A-Mark Precious Metals: Safer Than Gold Miners, Higher Potential Than Gold? Now Trading Below Equity

  • A-Mark's margins remain thin, and inventory risks are elevated, but the balance sheet is strong, and recent acquisitions offer growth potential. Falling interest rates and renewed demand for bullion could catalyze earnings, while rate cuts may boost net income and free cash flow. Valuation scenarios show significant upside if acquisitions pay off and demand improves, with downside risk if current headwinds persist.