Title: Friday POW! — Good As Gold (.com): the former A-Mark, now GOLD
Show: Haymaker — Friday POW! (Pick of the Week)
Author: David Hay — The Haymaker Team (idea credit: Sy Jacobs)
Date: 2026-04-24
URL: https://haymaker.substack.com/p/friday-pow-e59
Length: written post (PAID), no timestamps
Note: Full article body, lightly cleaned. (Comparatively succinct; the usual TL;DR overview was excluded by the author.) The bottom "Buy List" renders as an image and is not captured.

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"Money is gold, and nothing else." — J.P. Morgan, in his testimony to Congress on December 19, 1912

Good As Gold (.com)

Anyone who has read this newsletter for the past three and a half years is well acquainted with the name Sy Jacobs, as we have repeatedly extolled his stock-picking prowess. In fact, we've gone so far as to refer to him as a "Super Investor". That's not a moniker we lightly bestow, but Sy has earned it, again and again.

December of 2023 was when we first presented his ideas to you. However, at the time, he preferred to remain anonymous. A few months later, the veil was lifted, based on his approval. But his ideas were never kept under wraps. On 12/15/23, Sy provided Haymaker subscribers with two names: Sprott (SII), and A-Mark (AMRK). As we've previously conveyed, SII has been a phenomenally rewarding performer.

Initially, A-Mark, as it was then known, was a bit of a disappointment. At the time, the symbol was, logically, AMRK. It did run from about $30 when we first showcased it to $44 on September 30th, 2024, at which point we suggested some profit-taking… fortunately. It was essentially cut in half over the ensuing year.

In our April 23rd, 2025, Trading Alert we pointed out the extreme performance divergence between SII and AMRK. This led us to suggest a potential trim of SII and a rotation of that capital into AMRK but we were more inclined to simply add to AMRK (again, fortuitously, based on how much SII has run since that date). Sy's "dog" has been running like someone poured scalding water on it. Despite the recent correction in its share price, it has provided a total return of almost 94% from 4/23/25 vs the S&P's 33.5% gain, including dividends. Even from our initial highlight of AMRK/GOLD, it has out-legged the S&P by a decent amount.

(At that time, Sy also gave our readers a qualified plug for Allstate (ALL). It had run up 40% in a few months, but it was breaking out and has continued to surge. Chalk up another "W" for Sy. Team Haymaker should have been all, or ALL, over it given our affinity for upside range expansions, but that one got away.)

It is the recent price correction in the former AMRK that has motivated us to revisit this name which, actually, now goes by a different one: Gold.com (GOLD). Based on its business mix, the new handle, which it adopted on 12/2/25, is certainly appropriate. To wit, this week's edition of Barron's ran an article on GOLD titled: "This Company Wants to Own Gold Trading". In the sub-title it declared the stock a buy. We concur with that assessment but, much more importantly, so does Sy.

The Super Investor kindly and in a timely manner replied to our email asking for his current thoughts. He referred to the Barron's piece as "a good roadmap for the bull case". As the title indicates, the author of said article, Dan Victor, is a fan of its participation in the full precious metals ecosystem. As he points out, that runs from retail sales of bullion to wholesale trading and transaction financing. Mr. Victor noted that the market capitalization is just $1.3 billion and GOLD is trading at a most modest 13x earnings. After its recent dip, he stated he's a buyer with a price target of $66. That would correspond to a 40% gain from here.

He further observed that total gold demand in 2025 "smashed records". Similarly, purchases of physical gold bars and coins surged 30% vs 2024 in last year's third quarter. The article also conveyed that in GOLD's most recent quarter sales vaulted by 136% while profits jumped 77%.

Sy has long been impressed by its acquisitions and Barron's affirmed that regarding its purchase of a flagship website domain. This deal consolidated more than 20 brands under GOLD's banner. JM Bullion, GovMint, Stack's Bowers, Pinehurst Coins, and Monex, leading online gold dealers, are now under its web banner — hence, the new full name GOLD.com. It's also an authorized dealer in popular minted products, such as American Eagles and Canadian Maple Leafs. Further, GOLD purchased Sunshine Minting, expanding its long-tenured presence as a leading minter where it realizes high margins on branded bullion.

Additionally, it owns two other important business lines: A-M Global Logistics and Collateral Finance Corporation. Per Barron's, the former runs a network of distribution nodes and is capable of moving actual gold in size. These days, when physical gold (and silver) are in short supply, that should be a lucrative business. The latter issues commercial loans backed by precious metals. These services-oriented units represent 40% of gross profits and are a stable source of cash flow.

Perhaps the most bullish recent development was a $150 million purchase of its shares by the old nemesis of this newsletter, Tether. While we still find its multi-year failure to provide an audit inexcusable, we appreciate it is seeking to back its stablecoins with hard assets. (However, gold is volatile and that continues to strike us as improper collateral for a stablecoin; yet, that's Tether's problem, not GOLD's.) The two companies' plans to tokenize hard assets likely has considerable potential and capitalizes on each of their strengths.

On the Tether link-up, here's what Sy emailed us earlier this week: "I think the Tether deal has the potential to be huge…Tether will become a big customer of GOLD's over time in the storage business and the logistics business especially given they intend to introduce a US based gold backed stable coin. They have the largest gold stable coin in the world but (it is) not yet approved in the US. At its core, this is why I believe Tether wanted to make this investment to begin with. The fact that they are the world's largest non-central bank holder of gold bullion is STAGGERING. And that's before a US based gold stablecoin."

He added: "Their (GOLD's) string of acquisitions in the last 1-2 years in the downcycle for gold/silver physical demand and margins were well timed and at low EBITDA multiples, typically 5x and less." He noted that he's particularly enthused with their Monex purchase, a name that is very familiar to gold investors/traders.

He further pointed out that the return to a more normal shape of the futures curve in silver is a major positive. The inverted, or backwardated, nature of that market was a big drag on earnings last year and has now swung significantly in GOLD's favor.

Sy then followed up with this P.S.: "Ahh, one last and important point: I can't think of a better free call option on political instability in the U.S. than GOLD. Their volumes and margins took off in 2020/21 with George Floyd/BLM protests and election tampering accusations. Physical buying base is inherently MAGA so their outrage is fuel for the business. Political views aside, fear of (a) blue wave, let alone AOC, Mamdani or the likes ascending or in power would be crazy bullish."

When it comes to profitability, the Bloomberg Consensus is looking for a substantial earnings recovery this year and next. Moreover, this is a company that earned $6.35/share in 2023. Sy believes they can exceed that number in the not too distant future.

Interestingly, pun intended, the short interest remains quite high at 12 1/2%, though it has come down from much higher levels when we first wrote it up in December of 2023. This means a short squeeze is a possibility. This is especially true given that insiders still own 18% and Tether now has a 10% ownership stake. In other words, the available float is limited. In a subsequent email Sy agreed with our supposition that at some point GOLD will report a blow-out quarter, potentially triggering a serious short squeeze in the next few quarters.

On the negative side, insiders have been selling a considerable number of shares into the rally GOLD's shares enjoyed last year. That said, as noted above, they retain an unusually large ownership stake.

On balance, we believe this name, which had a resounding breakout to a new all-time high earlier this year, is poised to have another surge… even without a short-squeeze catalyst. This is a timely opportunity for us to re-emphasize that while multi-year highs are great, all-time highs are greater. As market technicians are prone to point out, there is no overhead resistance when an all-time high is achieved. That's likely why these situations have such a high propensity to be highly profitable. Enough wordplay… just buy the stock!

The Haymaker Team