法。

So my question would be really easy because I'm asking for a historical number, which was about -- when you talk about how the sort of prolonged and protracted and atypical backwardation in the silver market caused hedge losses but that has now moved back at least to a slight contango, can you quantify in dollars either for the -- either the second quarter or the past year or whatever time period you want to be just to give us a sense for how much the backwardation actually cost?

所以我的問題會很簡單，因為我是在問一個歷史數字：當你談到白銀市場那種持續、漫長且非典型的逆價差（backwardation）如何造成避險損失，但現在至少已回到輕微的正價差（contango），你能否用美元金額量化——不論是第二季、過去一年或任何你想用的期間——讓我們了解逆價差實際上造成了多少成本？

And once it goes back to contango, does that swing from a negative number to a positive number?

而一旦回到正價差（contango），這是否會從負數轉為正數？

Yes. I mean, I think it's a little -- it's a great question. And the numbers are a little bit masked because they get blended with other interest expense or interest income and they're spread out a little bit.

是的。我的意思是，我覺得這有點——這是個很好的問題。而這些數字有點被掩蓋了，因為它們會與其他利息費用或利息收入混在一起，並且被分散在不同項目中。

But I think a fair comparison, if you were going to compare October, November, December, in calendar 2024 versus the quarter we're talking about right now, I think we probably swung -- just roughly, I bet we swung from about a $6 million gain from contango in December of '24 to a $5 million or $6 million loss in Q2 of calendar '25.

但我認為若要做一個公平的比較，如果你要把2024年曆年的10月、11月、12月，和我們現在談的這個季度相比，我想我們大概出現了—很粗略地說，我猜我們從2024年12月因正價差（contango）帶來約600萬美元的收益，轉變為2025年曆年第二季約500萬到600萬美元的損失。

So it's about a -- year over year, same quarter, it was a $10 -- probably a $10 million to $12 million swing. So obviously, that's pretty material and it's extremely material when we're slow. And to have that swing back to -- I mean, it's not back to where the contango was in '24 but at this point, we were just happy to see it's swinging back towards a positive. So we're hoping that, that continues.

所以大概是—同比、同一季度，約有1,000萬—可能是1,000萬到1,200萬美元的擺動。所以很明顯，這相當重大，而當我們業務放緩時，影響就更是非常重大。而看到這個擺動回到—我的意思是，它還沒有回到2024年那種正價差的水準，但就目前而言，我們只是很高興看到它正朝著正向回擺。所以我們希望這種情況能持續。

But when you have this kind of volatility in silver, and we've had two kind of black swan events in the last 1.5 weeks where silver was down $20 in one session and then it was up $10 and it was back down $10 in the last 24 hours. The silver market is very volatile right now. And the lending of silver, which is critical to us, which is silver leasing at these higher numbers, it can be a big deal.

但當白銀出現這種波動時，而在過去1.5週我們遇到兩次類似黑天鵝事件：白銀在單一交易時段下跌20美元，接著又上漲10美元，而在過去24小時內又回跌10美元。白銀市場現在非常波動。而白銀的出借，對我們至關重要，也就是在較高水準下進行白銀租賃（silver leasing），這可能會是件大事。

And to be quite honest, silver at $100 and gold at $5,000, as we've talked about before, it causes us a significant increase in the amount of dollars we need to manage those positions. To this point, we have been successful and we've been able to move capital around and we've been able to manage through these numbers, but it is a bit of a stress when the numbers are this big, which, to be quite honest, this relationship with Tether and what we're going to benefit with them from the investment and the gold lease, it's going to really give us a lot more liquidity and be prepared in the event gold goes to $7,000 or silver goes to $150.

坦白說，白銀到100美元、黃金到5,000美元，正如我們之前談過的，會使我們為了管理這些部位而需要的美元資金大幅增加。到目前為止，我們一直都處理得很成功，能夠調度資本，也能在這些數字之下管理過來，但當數字這麼大時，確實會有些壓力；而坦白說，與Tether的這段合作關係，以及我們將從他們的投資與黃金租賃中受益的部分，將真正為我們帶來更多流動性，並在黃金漲到7,000美元或白銀漲到150美元時做好準備。

I'm not saying that's going to happen. But in my world, you really have to be prepared for anything because every morning, you wake up, not knowing which direction it's going right now. So I think the strategic investment from Tether was important in this area also.

我不是說那一定會發生。但在我的世界裡，你真的必須為任何情況做好準備，因為你每天早上醒來，都不知道它現在會往哪個方向走。所以我認為Tether的策略性投資在這方面也很重要。

And then one follow-up question. You've talked about the Tether agreement helping in one area in that they're going to be -- become a storage customer; in another area, the $150 million of equity capital and $100 million of lines, which will replace other expensive lines.

接著還有一個追問。你談到Tether協議在一個方面的幫助是他們將會—成為倉儲客戶；在另一個方面，則是1.5億美元的股權資本與1億美元的額度，將取代其他昂貴的額度。

Are there any -- what are some of the other commercial opportunities here? It strikes me that they're a buyer and inevitably seller, at times, of gold to back their stablecoin. Is Gold.com in a position to be their agents, broker, dealer in any way that's going to help your volumes?

這裡還有沒有—其他一些商業機會是什麼？我覺得他們是買方，也不可避免地在某些時候是賣方，會買賣黃金來支撐他們的穩定幣。Gold.com是否有條件以任何方式成為他們的代理人、經紀商、交易商，從而幫助提升你們的交易量？

I see a lot of opportunity in areas that you can imagine we can help them with, or they can help us with. I think that the beauty of this relationship is from every discussion I've had with them, it's been a real two-way street. I think there's things they can help us with. I think there's things we can help them with.

我在很多你可以想像的領域都看到了機會：我們可以如何幫助他們，或他們可以如何幫助我們。我認為這段關係的美妙之處在於，從我與他們的每一次討論來看，這一直都是一條真正的雙向道路。我認為有些事情他們可以幫助我們。我也認為有些事情我們可以幫助他們。

They're a huge, huge company, as everybody knows, this business and the size of the gold, the size of the treasuries and just the performance of Tether that's been published out there, I'm very excited about this relationship. And I do think there's a number of opportunities that have been discussed, but not yet formalized that I think will be very beneficial for Gold.com as well as for Tether.

他們是一家非常、非常大的公司，大家都知道；這項業務、黃金的規模、國庫券（treasuries）的規模，以及外界已公開發布的Tether業績表現，都讓我對這段合作關係感到非常興奮。而且我確實認為已經討論過、但尚未正式定案的機會有不少，我想這些都將對Gold.com以及Tether非常有利。

Greg Gibas, Northland Securities.

Greg Gibas，Northland Securities。

Congrats on the Tether announcement. And I wanted to kind of follow up on that strategic investment by Tether. Wondering where you see that relationship going forward? Do you see it expanding further by chance?

恭喜你們發布與Tether的公告。我想就Tether這筆策略性投資再追問一下。想請問你如何看待這段關係未來的發展？你認為它有機會進一步擴大嗎？

Yes. I mean, I think we put out in the press release that we believe the gold leasing, storage and utilizing the Tether stablecoins as a currency on our retail platforms is a great opportunity. We've previously announced a Gold.com credit card that we're developing. I think there may be some opportunity there with Tether.

是的。我的意思是，我想我們在新聞稿中提到，我們相信黃金租賃、倉儲，以及在我們的零售平台上將Tether穩定幣作為一種貨幣來使用，是一個很好的機會。我們之前也宣布正在開發一張Gold.com信用卡。我認為那裡可能也有一些與Tether合作的機會。

And I think that we have been trading gold for 40 years. And I think that Tether will be looking for opportunities where they can expand their business and they can grow what they're doing. And I think they identified Gold.com -- when they approached us, I think they identified us as a great partner that there's plenty of opportunity, and I agree with that.

而且我想，我們做黃金交易已經40年了。我認為Tether會尋找能夠擴展其業務、並成長其現有業務的機會。我想他們在接觸我們時，認定Gold.com—是一個很棒的合作夥伴，因為有很多機會；我也同意這一點。

Got it. That's helpful. And wondering if you could kind of speak to or elaborate on your mint production volume, all the investments there and the ability to ramp that up. How kind of that's positioned to meet demand and what we're seeing in terms of the increase in demand for silver?

了解。這很有幫助。另外想請你談談或進一步說明你們的鑄幣產量、相關投資，以及提升產能的能力。這在滿足需求方面的布局如何？以及就白銀需求增加而言，我們目前看到的是什麼情況？

Yes. I mean, it's a feast or famine business, the silver minting business. We intentionally, and we had -- it was necessary for us back in July and August and September that we had to really pull back. We had to cut some costs.

是的。我的意思是，白銀鑄幣業務是一個不是大好就是大壞（feast or famine）的行業。我們是有意為之，而且—在7月、8月、9月那段時間，對我們來說確實有必要大幅收縮。我們必須削減一些成本。

We had to unfortunately let some people go. And we got down to really barely utilizing one shift a day. In the past, we've been three shifts a day at Silver Towne 24/7. You can imagine in today's labor market, it just is a little bit tougher to snap on and off talent that you need that has any experience in minting 1 ounce silver around.

我們也不得不很遺憾地裁撤一些人員。而我們降到幾乎只勉強使用每天一個班次。過去我們在Silver Towne是一天三班、24/7運作。你可以想像，在當今的勞動市場，要把你需要、且具備鑄造1盎司銀幣經驗的人才快速招進來或放掉，確實更困難一些。

So I think we -- Jamie Meadows, who runs Silver Towne Mint, has done a fantastic job. He's ramped up very quickly. I think our liquidity and our ability to provide feedstock to the Silver Towne Mint has been exceptional, and I think we're getting him enough silver to make.

所以我認為我們—負責Silver Towne Mint的Jamie Meadows做得非常出色。他非常快速地把產能拉升上來。我認為我們的流動性，以及我們向Silver Towne Mint提供原料（feedstock）的能力一直都非常出色，我也認為我們給了他足夠的白銀去生產。

But there are a lot of factors in what that top-line number comes out to. I think it depends a bit on whether or not this demand we're seeing right now continues. Again, I said it. We're going to -- we should be having a very good quarter this quarter, but we're only 35 days into it. And we've seen before where these bull markets or these hot markets can turn very quickly.

但最終營收（top-line）數字會是多少，取決於很多因素。我認為這在某種程度上取決於我們目前看到的這股需求是否會持續。我再說一次。我們將會—我們這一季應該會是一個非常好的季度，但我們才進行到第35天。而我們以前也看過，這些牛市或這些火熱的市場可能會非常快地轉向。

So I think we're careful and we're being very cautious as we ramp back up at Silver Towne and Sunshine but I think there was a week a year, 1.5 years ago where they turned out 1.3 million ounces in a week, and I think that was kind of the peak.

所以我認為，當我們在 Silver Towne 和 Sunshine 逐步恢復產能時，我們很謹慎、也非常小心。不過我記得在一年前、或一年前半左右，有一週他們一週產出達到 130 萬盎司，我認為那大概就是高峰。

So we're not there yet, and we're trying to get back to 900,000. But as you can imagine, it's going from 200,000 or 250,000 a week to even just 900,000, there's a lot of juggling.

所以我們還沒回到那個水準，我們正努力回到 90 萬盎司。但如你所想，從每週 20 萬或 25 萬盎司提升到即使只是 90 萬盎司，中間需要做很多調度與協調。

Thomas Forte, Maxim Group.

Thomas Forte，Maxim Group。

Sure. So Greg, I'm going to control myself and limit myself to one statement and one follow-on question. So having had more time to think about this as the call has progressed, I think the strategic partnership with Tether is the most significant announcement in the history of the company.

當然。所以 Greg，我會克制一下，把自己限制在一個陳述和一個追問。隨著電話會議進行、我有更多時間思考，我認為與 Tether 的策略合作夥伴關係，是公司史上最重大的公告。

And then my question is, does working with Tether change your strategic M&A efforts, including your ability to engage in larger transactions?

那我的問題是：與 Tether 合作是否會改變你們的策略性併購（M&A）作為，包括你們參與更大型交易的能力？

It doesn't change a thing, and I think it gives us the opportunity to grow the company with bigger transactions, yes. And I think that from my conversations with Tether, they're very supportive of carefully and cautiously and continuing to grow Gold.com in the physical gold markets. And I think they're going to be great partners for that.

完全不會改變任何事，而且我認為這確實讓我們有機會透過更大型的交易來成長公司，是的。而且根據我與 Tether 的對話，他們非常支持我們在實體黃金市場中，審慎且謹慎地持續擴張 Gold.com。我認為他們會是很棒的合作夥伴。

But you can just look at our top line numbers for Q2 and the amount of metal and the amount of top-line volume that we're moving through. I mean, this is -- these are big numbers. And I think having somebody that is the size of Tether and some of the great ideas that Tether has, what they're going to be doing with their business going forward and their very, very large customer base, and I think it's going to back up and we will continue with the plan that we've had since the day I met you.

但你只要看看我們第二季的營收（top line）數字，以及我們流轉的金屬量與營收端的交易量。我的意思是——這些都是很大的數字。而且我認為，有像 Tether 這樣規模的夥伴，加上 Tether 的一些很棒的想法、他們未來業務的規劃，以及他們非常、非常龐大的客戶基礎，我認為這會形成支撐，而我們也會延續自從我第一次見到你那天起就一直在執行的計畫。

At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Roberts for his closing remarks.

此時，我們的問答環節到此結束。接下來我想把電話會議交回給 Roberts 先生作結語。

Thanks, everybody. As Tom Forte just said, we view this as a really big day in our evolution and where we started and where we're going with Gold.com. Continued as every quarter, I thank you for the loyalty for our shareholders for being with us and letting us invest your money and put it to good use. Thank you for joining the call today.

謝謝各位。正如 Tom Forte 剛才所說，我們把今天視為公司演進歷程中的重要一天——從我們的起點到 Gold.com 的未來方向。像每一季一樣，我要感謝股東的忠誠，感謝你們與我們同行，讓我們能投資你們的資金並善加運用。謝謝大家今天參與電話會議。

Continuing, as always, to thank many of -- all of our employees and the many contributions they make to getting us to where we are right now and the commitment to our success. And we see exciting times moving forward, and we look forward to updating you on our progress. So thank you very much.

一如既往，也要感謝我們的許多——所有員工，以及他們為讓我們走到今天所做的眾多貢獻，並對我們成功的承諾。我們看到未來有令人振奮的時刻，也期待向各位更新我們的進展。非常感謝。

Thank you. Before we conclude today's call, I would like to provide Gold.com's Safe Harbor statement that includes important cautions regarding forward-looking statements made during this call.

謝謝。在結束今天的電話會議之前，我想提供 Gold.com 的「安全港」聲明，其中包含對本次電話會議中所作前瞻性陳述的重要警示。

During today's call, there are forward-looking statements made regarding future events. Statements that relate to Gold.com's future plans, objectives, expectations, performance, events and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934.

在今天的電話會議中，我們就未來事件作出若干前瞻性陳述。與 Gold.com 未來計畫、目標、預期、績效、事件等相關的陳述，均屬於《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）及《1934 年證券交易法》（Securities Exchange Act of 1934）所界定的前瞻性陳述。

These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements and the amount of timing of any future dividends. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements.

其中包括關於未來獲利與成長、國際擴張、營運改善，以及任何未來股利的金額與時點之預期等陳述。未來事件、風險與不確定性（單獨或合併）可能導致實際結果與這些陳述所明示或暗示者有重大差異。

These include the following: with respect to the proposed transactions with Spectrum Group International, the failure of the parties to agree on definitive transaction documents, the failure of the parties to complete the contemplated transactions within the current expected timeline or at all, the failure to obtain necessary third-party consents or approvals and greater-than-anticipated costs incurred to consummate the transactions.

其中包括以下事項：就與 Spectrum Group International 的擬議交易而言，可能出現各方無法就最終交易文件達成一致、各方無法在目前預期的時程內或根本無法完成所設想的交易、無法取得必要的第三方同意或核准，以及為完成交易而產生高於預期的成本。

Other factors that could cause actual results to differ include the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities; greater-than-anticipated costs incurred to execute the strategy; government regulations that might impede growth, particularly in Asia; the inability to successfully integrate recently acquired businesses; changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals market, but also has posed certain risks and uncertainties for the company, particularly in recent periods; potential adverse effects of the current problems in the national and global supply chains; increased competition for the company's higher-margin services, which could depress pricing; the failure of the company's business model -- business model to respond to changes in the market environment as anticipated; changes in consumer demand and preferences for precious metals products generally; potential negative effects that inflationary pressure may have on our business; the inability of the company to expand capacity at Silver Towne Mint; the failure of our investee companies to maintain or address the preferences of their customer bases; general risks of doing business in the commodity markets and the strategic business, economic, financial, political and governmental risks and other risk factors described in the company's public filings with the Securities and Exchange Commission.

其他可能導致實際結果出現差異的因素包括：未能執行公司的成長策略（包括無法辨識合適或可取得的併購或投資機會）；執行該策略所產生高於預期的成本；可能阻礙成長的政府法規（尤其在亞洲）；無法成功整合近期收購的業務；當前國際政治氛圍的變化——歷史上這有利於推升貴金屬市場的需求與波動，但也為公司帶來某些風險與不確定性，尤其在近期；當前國內與全球供應鏈問題可能帶來的不利影響；公司高毛利服務面臨更激烈的競爭，可能壓低定價；公司商業模式——商業模式未能如預期因應市場環境變化；消費者對貴金屬產品整體需求與偏好的變化；通膨壓力可能對我們業務造成的潛在負面影響；公司無法在 Silver Towne Mint 擴充產能；我們被投資公司未能維持或回應其客戶群偏好；在商品市場經營的一般風險，以及公司向美國證券交易委員會（SEC）提交之公開文件中所述的策略、商業、經濟、金融、政治與政府風險及其他風險因素。

The company undertakes no obligation to publicly update or revise any forward-looking statements. Listeners are cautioned not to place undue reliance on these forward-looking statements.

公司不承擔公開更新或修訂任何前瞻性陳述的義務。提醒聽眾不要過度依賴這些前瞻性陳述。

Finally, I would like to remind everyone that a recording of today's call will be available for replay via a link in the Investors section of the company's website.

最後，提醒各位，今天電話會議的錄音將可透過公司網站「投資人」專區中的連結回放收聽。

Thank you for joining us today for Gold.com's earnings call. You may now disconnect.

感謝各位今天參與 Gold.com 的財報電話會議。您現在可以掛線。