Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May. 10, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	A-Mark Precious Metals, Inc.
Entity Central Index Key	0001591588
Trading Symbol	AMRK
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		6,996,964

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Current assets:
Cash	$ 12,972	$ 20,927
Receivables, net	25,928	30,025
Derivative assets	11,086	11,364
Secured loans receivable	64,227	48,666
Inventories	180,805	152,076
Restricted inventories	93,168	39,425
Restricted and Nonrestricted Inventory, Net	273,973	191,501
Income taxes receivable	8,845	7,846
Income taxes receivable from Former Parent	0	1,095
Prepaid expenses and other assets	1,662	1,202
Total current assets	398,693	312,626
Property and equipment, net	3,338	2,850
Goodwill	4,884	4,884
Intangibles, net	2,082	2,369
Long-term secured loans receivable	600	650
Long-term investments	7,785	2,500
Deferred tax assets - non-current	0	23
Total assets	417,382	325,902
Current liabilities:
Lines of credit	190,000	147,000
Liability on borrowed metals	5,573	9,500
Product financing arrangement	93,168	39,425
Accounts payable	42,838	50,639
Derivative liabilities	11,073	17,897
Accrued liabilities	6,600	5,330
Income taxes payable to Former Parent	510	0
Deferred tax liability - current	4,398	149
Total current liabilities	354,160	269,940
Deferred tax liabilities - non-current	268	0
Total liabilities	$ 354,428	$ 269,940
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of March 31, 2016 and June 30, 2015	$ 0	$ 0
Common Stock, par value $0.01; 40,000,000 shares authorized; 6,996,964 and 6,973,549 shares issued and outstanding as of March 31, 2016 and June 30, 2015, respectively	70	70
Additional paid-in capital	22,444	22,470
Retaining earnings	40,440	33,422
Total stockholders’ equity	62,954	55,962
Total liabilities and stockholders’ equity	$ 417,382	$ 325,902

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Jun. 30, 2015
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued, shares	0	0
Preferred stock, outstanding, shares	0	0
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	6,996,964	6,973,549
Common stock, shares outstanding	6,996,964	6,973,549

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenues	$ 1,512,750	$ 1,624,495	$ 5,048,829	$ 4,616,832
Cost of sales	1,505,892	1,618,871	5,021,871	4,598,285
Gross profit	6,858	5,624	26,958	18,547
Selling, general and administrative expenses	(5,366)	(4,089)	(16,302)	(13,062)
Interest income	2,250	1,607	6,365	4,482
Interest expense	(1,658)	(1,157)	(4,214)	(3,189)
Other income	107	0	613	0
Unrealized (losses) gains on foreign exchange	(102)	(123)	9	(207)
Net income before provision for income taxes	2,089	1,862	13,429	6,571
Provision for income taxes	(894)	(177)	(5,226)	(2,086)
Net income	$ 1,195	$ 1,685	$ 8,203	$ 4,485
Basic and diluted income per share:
Basic - net income (usd per share)	$ 0.17	$ 0.24	$ 1.18	$ 0.64
Diluted - net income (usd per share)	$ 0.17	$ 0.24	$ 1.15	$ 0.64
Weighted average shares outstanding:
Basic (shares)	6,983,000	6,963,000	6,977,000	6,962,742
Diluted (shares)	7,146,000	7,062,000	7,112,000	7,061,700

Condensed Consolidated Statements of Stockholders' Equity - 9 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance, shares at Jun. 30, 2015	6,973,549	6,973,549
Beginning balance at Jun. 30, 2015	$ 55,962	$ 70	$ 22,470	$ 33,422
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,203			8,203
Share-based compensation	224		224
Release of restricted stock units		35,957
Repurchase and retirement of restricted stock units for payroll taxes, shares		(12,542)
Repurchase and retirement of restricted stock units for payroll taxes	(250)		(250)
Dividends declared	$ (1,185)			(1,185)
Ending balance, shares at Mar. 31, 2016	6,996,964	6,996,964
Ending balance at Mar. 31, 2016	$ 62,954	$ 70	$ 22,444	$ 40,440

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net Income	$ 8,203	$ 4,485
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	911	678
Deferred income taxes	4,540	(747)
Interest added to principal of secured loans	(65)	(181)
Share-based compensation	224	180
Earnings from equity method investment	(613)	0
Changes in assets and liabilities:
Receivables	4,097	(16,453)
Secured loans	2,404	381
Secured loans to Former Parent	(1,363)	538
Derivative assets	278	15,794
Income tax receivable	(999)	(5,643)
Inventories	(82,472)	(11,018)
Prepaid expenses and other current assets	(460)	(1,868)
Accounts payable	(7,801)	30,182
Derivative liabilities	(6,824)	(20,277)
Liabilities on borrowed metals	(3,927)	(2,214)
Accrued liabilities	1,270	(1,595)
Receivable from/payables to Former Parent	1,605	(877)
Income taxes payable	0	(2,178)
Net cash used in operating activities	(80,992)	(10,813)
Cash flows from investing activities:
Capital expenditures for property and equipment	(1,112)	(87)
Purchase of long-term investments	(4,672)	(1,111)
Secured loans, net	(16,487)	(5,736)
Net cash used in investing activities	(22,271)	(6,934)
Cash flows from financing activities:
Product financing arrangement, net	53,743	23,504
Dividends paid	(1,185)	(349)
Borrowings (repayments) under lines of credit, net	43,000	(2,400)
Repurchase and retirement of restricted stock for payroll taxes	(250)	0
Net cash provided by financing activities	95,308	20,755
Net (decrease) increase in cash and cash equivalents	(7,955)	3,008
Cash and cash equivalents, beginning of period	20,927	13,193
Cash and cash equivalents, end of period	12,972	16,201
Cash paid during the period for:
Interest expense	3,997	3,038
Income taxes	151	11,751
Non-cash investing and financing activities:
Interest added to principal of secured loans	$ 65	$ 181

Description of Business	9 Months Ended
Description of Business	Mar. 31, 2016
Accounting Policies [Abstract]
Description of Business	DESCRIPTION OF BUSINESS A-Mark Precious Metals, Inc. and its subsidiaries (“A-Mark” or the “Company”) is a full-service precious metals trading company. Its products include gold, silver, platinum and palladium for storage and delivery primarily in the form of coins, bars, wafers and grain. The Company's trading-related services include financing, consignment, logistics, hedging and various customized financial programs. Through its wholly owned subsidiary, Collateral Finance Corporation (“CFC”), a licensed California Finance Lender, the Company offers loans on precious metals, rare coins and other collectibles collateral to coin dealers, collectors and investors. Through its wholly owned subsidiary, A-Mark Trading AG (“AMTAG”), the Company promotes A-Mark bullion products throughout the European continent. Transcontinental Depository Services (“TDS”), also a wholly owned subsidiary of the Company, offers worldwide storage solutions to institutions, dealers and consumers. The Company's wholly-owned subsidiary, A-M Global Logistics, LLC ("Logistics"), operates the Company's logistics fulfillment center based in Las Vegas, Nevada, which began operations in July 2015. Logistics provides our customers an array of complementary services, including storage, shipping, handling, receiving, processing, and inventorying of precious metals and custom coins on a secure basis. Spinoff from Spectrum Group International, Inc. On March 14, 2014, the Company's former parent, Spectrum Group International, Inc. ("SGI" or the "Former Parent"), effected a spinoff (the "spinoff" or the "Distribution") of the Company from SGI. As a result of the Distribution, the Company became a publicly traded company independent from SGI. On March 17, 2014, A-Mark’s shares of common stock commenced trading on the NASDAQ Global Select Market under the symbol "AMRK."

Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements reflect the financial condition, results of operations, and cash flows of the Company, and were prepared using accounting principles generally accepted in the United States (“U.S. GAAP”). The Company operated in one segment for all periods presented.

These condensed consolidated financial statements include the accounts of A-Mark, and its wholly owned subsidiaries, CFC, AMTAG, Logistics and TDS (collectively the “Company”). All inter-company accounts and transactions have been eliminated in consolidation.

Unaudited Interim Financial Information

The accompanying interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These interim condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the condensed consolidated balance sheets, condensed consolidated statements of income, condensed consolidated statement of stockholders’ equity, and condensed consolidated statements of cash flows for the periods presented in accordance with U.S. GAAP. Operating results for the nine months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending June 30, 2016 or for any other interim period during such fiscal year. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2015 (the “2015 Annual Report”), as filed with the SEC. Amounts related to disclosure of June 30, 2015 balances within these interim condensed consolidated financial statements were derived from the aforementioned audited consolidated financial statements and notes thereto included in the 2015 Annual Report.

Reclassifications

Certain previously reported amounts have been reclassified to conform to the current fiscal quarter's condensed consolidated financial statement presentation. In the previous reported periods, account receivables included secured loans and derivative assets; these components are shown as separate lines items on the condensed consolidated balance sheets and cash flow statements. Similarly, accounts payables included derivative liabilities; these components are shown as separate lines items on the condensed consolidated balance sheets and cash flow statements.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates include, among others, determination of fair value, and allowances for doubtful accounts, impairment assessments of long-lived assets and intangible assets, valuation reserve determination on deferred tax assets, and revenue recognition judgments. Significant estimates also include the Company's fair value determination with respect to its financial instruments and precious metals materials. Actual results could materially differ from these estimates.

Concentration of Credit Risk

Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances.

Assets that potentially subject the Company to concentrations of credit risk consist principally of receivables, loans of inventory to customers, and inventory hedging transactions. Concentration of credit risk with respect to receivables is limited due to the large number of customers composing the Company's customer base, the geographic dispersion of the customers, and the collateralization of substantially all receivable balances. Based on an assessment of credit risk, the Company typically grants collateralized credit to its customers. The Company enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with credit worthy financial institutions. Credit risk with respect to loans of inventory to customers is minimal; substantially all inventories loaned under consignment arrangements are collateralized for the benefit of the Company. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions.

Foreign Currency

The functional currency of the Company is the United States dollar ("USD"). Also, the functional currency of the Company's wholly-owned foreign subsidiary, AMTAG, is USD, but it maintains its books of record in Euros. The Company remeasures the financial statements of AMTAG into USD. The remeasurement of local currency amounts into USD creates remeasurement gains and losses, which are included in the condensed consolidated statements of income.

To manage the effect of foreign currency exchange fluctuations, the Company utilizes foreign currency forward contracts. These derivatives generate gains and losses when they are settled and/or when they are marked to market. The change in the value in the derivative instruments is shown on the face of the condensed consolidated statements of income as unrealized net gains (losses) on foreign exchange.

Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents.

Inventories

Inventories principally include bullion and bullion coins and are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: (1) published market values attributable to the costs of the raw precious metal, and (2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium may be readily determined, as it is published by multiple reputable sources.

The Company’s inventories, except for certain lower of cost or market basis products (as discussed below), are subsequently recorded at their fair market values, that is, "marked-to-market". The daily changes in the fair market value of our inventory are offset by daily changes in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the condensed consolidated statements of income.

While the premium component included in inventories is marked-to-market, our commemorative coin inventory, including its premium component, is held at the lower of cost or market, because the value of commemorative coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Neither the commemorative coin inventory nor the premium component of our inventory is hedged (see Note 6.)

Property and Equipment and Depreciation

Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using a straight line method based on the estimated useful lives of the related assets, ranging from three years to five years.

Goodwill and Purchased Intangible Assets

Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired.

Goodwill and other indefinite life intangibles are evaluated for impairment annually in the fourth quarter of the fiscal year (or more frequently if indicators of potential impairment exist) in accordance with the Intangibles - Goodwill and Other Topic 350 of the Accounting Standards Codification ("ASC".) Other purchased intangible assets continue to be amortized over their useful lives and are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. The Company may first qualitatively assess whether relevant events and circumstances make it more likely than not that the fair value of the reporting unit's goodwill is less than its carrying value. If, based on this qualitative assessment, management determines that goodwill is more likely than not to be impaired, the two-step impairment test is performed. This first step in this test includes comparing the fair value of each reporting unit to its carrying value, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step in the test is performed, which is measurement of the impairment loss. The impairment loss is calculated by comparing the implied fair value of goodwill, as if the reporting unit has been acquired in a business combination, to its carrying amount. As of March 31, 2016 and June 30, 2015, the Company had no impairments.

If the Company determines it will quantitatively assess impairment, the Company utilizes the discounted cash flow method to determine the fair value of each of its reporting units. In calculating the implied fair value of the reporting unit's goodwill, the present value of the reporting unit's expected future cash flows is allocated to all of the other assets and liabilities of that unit based on their fair values. The excess of the present value of the reporting unit's expected future cash flows over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. In calculating the implied value of the Company's trade names, the Company uses the present value of the relief from royalty method.

Amortizable intangible assets are being amortized on a straight-line basis which approximates economic use, over periods ranging from three years to fifteen years. The Company considers the useful life of the trademarks to be indefinite. The Company tests the value of the trademarks and trade name annually for impairment.

Long-Lived Assets

Long-lived assets, other than goodwill and purchased intangible assets with indefinite lives are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. In evaluating impairment, the carrying value of the asset is compared to the undiscounted estimated future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when estimated future cash flows are less than the carrying amount. Estimates of future cash flows may be internally developed or based on independent appraisals and significant judgment is applied to make the estimates. Changes in the Company's strategy, assumptions and/or market conditions could significantly impact these judgments and require adjustments to recorded amounts of long-lived assets. As of March 31, 2016 and June 30, 2015, management concluded that an impairment was not required.

Long-term Investments

Investments in privately-held entities that are at least 20% but less than 50% owned by the Company are accounted for using the equity method. Under the equity method the carrying value of the investment is adjusted for the Company’s proportionate share of the investee’s earnings or losses, with the corresponding share of earnings or losses reported in other income (expense), net. The carrying value of the investment is reduced by the amount of the dividends received from the equity-method investee, as they are considered as a return of capital.

Investments in privately-held entities that are less than 20% owned by the Company are accounted for using the cost method, unless the Company can exercise significant influence or the investee is economically dependent upon the Company, in which case the equity method is used. Under the cost method, investments are carried at cost and other income is recorded when dividends are received from the cost-method investee.

We evaluate our long-term investments for impairment quarterly or whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable.

Fair Value Measurement

The Fair Value Measurements and Disclosures Topic 820 of the ASC ("ASC 820"), creates a single definition of fair value for financial reporting. The rules associated with ASC 820 state that valuation techniques consistent with the market approach, income approach and/or cost approach should be used to estimate fair value. Selection of a valuation technique, or multiple valuation techniques, depends on the nature of the asset or liability being valued, as well as the availability of data (see Note 3.)

Revenue Recognition

Revenues are recognized when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. The Company records sales of precious metals, which occurs upon receipt by the customer. The Company records revenues from its metal assaying and melting services after the related services are completed and the effects of forward sales contracts are reflected in revenue at the date the related precious metals are delivered or the contracts expire. The Company records revenues from its storage and logistics services after the related services are completed.

The Company accounts for its metals and sales contracts using settlement date accounting. Pursuant to such accounting, the Company recognizes the sale or purchase of the metals at settlement date. During the period between trade and settlement date, the Company has essentially entered into a forward contract that meets the definition of a derivative in accordance with the Derivatives and Hedging Topic 815 of the ASC. The Company records the derivative at the trade date with a corresponding unrealized gain (loss), which is reflected in the cost of sales in the condensed consolidated statements of income. The Company adjusts the derivatives to fair value on a daily basis until the transaction is physically settled. Sales which are physically settled are recognized at the gross amount in the condensed consolidated statements of income.

Interest Income

The Company uses the effective interest method to recognize interest income on its secured loans transactions. For these arrangements, the Company maintains a security interest in the precious metals and records interest income over the terms of the receivable. Recognition of interest income is suspended and the loan is placed on non-accrual status when management determines that collection of future interest income is not probable. The interest income accrual is resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or collection doubts are removed. Cash receipts on impaired loans are recorded first against the receivable and then to any unrecognized interest income (see Note 5.)

Also, the Company enters into repurchases agreements, whereby the Company sells products at the prevailing spot price plus a premium, and then repurchases the products back from the customer at the prevailing spot price, thereby earning a fee (recorded as interest income) based on a calculated premium over the spot price, resulting in an open sales commitment to deliver products at the agreed upon date and price.

Interest Expense

The Company incurs interest expense and related fees as a result of usage under its lines of credit, product financing arrangement and liability on borrowed metals.

The Company incurs interest expense based on usage under its Trading Credit Facility recording interest expense using the effective interest method.

The Company incurs financing fees (classified as interest expense) as a result of its product financing arrangement for the transfer and subsequent re-acquisition of gold and silver at a fixed price to a third party finance company. During the term of this type of financing agreement, a third party finance company holds the designated inventory, with the intent to return the inventory to the Company at an agreed-upon price based on the spot price on the finance arrangement termination date, pursuant to the guidance in Product Financing Arrangements Topic 470-40 of the ASC. The third party charges a monthly fee as a percentage of the market value of the outstanding obligation. In addition, the Company incurs a financing fee related to custodial storage facility charges related to the transferred collateral inventory; this collateral is classified as restricted inventory on our condensed consolidated balance sheets.

Additionally, the Company incurs interest expense when we borrow precious metals from our suppliers under short-term arrangements, which bear interest at a designated rate. Amounts under these arrangements are due at maturity and require repayment either in the form of precious metals or cash. This liability is reflected in the condensed consolidated balance sheet as a liability on borrowed metals.

Derivative Instruments

The Company’s inventory, and purchase and sale commitment transactions consist of precious metals products. The value of our inventory and these commitments is linked to the prevailing price of the underlying precious metal commodity. The Company seeks to minimize the effect of price changes of the underlying commodity and enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with only major credit worthy financial institutions. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions. Notional balances of the Company's derivative instruments, consisting of contractual metal quantities, are expressed at current spot prices of the underlying precious metal commodity.

Commodity futures and forward contract transactions are recorded at fair value on the trade date. The difference between the original contract value and the market value of the open futures and forward contracts are reflected in derivative assets or derivative liabilities in the condensed consolidated balance sheet at fair value.

The Company records the change between market value and trade value of the underlying open commodity contracts as a derivative asset or liability, and the Company correspondingly records the related unrealized gains or losses. The change in unrealized gain (loss) on open commodity contracts from one period to the next is reflected in net gain (loss) on derivative instruments. These unrealized gains and losses are included as a component of cost of sales on the condensed consolidated statements of income. Gains or losses resulting from the termination of commodity contracts are reported as realized gains or losses on commodity contracts, which is recorded as a component of cost of sales on the condensed consolidated statements of income.

The Company enters into derivative transactions solely for the purpose of hedging our inventory holding risk, and not for speculative market purposes. The Company’s gains (losses) on derivative instruments are substantially offset by the changes in the fair market value of the underlying precious metals inventory, which is also recorded in cost of sales in the condensed consolidated statements of income (see Note 11.)

Advertising

Advertising costs are expensed as incurred, and are included in selling, general and administrative expenses in the condensed consolidated statements of income. Advertising expense was $137,000 and $206,000, respectively, for the three months ended March 31, 2016 and 2015. Advertising expense was $463,000 and $456,000, respectively, for the nine months ended March 31, 2016 and 2015.

Shipping and Handling Costs

Shipping and handling costs represent costs associated with shipping product to customers, and receiving product from vendors and are included in cost of sales in the condensed consolidated statements of income. Shipping and handling costs incurred totaled $1.5 million and $2.1 million, respectively, for the three months ended March 31, 2016 and 2015. Shipping and handling costs incurred totaled $5.6 million and $5.3 million, respectively, for the nine months ended March 31, 2016 and 2015.

Share-Based Compensation

The Company accounts for equity awards under the provisions of the Compensation - Stock Compensation Topic 718 of the ASC ("ASC 718"), which establishes fair value-based accounting requirements for share-based compensation to employees. ASC 718 requires the Company to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees as expense over the service period in the Company's condensed consolidated financial statements.

Income Taxes

As part of the process of preparing its condensed consolidated financial statements, the Company is required to estimate its provision for income taxes in each of the tax jurisdictions in which it conducts business, in accordance with the Income Taxes Topic 740 of the ASC ("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities available to it in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's annual tax rate and in evaluating uncertainty in its tax positions. The Company recognizes a benefit for tax positions that it believes will more likely than not be sustained upon examination. The amount of benefit recognized is the largest amount of benefit that the Company believes has more than a 50% probability of being realized upon settlement. The Company regularly monitors its tax positions and adjusts the amount of recognized tax benefit based on its evaluation of information that has become available since the end of its last financial reporting period. The annual tax rate includes the impact of these changes in recognized tax benefits. When adjusting the amount of recognized tax benefits, the Company does not consider information that has become available after the balance sheet date, but does disclose the effects of new information whenever those effects would be material to the Company's condensed consolidated financial statements. The difference between the amount of benefit taken or expected to be taken in a tax return and the amount of benefit recognized for financial reporting represents unrecognized tax benefits. These unrecognized tax benefits are presented in the condensed consolidated balance sheet principally within accrued liabilities.

The Company records valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. Significant judgment is applied when assessing the need for valuation allowances. Areas of estimation include the Company's consideration of future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the utilization of deferred tax assets in future years, the Company would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income. Changes in recognized tax benefits and changes in valuation allowances could be material to the Company's results of operations for any period, but is not expected to be material to the Company's condensed consolidated financial position.

The Company accounts for uncertainty in income taxes under the provisions of ASC 740. These provisions clarify the accounting for uncertainty in income taxes recognized in an enterprise's financial statements, and prescribe a recognition threshold and measurement criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions also provide guidance on de-recognition, classification, interest, and penalties, accounting in interim periods, disclosure, and transition. The potential interest and/or penalties associated with an uncertain tax position are recorded in provision for income taxes on the condensed consolidated statements of income. Please refer to Note 12 for further discussion regarding these provisions.

Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings.

Based on our assessment it appears more likely than not that most of the net deferred tax assets will be realized through future taxable income. Management has established a valuation allowance against the deferred taxes related to certain state net operating loss carryovers. Management believes the utilization of these losses may be limited. We will continue to assess the need for a valuation allowance for our remaining deferred tax assets in the future.

The Company's condensed consolidated financial statements recognized the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods, as if the Company were a separate taxpayer prior to the date of the Distribution rather than a member of the consolidated income tax return group of its Former Parent, Spectrum Group International, Inc. Following its spin-off, the Company files federal and state income tax filings that are separate from the Former Parent's tax filings. The Company recognizes current and deferred income taxes as a separate taxpayer for periods ending after the date of Distribution.

Income taxes payable to Former Parent reflects balances due to the Former Parent for the Company's share of the income tax assets of the group, net of amounts related to federal and state jurisdictions due to taxable income generated as if the Company were a separate taxpaying entity prior to the Distribution. Income taxes receivable from Former Parent reflects balance due from the Former Parent for the Company's share of the income tax assets of the group, net of amounts related to federal and state jurisdictions due to taxable income generated as if the Company were a separate taxpaying entity prior to the Distribution.

Earnings per Share ("EPS")

The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity awards, including unexercised stock options, utilizing the treasury stock method.

A reconciliation of shares used in calculating basic and diluted earnings per common shares follows. There is no dilutive effect of stock appreciation rights ("SARs"), as such obligations are not settled and were out of the money for the three and nine months ended March 31, 2016 and 2015.



in thousands
		Three Months Ended		Nine Months Ended
		March 31, 2016	March 31, 2015	March 31, 2016	March 31, 2015
Basic weighted average shares outstanding ⁽¹⁾		6,983	6,963	6,977	6,963
Effect of common stock equivalents — stock issuable under outstanding equity awards		163	99	135	99
Diluted weighted average shares outstanding		7,146	7,062	7,112	7,062

_________________________________
(1)	Basic weighted average shares outstanding include the effect of vested but unissued restricted stock grants.

Recent Accounting Pronouncements Not Yet Adopted

In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, (“ASU 2016-09”), Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this update simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We do not expect the adoption of this standard will have a material effect on our consolidated financial statements.

In February 2016, FASB issued ASU No. 2016-02, (“ASU 2016-02”), Leases (Topic 842). The amendments in this update require lessees to recognize a lease liability measured on a discounted basis and a right-of-use asset for all leases at the commencement date. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and is to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are evaluating the new guidelines to see if they will have a significant impact on our consolidated results of operation, financial condition or cash flows.

In November 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”), which simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities be classified as non-current on the balance sheet. This update is effective for fiscal years beginning after December 15, 2016. The guidance may be adopted prospectively or retrospectively and early adoption is permitted. We have not early adopted ASU, and the adoption of this update is not expected to have a material impact on our results of operations, financial position or cash flows.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU No. 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU No. 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date of ASU 2014-09 for one year. With the deferral, the new standard is effective for the Company, on July 1, 2018, with early adoption permitted one year prior. The standard permits the use of either the retrospective or cumulative effect transition method. We are still evaluating what impact this standard will have on the Company’s consolidated financial position, results of operations or cash flows and related disclosures.

Assets and Liabilities, at Fair Value

9 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Assets and Liabilities, at Fair Value

ASSETS AND LIABILITIES, AT FAIR VALUE

Fair Value of Financial Instruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2016 and June 30, 2015.



in thousands
	March 31, 2016				June 30, 2015
	Carrying Amount		Fair value		Carrying Amount		Fair value

Financial assets:
Cash	$	12,972	$	12,972	$	20,927	$	20,927
Receivables and advances, net	25,928		25,928		30,025		30,025
Secured loans	64,827		64,827		49,316		49,316
Derivative assets - open sale and purchase commitments, net	9,834		9,834		1,722		1,722
Derivative assets - futures contracts	1,226		1,226		5,363		5,363
Derivative assets - forward contracts	26		26		4,279		4,279
Income taxes receivable from Former Parent	—		—		1,095		1,095
Financial liabilities:
Lines of credit	$	190,000	$	190,000	$	147,000	$	147,000
Liability on borrowed metals	5,573		5,573		9,500		9,500
Product financing arrangement	93,168		93,168		39,425		39,425
Derivative liabilities - liability on margin accounts	6,788		6,788		6,908		6,908
Derivative liabilities - open sale and purchase commitments, net	159		159		10,989		10,989
Derivative liabilities - futures contracts	1,163		1,163		—		—
Derivative liabilities - forward contracts	2,963		2,963		—		—
Accounts payable, advances and other payables	42,838		42,838		50,639		50,639
Accrued liabilities	6,600		6,600		5,330		5,330
Income taxes payable to Former Parent	510		510		—		—

The fair values of the financial instruments shown in the above table as of March 31, 2016 and June 30, 2015 represent the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk‑adjusted discount rates, available observable and unobservable inputs.

The carrying amounts of cash and cash equivalents, secured loans, accounts receivable, consignor advances, accounts payable and accrued liabilities approximated fair value due to their short-term nature. The carrying amounts of derivative assets and derivative liabilities are marked-to-market on a daily basis to fair value. The carrying amounts of lines of credit approximate fair value based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities.

Valuation Hierarchy

Topic 820 of the ASC established a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:


•	Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.


•	Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.


•	Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The significant assumptions used to determine the carrying value and the related fair value of the financial instruments are described below:

Inventory. Inventories principally include bullion and bullion coins and are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: 1) published market values attributable to the costs of the raw precious metal, and 2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium is readily determined, as it is published by multiple reputable sources. Except for commemorative coin inventory, which are included in inventory at the lower of cost or market, the Company’s inventories are subsequently recorded at their fair market values on a daily basis. The fair value for commodities inventory (i.e., inventory excluding commemorative coins) is determined using pricing and data derived from the markets on which the underlying commodities are traded. Precious metals commodities inventory are classified in Level 1 of the valuation hierarchy.

Derivatives. Futures contracts, forward contracts and open sale and purchase commitments are valued at their fair values, based on the difference between the quoted market price and the contractual price (i.e., intrinsic value,) and are included within Level 1 of the valuation hierarchy.

Margin and Borrowed Metals Liabilities. Margin and borrowed metals liabilities consist of the Company's commodity obligations to margin customers and suppliers, respectively. Margin liabilities and borrowed metals liabilities are carried at fair value, which is determined using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Margin and borrowed metals liabilities are classified in Level 1 of the valuation hierarchy.

Product Financing Arrangement. Product financing arrangement consists of financing agreements for the transfer and subsequent re-acquisition of the sale of gold and silver at a fixed price to a third party. Such transactions allow the Company to repurchase this inventory at an agreed-upon price based on the spot price on the repurchase date. The third party charges monthly interest as a percentage of the market value of the outstanding obligation, which is carried at fair value. The obligation is stated at the amount required to repurchase the outstanding inventory. Fair value is determined using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Product financing arrangement is classified in Level 1 of the valuation hierarchy.

The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and June 30, 2015 aggregated by the level in the fair value hierarchy within which the measurements fall:



	March 31, 2016
	Quoted Price in
	Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable
	Instruments		Inputs		Inputs
in thousands	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Inventory ⁽¹⁾	$	273,967	$	—	$	—	$	273,967
Derivative assets — open sale and purchase commitments, net	9,834		—		—		9,834
Derivative assets — futures contracts	1,226		—		—		1,226
Derivative assets — forward contracts	26		—		—		26
Total assets, valued at fair value	$	285,053	$	—	$	—	$	285,053
Liabilities:
Liability on borrowed metals	$	5,573	$	—	$	—	$	5,573
Product financing arrangement	93,168		—		—		93,168
Derivative liabilities — liability on margin accounts	6,788		—		—		6,788
Derivative liabilities — open sales and purchase commitments, net	159		—		—		159
Derivative liabilities — future contracts	1,163		—		—		1,163
Derivative liabilities — forward contracts	2,963		—		—		2,963
Total liabilities, valued at fair value	$	109,814	$	—	$	—	$	109,814

____________________

⁽¹⁾ Commemorative coin inventory totaling $6,000 is held at lower of cost or market and is thus excluded from this table.



	June 30, 2015
	Quoted Price in
	Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable
	Instruments		Inputs		Inputs
in thousands	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Inventory ⁽¹⁾	$	189,983	$	—	$	—	$	189,983
Derivative assets — open sale and purchase commitments, net	1,722		—		—		1,722
Derivative assets — futures contracts	5,363		—		—		5,363
Derivative assets — forward contracts	4,279		—		—		4,279
Total assets, valued at fair value	$	201,347	$	—	$	—	$	201,347
Liabilities:
Liability on borrowed metals	$	9,500	$	—	$	—	$	9,500
Product financing arrangement	39,425		—		—		39,425
Derivative liabilities — liability on margin accounts	6,908		—		—		6,908
Derivative liabilities — open sale and purchase commitments, net	10,989		—		—		10,989
Total liabilities, valued at fair value	$	66,822	$	—	$	—	$	66,822

____________________

⁽¹⁾ Commemorative coin inventory totaling $1.5 million is held at lower of cost or market and is thus excluded from this table.

There were no transfers in or out of Level 2 or 3 during the reported periods.

Assets Measured at Fair Value on a Non-Recurring Basis

Certain assets are measured at fair value on a nonrecurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only under certain circumstances. These include cost method and equity method investments that are written down to fair value when their declines are determined to be other-than-temporary, and long-lived assets or goodwill that are written down to fair value when they are held for sale or determined to be impaired.

The Company uses level-three inputs to measure the fair value of its investments on a non-recurring basis. The Company's investments in ownership interests in noncontrolled entities do not have readily determinable fair values and were initially recorded at cost, $7.2 million, in aggregate, as of March 31, 2016. Quoted prices of the investments are not available, and the cost of obtaining an independent valuation appears excessive considering the materiality of the instruments to the Company. For the Company's equity method investment, it recognized $0.1 million and $0.6 million earnings associated with the Company's ownership interests in this noncontrolled entities during the three and nine months ended March 31, 2016, respectively. As of March 31, 2016 and June 30, 2015, the carrying value of the Company's investments totaled $7.8 million and $2.5 million, respectively.

The Company uses level-three inputs to measure the fair value of goodwill and other intangibles on a non-recurring basis. These assets are measured at cost and are written down to fair value on the annual measurement dates or on the date of a triggering event, if impaired. As of March 31, 2016, there were no indications present that the Company's goodwill or other purchased intangibles were impaired, and therefore were not measured at fair value. There were no gains or losses recognized in earnings associated with the above purchased intangibles during the three and nine months ended March 31, 2016 and 2015.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Receivables

9 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Receivables

RECEIVABLES

Receivables consist of the following as of March 31, 2016 and June 30, 2015:



in thousands
	March 31, 2016			June 30, 2015

Customer trade receivables	$	3,207		$	11,835
Wholesale trade advances	16,425			12,164
Due from brokers	6,326			6,056
Subtotal	25,958			30,055
Less: allowance for doubtful accounts	(30		)	(30		)
Receivables, net	$	25,928		$	30,025

Customer trade receivables. Customer trade receivables represent short-term, non-interest bearing amounts due from precious metal sales and are secured by the related precious metals stored with the Company, a letter of credit issued on behalf of the customer, or other secured interests in assets of the customer.

Wholesale trade advances. Wholesale trade advances represent advances of various bullion products and cash advances to customers. Typically, these advances are: unsecured, short-term, and non-interest bearing, which are made to wholesale metals dealers and government mints.

Due from brokers. Due from brokers principally consists of the margin requirements held at brokers related to open futures contracts (see Note 11).

Allowance for Doubtful Accounts

Allowances for doubtful accounts are recorded based on specifically identified receivables, which the Company has identified as potentially uncollectible. A summary of the activity in the allowance for doubtful accounts is as follows:



in thousands
Period ended:	Beginning Balance		Provision		Charge-off		Ending Balance
Nine Months Ended March 31, 2016	$	30	$	—	$	—	$	30
Year Ended June 30, 2015	$	30	$	—	$	—	$	30

Secured Loans Receivables

9 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Secured Loans Receivables

SECURED LOANS RECEIVABLE

Below is a summary of the carrying-value of our secured loans as of March 31, 2016 and June 30, 2015:



in thousands
	March 31, 2016			June 30, 2015

Secured loans originated	$	40,756		$	36,778
Secured loans originated - with a related party	1,363			—
	42,119			36,778
Secured loans acquired	22,708		⁽¹⁾	12,538		⁽²⁾
Secured loans (current and long-term)	$	64,827		$	49,316

_________________________________

(1) Includes $86,000 of amortized loan premium as of March 31, 2016.

(2) Includes $99,000 of amortized loan premium as of June 30, 2015.

Secured loans - originated: Secured loans include short-term loans, which include a combination of on-demand lines and short term facilities, and long-term loans that are made to our customers (i.e., secured loans - originated). These loans are fully secured by the customers' assets that include bullion, numismatic and semi-numismatic material, which are typically held in safekeeping by the Company. (See Note 13, for further information regarding our secured loans made to related parties.)

Secured loans - acquired: Secured loans also include short-term loans, which include a combination of on-demand lines and short term facilities that are purchased from our customers (i.e., secured loans - acquired). The Company acquires a portfolio of their loan receivables at a price that approximates the aggregate carrying-value of the each loan in the portfolio, as determined on the effective transaction date. Each loan in the portfolio is fully secured by the borrowers' assets, which include bullion, numismatic and semi-numismatic material that are held in safekeeping by the Company. Typically, our customer retains the responsibility for the servicing and administration of the loans.

As of March 31, 2016 and June 30, 2015, our secured loans carried weighted-average effective interest rates of 8.2% and 8.5%, respectively, and mature in periods generally ranging from on-demand to two years.

The secured loans that the Company generates with active customers of A-Mark are reflected as an operating activity on the condensed consolidated statements of cash flows. The secured loans that the Company generates with borrowers who are not active customers of A-Mark are reflected as an investing activity on the condensed consolidated statements of cash flows as secured loans, net. For the secured loans that are reflected as an investing activity and have terms that allow the borrower to increase their loan balance (at the discretion of the Company) based on the excess value of their collateral compared to their aggregate principal balance of loan and are repayable on demand or in the short-term, the borrowings and repayments are netted on the condensed consolidated statements of cash flows. In contrast, for the secured loans that are reflected as an investing activity and do not contain a revolving credit-line feature or have long-term maturities, the borrowed funds are shown at gross as other originated secured loans, segregated from the repayments of the principal, which are shown as principal collections on other originated secured loans on the condensed consolidated statements of cash flows.

Credit Quality of Secured Loans Receivables and Allowance for Credit Losses

The Company applies a systematic methodology to determine the allowance for credit losses for secured loan receivables. The secured loan receivables portfolio is comprised solely of secured loans with similar risk profiles. This similarity allows the Company to apply a standard methodology to determine the credit quality for each loan. The credit quality of each loan is generally determined by the secured material, the initial and ongoing collateral value determination and the assessment of loan to value determination. Typically, the Company's secured loan receivables within its portfolio have similar credit risk profiles and methods for assessing and monitoring credit risk.

The Company evaluates its loan portfolio in one of three classes of secured loan receivables: those loans secured by: 1) bullion 2) numismatic items and 3) customers' pledged assets, which may include bullion and numismatic items. The Company's secured loans by portfolio class, which align with management reporting, are as follows:



in thousands
	March 31, 2016				June 30, 2015
Bullion	$	25,212	38.9	%	$	16,250	33.0	%
Numismatic and semi numismatic	38,815		59.9		32,216		65.3
Subtotal	64,027		98.8		48,466		98.3
Other pledged assets⁽¹⁾	800		1.2		850		1.7
Total secured loans	$	64,827	100.0	%	$	49,316	100.0	%



_________________________________
(1	)	Includes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products.

Each of the three classes of receivables have the same initial measurement attribute and a similar method for assessing and monitoring credit risk. The methodology of assessing the credit quality of the secured loans acquired by the Company is similar to the secured loans originated by the Company; they are administered using the same internal reporting system, collateralized by precious metals or other pledged assets, for which a loan to value determination procedures are applied.

Credit Quality of Loans and Non Performing Status

Generally, interest is due and payable within 30 days. A loan is considered past due if interest is not paid in 30 days or collateral calls are not met timely. Typically, loans do not achieve the threshold of non performing status due to the fact that customers are generally put into default for any interest past due over 30 days and for unsatisfied collateral calls. When this occurs the loan collateral is typically liquidated within 90 days.

For certain secured loans, interest is billed monthly and, if not paid, is added to the outstanding loan balance. These secured loans are considered past due if their current loan-to-value ratio fails to meet established minimum equity levels, and the borrower fails to meet the collateral call required to reestablish the appropriate loan to value ratio.

Non-performing loans have the highest probability for credit loss. The allowance for credit losses attributable to non-performing loans is based on the most probable source of repayment, which is normally the liquidation of collateral. In determining collateral value, the Company estimates the current market value of the collateral and considers credit enhancements such as additional collateral and third-party guarantees. Due to the accelerated liquidation terms of the Company's loan portfolio, all past due loans are generally liquidated within 90 days of default.

Further information about the Company's credit quality indicators includes differentiating by categories of current loan-to-value ratios. The Company disaggregates its secured loans that are collateralized by precious metal products, as follows:



in thousands
	March 31, 2016				June 30, 2015
Loan-to-value of 75% or more ⁽¹⁾	$	15,303	23.9	%	$	17,153	35.4	%
Loan-to-value of less than 75% ⁽¹⁾	48,724		76.1		31,313		64.6
Secured loans collateralized by precious metal products⁽¹⁾	$	64,027	100.0	%	$	48,466	100.0	%



_________________________________
(1	)	Excludes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products.

The Company had no loans with a loan-to-value ratio in excess of 100% at March 31, 2016. At June 30, 2015, the Company had one loan with a loan-to-value ratio in excess of 100%, the aggregate balance of this loan totaled $175,600 or 0.4% of the overall secured loan balance.

For the Company's secured loans where the loan-to-value ratio is not a valid indicator (because the loans are collateralized by other assets of the borrower in addition to their precious metal inventory) the Company uses other indicators to measure the quality of this type of loan. For this type of loan, the Company uses the following credit quality indicators: accounts receivable-to-loan ratios and inventory-to-loan ratios and delinquency status of the loan.

Impaired loans

A loan is considered impaired if it is probable, based on current information and events, that the Company will be unable to collect all amounts due according to the contractual terms of the loan. Customer loans are reviewed for impairment and include loans that are past due, non-performing or in bankruptcy. Recognition of interest income is suspended and the loan is placed on non-accrual status when management determines that collection of future interest income is not probable. Accrual is resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or collection doubts are removed. Cash receipts on impaired loans are recorded first against the receivable and then to any unrecognized interest income.

All loans are contractually subject to margin call. As a result, loans typically do not become impaired due to the fact the Company has the ability to require margin calls which are due upon receipt. Per the terms of the loan agreement, the Company has the right to rapidly liquidate the loan collateral in the event of a default. The material is highly liquid and easily sold to pay off the loan. Such circumstances would result in a short term impairment that would typically result in full repayment of the loan and fees due to the Company.

For the three and nine months ended March 31, 2016 and 2015, the Company incurred no loan impairment costs.

Inventories

9 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Our inventory consists of the precious metals that the Company has physically received, and inventory held by third-parties, which, at the Company's option, it may or may not receive. Below, our inventory is summarized by classification at March 31, 2016 and June 30, 2015:



in thousands
	March 31, 2016		June 30, 2015
Inventory held for sale	$	92,698	$	86,353
Repurchase arrangements with customers	76,191		49,117
Consignment arrangements with customers	6,337		5,588
Commemorative coins, held at lower of cost or market	6		1,518
Borrowed precious metals from suppliers	5,573		9,500
Product financing arrangement, restricted	93,168		39,425
	$	273,973	$	191,501

Inventory held for sale. Inventory held for sale represents precious metals, excluding commemorative coin inventory, that have been received by the Company that is not subject to repurchase or consignment arrangements with third parties. As of March 31, 2016 and June 30, 2015, the inventory held for sale totaled $92.7 million and $86.4 million, respectively.

Repurchase Arrangements with Customers. The Company enters into arrangements with certain customers under which A-Mark purchases precious metals products that are subject to repurchase by the customer at the fair value of the product on the repurchase date. The Company or the counterparty may typically terminate any such arrangement with 14 days' notice. Upon termination the customer’s rights to repurchase any remaining inventory is forfeited. As of March 31, 2016 and June 30, 2015, included within inventory is $76.2 million and $49.1 million, respectively, of precious metals products subject to repurchase.

Consignment Arrangements with Customers. The Company periodically loans metals to customers on a short-term consignment basis, charging interest fees based on the value of the metal loaned. Inventories loaned under consignment arrangements to customers as of March 31, 2016 and June 30, 2015 totaled $6.3 million and $5.6 million, respectively. Such inventories are removed at the time the customer elects to price and purchase the precious metals, and the Company records a corresponding sale and receivable.

Commemorative Coins. Our commemorative coin inventory, including its premium component, is held at the lower of cost or market, because the value of commemorative coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Our commemorative coins are not hedged, are included in inventory at the lower of cost or market and totaled $6,000 and $1.5 million as of March 31, 2016 and June 30, 2015, respectively.

Borrowed Precious Metals from Suppliers. Inventories include amounts borrowed from suppliers under arrangements to purchase precious metals on an unallocated basis that are held by the supplier. Unallocated or pool metal represents an unsegregated inventory position that is due on demand, in a specified physical form, based on the total ounces of metal held in the position. Amounts under these arrangements require delivery either in the form of precious metals or cash. Corresponding obligations related to liabilities on borrowed metals are reflected on the condensed consolidated balance sheets and totaled $5.6 million and $9.5 million as of March 31, 2016 and June 30, 2015, respectively.

Product Financing Arrangement. Inventories include amounts for obligations under product financing arrangement. The Company enters into a product financing agreement for the transfer and subsequent re-acquisition of gold and silver at a fixed price to a third party finance company. This inventory is restricted and is held at a custodial storage facility in exchange for a financing fee, by the third party finance company. During the term of the financing, the third party finance company holds the inventory as collateral, and both parties intend to return the inventory to the Company at an agreed-upon price based on the spot price on the finance arrangement termination date. The third party charges a monthly fee as percentage of the market value of the outstanding obligation; such monthly charge is classified in interest expense. Pursuant to the guidance in ASC 470-40 Product Financing Arrangements, these transactions do not qualify as sales and therefore have been accounted for as financing arrangements and reflected in the condensed consolidated balance sheets within product financing arrangement. The obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing and the underlying inventory are carried at fair value, with changes in fair value included in cost of sales in the condensed consolidated statements of income. Such obligation totaled $93.2 million and $39.4 million as of March 31, 2016 and June 30, 2015, respectively.

The Company mitigates market risk of its physical inventories and open commitments through commodity hedge transactions (see Note 11.)

Premium component of inventory

The Company's inventories primarily include bullion and bullion coins and are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: (1) published market values attributable to the cost of the raw precious metal, and (2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium is readily determined, as it is published by multiple reputable sources. The premium is included in the cost of the inventory, paid at acquisition, and is a component of the total fair market value of the inventory. The precious metal component of the inventory may be hedged through the use of precious metal commodity positions, while the premium component of our inventory is not a commodity that may be hedged.

The Company’s inventories are subsequently recorded at their fair market values, that is, "marked-to-market", except for our commemorative coin inventory. The daily changes in the fair market value of our inventory are offset by daily changes in fair market value of hedging derivatives that are taken with respects to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the condensed consolidated statements of income.

The premium component, at market value, included in the inventories as of March 31, 2016 and June 30, 2015 totaled $5.5 million and $3.3 million, respectively. As of March 31, 2016 and June 30, 2015, the unrealized gains (losses) resulting from the difference between market value and cost of physical inventories were $2.1 million and $(3.9) million, respectively.

Property and Equipment

9 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment consists of the following at March 31, 2016 and June 30, 2015:



in thousands
	March 31, 2016			June 30, 2015
Office furniture, fixtures and equipment	$	1,099		$	616
Computer equipment	368			368
Computer software	2,731			2,376
Leasehold improvements	1,974			1,700
Subtotal	6,172			5,060
Less: accumulated depreciation	(2,834		)	(2,210		)
Property and equipment, net	$	3,338		$	2,850

Depreciation expense for the three months ended March 31, 2016 and 2015 was $209,000 and $127,000, respectively. Depreciation expense for the nine months ended March 31, 2016 and 2015 was $624,000 and $390,000, respectively.

Goodwill and Intangible Assets

9 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

On July 1, 2005, all of the outstanding common stock of A-Mark was acquired by Spectrum PMI, Inc. Spectrum PMI was a holding company whose outstanding common stock was owned 80% by SGI, and 20% by Auctentia, S.L. In September 2012, SGI purchased from Auctentia its 20% interest in Spectrum PMI. On September 30, 2013, Spectrum PMI was merged with and into SGI, as a result of which all of the outstanding shares of A‑Mark were then owned directly by SGI.

In connection with the acquisition of A-Mark by Spectrum PMI on July 1, 2005, the accounts of the Company were adjusted using the push down basis of accounting to recognize the allocation of the consideration paid to the respective net assets acquired. In accordance with the push down basis of accounting, the Company's net assets were adjusted to their fair values as of the date of the acquisition based upon an independent appraisal, which resulted in goodwill of $4.9 million and identifiable purchased intangible assets of $8.4 million. Goodwill represents the excess of the purchase price and related costs over the value assigned to intangible assets of businesses acquired and accounted for under the purchase method.

The carrying value of other purchased intangibles as of March 31, 2016 and June 30, 2015 is as described below:



dollar amounts in thousands
		March 31, 2016							June 30, 2015
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Existing customer relationships	5 - 15	5,747		(4,119		)	1,628		5,747		(3,832		)	1,915
Non-compete and other	4	2,000		(2,000		)	—		2,000		(2,000		)	—
Employment agreement	3	195		(195		)	—		195		(195		)	—
Purchased intangibles subject to amortization		7,942		(6,314		)	1,628		7,942		(6,027		)	1,915
Trade-name	Indefinite	$	454	$	—		$	454	$	454	$	—		$	454
		$	8,396	$	(6,314	)	$	2,082	$	8,396	$	(6,027	)	$	2,369

The Company's other purchased intangible assets are subject to amortization except for trade-names, which have an indefinite life. Intangible assets subject to amortization are amortized using the straight-line method over their useful lives, which are estimated to be three to fifteen years. Amortization expense related to the Company's intangible assets for the three months ended March 31, 2016 and 2015 was $96,000 and $96,000, respectively. Amortization expense related to the Company's intangible assets for the nine months ended March 31, 2016 and 2015 was $287,000 and $287,000, respectively.

Estimated amortization expense on an annual basis for the succeeding five years is as follows (in thousands):



Fiscal year ending June 30,	Amount
2016 (3 months remaining)	$	98
2017	385
2018	385
2019	385
2020	375
Thereafter	—
Total	$	1,628

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Investments

9 Months Ended

Mar. 31, 2016

Equity Method Investments and Cost Method Investments [Abstract]

Investments

INVESTMENTS

The Company has two investments in privately-held entities, both of which are online precious metals retailers and customers of the Company. The Company has exclusive supplier agreements with each entity, for which theses customers have agreed to purchase all bullion products required for their businesses exclusively from A-Mark, subject to certain limitations. The Company also provides fulfillment services to both of these customers. The following table shows the carrying value of the Company's investments in the privately held companies, categorized by type of investment:



in thousands
	March 31, 2016		June 30, 2015
Equity method investment	$	7,285	$	2,000
Cost method investment	500		500
	$	7,785	$	2,500

Equity Method Investment

Effective January 15, 2016, the Company purchased additional shares of its investee's common stock for $2.3 million, thereby increasing the Company’s aggregate ownership interest from 15.0% to 20.0%, and increasing the aggregate purchase price of the shares acquired to $6.7 million. Due to the Company's increased ownership interest and other relevant factors, the Company determined it was necessary to change the accounting of this investment from the cost method to the equity method. Under the equity method of accounting, the Company is required to record its proportional interest in the investee's reported net income or loss for each reporting period, and is required to present its prior period financial results to reflect the equity method of accounting from the date of its initial investment in the investee.

During the quarter ended March 31, 2016, the Company recorded its proportionate share of the investee’s net income, which totaled $107,000 and $613,000 for the three and nine months ended March 31, 2016, respectively. The Company's share of these earnings is shown as "other income" on the condensed consolidated statements of income. No proportionate share of the investee's earnings was recognized for the three and nine months ended March 31, 2015. As of March 31, 2016, the Company increased the value of this investment by approximately $0.6 million, representing the Company's proportionate share of the investee’s earnings. As of March 31, 2016 and June 30, 2015, the net carrying balance of this equity method investment totaled $7.3 million and $2.0 million, respectively, which has been included as a component of long-term investments in the condensed consolidated balance sheets.

Cost Method Investment

The Company's other investment has been recorded using the cost method. As of March 31, 2016 and June 30, 2015, the Company’s ownership percentage, based on the number of fully dilutive common shares outstanding, was 2.5%, and the aggregate carrying balance of this investment was $0.5 million. This cost method investment has been included as a component of long-term investments in the condensed consolidated balance sheets.

Impairment

The Company reviews its investments accounted for under the equity method and cost method for a decline in value that may be other than temporary. During the nine months ended March 31, 2016 and March 31, 2015, the Company did not record any write-downs related to its investments. There were no identified events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments.

Income Taxes

9 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company files a consolidated federal income tax return based on a June 30 tax year end. The provision for income taxes for the three and nine months ended March 31, 2016 and 2015 consists of the following:



in thousands
	Three Months Ended					Nine Months Ended
	March 31, 2016		March 31, 2015			March 31, 2016		March 31, 2015
Current:
Federal	778		694			4,783		2,366
State and local	116		(517		)	443		(280		)
Provision for income taxes	$	894	$	177		$	5,226	$	2,086

The effective tax rate for the three and nine months ended March 31, 2016 and 2015 is as follows:



in thousands
	Three Months Ended				Nine Months Ended
	March 31, 2016		March 31, 2015		March 31, 2016		March 31, 2015
Effective tax rate	42.8	%	9.5	%	38.9	%	31.7	%

The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. The effective tax rate varies from the federal statutory rate due to permanent adjustments for nondeductible items and state taxes.

Transition of Tax Filing Obligation Due to the Spinoff

The Company files income tax returns in the U.S., various states and Austria. Prior to the Distribution, the Company was included in the consolidated federal and state tax filings of the Former Parent. In connection with the spinoff, the Company entered into a tax separation agreement with the Former Parent (the "Tax Separation Agreement"). The Tax Separation Agreement governs the respective rights, responsibilities and obligations of the Former Parent and the Company with respect to, among other things, liabilities for U.S. federal, state, local and other taxes. In addition to the allocation of tax liabilities, the Tax Separation Agreement addresses the preparation and filing of tax returns for such taxes and disputes with taxing authorities regarding such taxes. Pursuant to the Tax Separation Agreement, A-Mark may be responsible for any tax amount related to A-Mark that is incurred as the result of adjustments made during the Internal Revenue Service examination or other tax jurisdictions' examinations of the Former Parent. Under the terms of the Tax Separation Agreement, the Former Parent has the responsibility to prepare and file tax returns for tax periods ending prior to the Distribution date and for tax periods which include the Distribution date but end after the Distribution date, which includes A-Mark and its subsidiaries.

The Company's condensed consolidated financial statements recognized the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods, as if the Company were a separate taxpayer during the period prior to the Distribution rather than a member of the Former Parent's consolidated income tax return group. Current income tax payable due to the Former Parent reflects balances due to the Former Parent for taxable income generated as if the Company were a separate taxpaying entity prior to the Distribution, net of amounts related to balances due from the Former Parent for its share of income tax assets of the group. Current income tax receivable due from the Former Parent reflects balances due to A-Mark for its share of the income tax assets of the group.

As of March 31, 2016 and June 30, 2015, the amount payable under the Company's income tax sharing obligation due to Former Parent totaled $0.5 million, and $0 million, respectively, and is shown on the face of the condensed consolidated balance sheets as income taxes payable to Former Parent. As of March 31, 2016 and June 30, 2015, the amount receivable under the Company's income tax sharing obligation due from Former Parent totaled $0.0 million, and $1.1 million, respectively, and is shown on the face of the condensed consolidated balance sheets as income taxes receivable from Former Parent.

Tax Balances and Activity

The tax returns filed by the Company since the spinoff have been prepared on a basis consistent with past practices. Income taxes receivable represents amounts paid to federal and state jurisdictions in excess of amounts due to taxing authorities based upon taxable income generated following the close of the transaction. Our deferred tax assets and liabilities represent tax effected balances that were assumed in the spinoff and generated since the spinoff.

As of March 31, 2016 and June 30, 2015, the income tax receivable totaled $8.8 million and $7.8 million, respectively. As of March 31, 2016 and June 30, 2015, the deferred tax assets (non-current) totaled $0 and $23,000, respectively, the deferred tax liabilities (current) totaled $4.4 million and $0.1 million, respectively, and the deferred tax liabilities (non-current) totaled $0.3 million and $0.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized by evaluating both positive and negative evidence. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. As of March 31, 2016 and June 30, 2015, management concluded that with the exception of certain state net operating losses, it was more likely than not that the Company would be able to realize the benefit of the U.S. federal and state deferred tax assets. We based this conclusion on historical and projected operating performance, as well as our expectation that our operations will generate sufficient taxable income in future periods to realize the tax benefits associated with the deferred tax assets.

As of March 31, 2016 and June 30, 2015, the Company has state and city net operating loss carryforwards of approximately $15.3 million and $17.6 million, respectively, which expire beginning with the year ending June 30, 2030. These state and city net operating loss carryforwards were allocated pursuant to the terms of the Tax Separation Agreement. As of March 31, 2016 and June 30, 2015, the tax effect of the state and city net operating loss carryforwards included in the Company's deferred tax assets is $0.4 million and $0.9 million, respectively. As of March 31, 2016 and June 30, 2015, the Company had $42,000 and $114,000, respectively, of valuation allowance for certain state and city net operating loss carryforwards, based on the Company's quarterly assessment of the realizability of its deferred tax assets.

As of March 31, 2016, the Company has recorded $243,000 of tax expense related to unrecognized tax positions. In addition, the Company had associated balances of $114,000 of accrued interest expense and $72,000 of accrued penalties related to uncertain tax positions. Of the total unrecognized tax benefits, $429,000 would reduce the Company's effective tax rate, if recognized. For the three months ended March 31, 2016 and 2015, the Company recognized approximately $5,000 and $7,000 of interest expense, respectively, and $0 and $0 of penalties related to uncertain tax positions, respectively. For the nine months ended March 31, 2016 and 2015, the Company recognized approximately $14,000 and $21,000 of interest expense $0 and $0 of penalties related to uncertain tax positions, respectively.

Tax Examinations

Prior to the Distribution, the Company was included in the consolidated federal and state tax filings of the Former Parent. The Former Parent has been under examination by the IRS for the years ended June 30, 2004 through 2013; however, during the year ended June 30, 2015, the Former Parent was notified that it had successfully resolved the June 30, 2004 through June 30, 2007 tax years. As a result of the IRS exam, the Former Parent amended the state tax filings for the applicable periods. The amended state tax filings resulted in a tax benefit of approximately $0.6 million related to state net operating loss apportioned to the Company under intrastate apportionment rules for the year ended June 30, 2013. The Former Parent remains in appeals with the IRS for the years ended June 30, 2008 through 2013 and in examination with other taxing jurisdictions on certain tax matters, including challenges to certain positions the Former Parent has taken. The Former Parent is unable to determine the outcome of these audits at this time. With few exceptions, either prior federal, state or local examinations have been completed by the tax authorities or the statute of limitations have expired for U.S. federal, state and local income tax returns filed by the Former Parent for the years through 2006.

Related Party Transactions

9 Months Ended

Mar. 31, 2016

Related Party Transactions

RELATED PARTY TRANSACTIONS

Sales and Purchases Made to Affiliated Companies

During the three and nine months ended March 31, 2016 and 2015, the Company made sales and purchases to various companies, which have been deemed to be related parties; one of these companies is an equity method investee of the Company and the others have been deemed to be under common control with A-Mark.



in thousands
	Three Months Ended								Nine Months Ended
	March 31, 2016				March 31, 2015				March 31, 2016				March 31, 2015
	Sales		Purchases		Sales		Purchases		Sales		Purchases		Sales		Purchases
Calzona Ventures, LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	157	$	—
Stack's Bowers Numismatics, LLC	6,695		1,242		2,365		1,740		25,595		31,810		5,290		8,278
Equity method investee	154,848		1,170		99,006		77		558,804		5,595		281,653		117
	$	161,543	$	2,412	$	101,371	$	1,817	$	584,399	$	37,405	$	287,100	$	8,395

As of March 31, 2016 and June 30, 2015, the Company had related party receivables (including secured loans and income taxes receivable from Former Parent) and payables (including income taxes payable to Former Parent) balances as set forth below:



in thousands
	March 31, 2016				June 30, 2015
	Receivables		Payable		Receivables		Payable
Stack's Bowers Numismatics, LLC	$	1,360	$	40	$	2	$	10
Equity method investee	777		—		279		—
SGI (Former Parent)	38		760		1,095		—
	$	2,175	$	800	$	1,376	$	10

Secured Loans Made to Affiliated Companies

On June 18, 2014, CFC assumed the rights to a secured portfolio of short-term loan receivables totaling $2.6 million from Stack's Bowers Numismatics, LLC (Stack's Bowers), a related party. The Company reflects this transaction as a financing arrangement with the related party, secured by the portfolio of short-term loan receivables collateralized by numismatic and semi numismatic products, and bearing interest at 5.5% per annum. This secured loan was paid off in full, plus accrued interest, on August 19, 2014. As of March 31, 2016, the aggregate carrying value of this loan was $0.0 million.

On October 9, 2014, CFC entered into a loan agreement with Stack’s Bowers providing for a secured line of credit in the maximum principal amount of up to $16.0 million, bearing interest at a competitive rate per annum. Advances under the line of credit were secured by numismatic and semi-numismatic products. This secured loan was paid off in full, plus accrued interest, on April 15, 2015. As of March 31, 2016, the aggregate carrying value of this loan was $0.0 million.

On July 23, 2015, CFC entered into a loan agreement with Stack's Bowers providing a secured line of credit in the maximum principal amount of up to $2.5 million, bearing interest at a competitive rate per annum. The loan is secured by numismatic and semi-numismatic products. As of March 31, 2016, the aggregate carrying value of this loan was $1.4 million.

Interest Income Earned from Affiliated Companies

During the three and nine months ended March 31, 2016 and 2015, the Company earned interest income related to loans made to Stack's Bowers and related to financing products sold to Stack's Bower and to the equity method investee, as set forth below:



in thousands
	Three Months Ended				Nine Months Ended
	March 31, 2016		March 31, 2015		March 31, 2016		March 31, 2015
Interest income from loan receivables	$	16	$	99	$	48	$	222
Interest income from finance products	577		299		1,725		637
	$	593	$	398	$	1,773	$	859

Other Income Earned from Equity Method Investee

During the three and nine months ended March 31, 2016, the Company recorded its proportional share of its equity method investee's net income as other income that total $107,000 and $613,000, respectively. No amounts were recorded during the three and nine months ended March 31, 2015. As of March 31, 2016 and June 30, 2015 the carrying balance of the equity method investment was $7.3 million and $2.0 million, respectively.

Secondment Agreement Fees and Reimbursements

In connection with the Distribution, SGI and the Company entered into a secondment agreement (the "Secondment Agreement"). Under the terms of the Secondment Agreement, A-Mark has agreed to make Gregory N. Roberts, our Chief Executive Officer, and Carol Meltzer, our Executive Vice President, General Counsel and Secretary, available to SGI for the performance of specified management and professional services following the spinoff in exchange for an annual secondment fee of $150,000 and reimbursement of certain bonus payments.

Neither Mr. Roberts nor Ms. Meltzer will devote more than 20% of their professional working time on a monthly basis to SGI and in no event will the performance of services for SGI interfere with the performance of the duties and responsibilities of Mr. Roberts and Ms. Meltzer to A-Mark. In addition to the services to be provided under the Secondment Agreement, both Mr. Roberts and Ms. Meltzer continue to serve as officers and directors of SGI. The Secondment Agreement will terminate on June 30, 2016 and is subject to earlier termination under certain circumstances. Under the Secondment Agreement, SGI will be obligated to reimburse A-Mark for the portion of the performance bonus payable under Mr. Roberts’ employment agreement with A-Mark attributable to pre-tax profits of SGI.

The Company records the accrual of secondment fees as a reduction to selling, general and administration expense. During the three months ended March 31, 2016 and 2015 the Company recognized approximately $38,000 and $0, respectively, of secondment fees. During the nine months ended March 31, 2016 and 2015, the Company recognized approximately $113,000 and $75,000, respectively, of secondment fees. As of March 31, 2016 and June 30, 2015 the outstanding balance of secondment fees due from SGI was $38,000 and $0, respectively.

Income Tax Sharing Obligations

The amount payable under the Company's income tax sharing obligation due from SGI totaled $0.5 million, and $0 million as of March 31, 2016 and June 30, 2015, respectively, and is shown on the face of the condensed consolidated balance sheets as income taxes payable to Former Parent. The amount receivable under the Company's income tax sharing obligation due from SGI, totaled $0.0 million, and $1.1 million as of March 31, 2016 and June 30, 2015, respectively, and is shown on the face of the condensed consolidated balance sheets as "income taxes receivable from Former Parent" (see Note 12.)

Transaction with Affiliate of Board Member

In February 2015, A-M Global Logistics, LLC ("Logistics"), a wholly owned subsidiary of the Company that was formed to operate the Company's logistics fulfillment center in Las Vegas, Nevada, entered into various agreements with W. A. Richardson Builders, LLC ("WAR"), for the buildout of and improvements to the Las Vegas premises. The spouse of the Chairman of the Company's Audit Committee, Ellis Landau, is an owner and a managing member of WAR. The agreements were amended in January 2016. The amounts involved under the WAR contract, as amended, are approximately $1.5 million. WAR is entitled to a fee equal to 5.0% of the contract work.

Royalties to Former Owner

As part of the sales agreement dated July 1, 2005, a former owner of the Company receives a portion of the finance income earned with a specific customer through July 2015. The Company incurred $0 and $62,000 in selling, general and administrative expenses (royalty expense) during the three months ended March 31, 2016 and 2015, respectively. The Company incurred $21,000 and $194,000 in selling, general and administrative expenses (royalty expense) during the nine months ended March 31, 2016 and 2015, respectively. The total amount due to the former owner of $0 and $254,000 are included in accrued liabilities as of March 31, 2016 and June 30, 2015, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Financing Agreements	9 Months Ended
Financing Agreements	Mar. 31, 2016
Debt Disclosure [Abstract]
Financing Agreements	FINANCING AGREEMENTS Lines of Credit On March 31, 2016, the Company established a new borrowing facility ("Trading Credit Facility') with a syndicate of banks, with Coöperatieve Rabobank U.A. ("Rabobank") acting as lead lender and administrative agent for the syndicate. The Trading Credit Facility, which replaced the Company's previous borrowing facility with a group of financial institutions under an inter-creditor agreement, provides the Company with access up to $275.0 million, featuring a $225.0 million base with a $50.0 million accordion option. The Trading Credit Facility has a one-year maturity. Simultaneously with the effectiveness of the new Trading Credit Facility, the Company entered into a security agreement with the banks securing the Trading Credit Facility with substantially all of the Company’s assets on a first priority basis. The Company routinely uses the Trading Credit Facility to purchase precious metals from suppliers and for operating cash flow purposes. Amounts under the Trading Credit Facility bear interest based on London Interbank Offered Rate (“LIBOR”) plus a 2.50% margin for revolving credit line loans and a 4.50% margin for bridge loans (that is, for loans that exceed the available revolving credit line). The one-month LIBOR rate was approximately 0.44% and 0.19% as of March 31, 2016 and June 30, 2015, respectively. Borrowings are due on demand and totaled $190.0 million and $147.0 million at March 31, 2016 and at June 30, 2015, respectively. The amounts available under the respective borrowing facilities are determined at the end of each week following a specified borrowing base formula. The Company is able to access additional credit as needed to finance operations, subject to the overall limits of the borrowing facilities and lender approval of the revised borrowing base calculation. Based on the latest approved borrowing bases in effect, the amounts available under the Trading Credit Facility after taking into account current borrowings, totaled $28.8 million and $20.9 million at March 31, 2016 and June 30, 2015, respectively. The Trading Credit Facility has certain restrictive financial covenants, including one which requires the Company to maintain a minimum tangible net worth. As of March 31, 2016 the minimum tangible net worth financial covenant under the Trading Credit Facility was $35.0 million. The Company is in compliance with all restrictive financial covenants as of March 31, 2016. Interest expense related to the Company’s current and preceding borrowing arrangements totaled $1.3 million and $0.9 million, which represents 76.7% and 80.8% of the total interest expense recognized, for the three months ended March 31, 2016 and 2015, respectively. Interest expense related to the Company’s borrowing arrangements totaled $3.6 million and $2.7 million, which represents 84.4% and 85.2% of the total interest expense recognized, for the nine months ended March 31, 2016 and 2015, respectively. Our borrowing arrangements carried a daily weighted average effective interest rate of 2.82% and 2.82%, respectively, for the three months ended March 31, 2016 and 2015. Our borrowing arrangements carried a daily weighted average effective interest rate of 2.79% and 2.94%, respectively, for the nine months ended March 31, 2016 and 2015. Liability on Borrowed Metals The Company borrows precious metals from its suppliers under short-term agreements, which bear interest at a designated rate. Amounts under these agreements are due at maturity and require repayment either in the form of precious metals or cash. The Company's inventories included borrowed metals with market values totaling $5.6 million and $9.5 million as of March 31, 2016 and June 30, 2015, respectively. Product Financing Arrangement The Company has agreements with financial institutions (third party) that allows the Company to transfer its gold and silver inventory at a fixed price to this third party. Such agreements allow the Company to repurchase this inventory at an agreed-upon price based on the spot price on the repurchase date. The third parties charges a monthly fee as percentage of the market value of the outstanding obligation; such monthly charges are classified in interest expense. These transactions do not qualify as sales, and therefore have been accounted for as financing arrangements and reflected in the condensed consolidated balance sheet within product financing obligation. The obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing obligation and the underlying inventory (which is entirely restricted) are carried at fair value, with changes in fair value recorded as a component of cost of sales in the condensed consolidated statements of income. Such obligation totaled $93.2 million and $39.4 million as of March 31, 2016 and June 30, 2015, respectively.

Derivative Instrument and Hedging Transactions

9 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instrument and Hedging Transactions

DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS

The Company is exposed to market risk, such as change in commodity prices, and foreign exchange rates. To manage the volatility relating to these exposures, the Company enters into various derivative products, such as forwards and futures contracts. By policy, the Company historically has entered into derivative financial instruments for the purpose of hedging substantially all of Company's market exposure to precious metals prices, and not for speculative purposes.

Commodity Price Management

The Company manages the value of certain specific assets and liabilities of its trading business, including trading inventories, by employing a variety of hedging strategies. These strategies include the management of exposure to changes in the market values of the Company's trading inventories through the purchase and sale of a variety of derivative instruments, such as, forwards and futures contracts.

The Company's trading inventories and purchase and sale transactions consist primarily of precious metal products. The value of these assets and liabilities are marked-to-market daily to the prevailing closing price of the underlying precious metals.

The Company's precious metals inventories are subject to market value changes, created by changes in the underlying commodity market prices. Inventories purchased or borrowed by the Company are subject to price changes. Inventories borrowed are considered natural hedges, since changes in value of the metal held are offset by the obligation to return the metal to the supplier.

Open sale and purchase commitments are subject to changes in value between the date the purchase or sale price is fixed (the trade date) and the date the metal is received or delivered (the settlement date). The Company seeks to minimize the effect of price changes of the underlying commodity through the use of forward and futures contracts.

The Company's policy is to substantially hedge its inventory position, net of open sale and purchase commitments that are subject to price risk. The Company regularly enters into precious metals commodity forward and futures contracts with major financial institutions to hedge price changes that would cause changes in the value of its physical metals positions and purchase commitments and sale commitments. The Company has access to all of the precious metals markets, allowing it to place hedges. However, the Company also maintains relationships with major market makers in every major precious metals dealing center.

The Company enters into these derivative transactions solely for the purpose of hedging its inventory subject to price risk, and not for speculative market purposes. Due to the nature of the Company's global hedging strategy, the Company is not using hedge accounting as defined under Topic 815 of the ASC, whereby the gains or losses would be deferred and included as a component of other comprehensive income. Instead, gains or losses resulting from the Company's futures and forward contracts and open sale and purchase commitments are reported as unrealized gains or losses on commodity contracts (a component of cost of sales) with the related unrealized amounts due from or to counterparties reflected as a derivative asset or liability on the condensed consolidated balance sheets.

Derivative Assets and Liabilities

The Company's derivative assets and liabilities represent the net fair value of the difference (or intrinsic value) between market values and trade values at the trade date for open precious metals sale and purchase contracts, as adjusted on a daily basis for changes in market values of the underlying metals, until settled. The Company's derivative assets and liabilities represent the net fair value of open precious metals forwards and futures contracts. The precious metals forwards and futures contracts are settled at the contract settlement date.

All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions (i.e., offsetting derivative instruments). Substantially all of these transactions are secured by the underlying metals positions. As such, the Company's derivative contracts with the same counterparty, the receivables and payables have been netted on the condensed consolidated balance sheets. Such derivative contracts include open sale and purchase commitments, futures, forwards and margin accounts. In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of March 31, 2016 and June 30, 2015.



	March 31, 2016										June 30, 2015

in thousands	Gross Derivative		Amounts Netted			Cash Collateral Pledge			Net Derivative		Gross Derivative		Amounts Netted			Cash Collateral Pledge			Net Derivative
Nettable derivative assets:
Open sale and purchase commitments	$	11,124	$	(1,290	)	$	—		$	9,834	$	2,815	$	(1,093	)	$	—		$	1,722
Future contracts	1,226		—			—			1,226		11,159		(5,796		)	—			5,363
Forward contracts	26		—			—			26		4,279		—			—			4,279
	$	12,376	$	(1,290	)	$	—		$	11,086	$	18,253	$	(6,889	)	$	—		$	11,364
Nettable derivative liabilities:
Open sale and purchase commitments	$	1,500	$	(1,341	)	$	—		$	159	$	11,723	$	(734	)	$	—		$	10,989
Margin accounts	10,913		—			(4,125		)	6,788		12,430		—			(5,522		)	6,908
Future contracts	1,163		—						1,163		—		—						—
Forward contracts	2,963		—			—			2,963		—		—			—			—
	$	16,539	$	(1,341	)	$	(4,125	)	$	11,073	$	24,153	$	(734	)	$	(5,522	)	$	17,897

The Company’s management sets credit and position risk limits. These limits include gross position limits for counterparties engaged in sales and purchase transactions with the Company. They also include collateral limits for different types of sale and purchase transactions that counterparties may engage in from time to time.

Gain or Loss on Derivative Instruments

The Company records the derivative at the trade date with a corresponding unrealized gain (loss), which is reflected in the cost of sales in the condensed consolidated statements of income. The Company adjusts the derivatives to fair value on a daily basis until the transaction is physically settled. Sales which are physically settled are recognized at the gross amount in the consolidated statements of income. Below, is a summary of the net gains (losses) on derivative instruments for the three and nine months ended March 31, 2016 and 2015.



in thousands
	Three Months Ended						Nine Months Ended
	March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015
Gain (loss) on derivative instruments:
Unrealized loss on open future commodity and forward contracts and open sale and purchase commitments, net	$	(5,262	)	$	(12,866	)	$	(8,482	)	$	(2,582	)
Realized gain (loss) on future commodity contracts, net	7,992			2,557			(5,796		)	(42,249		)
Total	$	2,730		$	(10,309	)	$	(14,278	)	$	(44,831	)

The Company’s open sale and purchase commitments typically settle within 2 business days, and for those commitments that do not have stated settlement dates, the Company has the right to settle the positions upon demand. Futures and forwards contracts open at March 31 typically settle within 30 days.

Summary of Hedging Activity

In a hedging relationship, the change in the value of the derivative financial instrument is offset to a great extent by the change in the value of the underlying hedged item. The following table summarizes the results of our hedging activities, which shows the precious metal commodity inventory position, net of open sale and purchase commitments, that is subject to price risk as of March 31, 2016 and at June 30, 2015.



in thousands
	March 31, 2016			June 30, 2015
Inventory	$	273,973		$	191,501
Less unhedgable inventory:
Commemorative coin inventory, held at lower of cost or market	(6		)	(1,518		)
Premium on metals position	(5,463		)	(3,255		)
Inventory value not hedged	(5,469		)	(4,773		)

Subtotal	268,504			186,728
Commitments at market:
Open inventory purchase commitments	436,000			444,023
Open inventory sales commitments	(248,658		)	(249,081		)
Margin sale commitments	(10,913		)	(12,430		)
In-transit inventory no longer subject to market risk	(7,813		)	(13,807		)
Unhedgable premiums on open commitment positions	1,555			528
Inventory borrowed from suppliers	(5,573		)	(9,500		)
Product financing arrangements	(93,168		)	(39,425		)
Advances on industrial metals	4,163			3,340
Inventory subject to price risk	344,097			310,376

Inventory subject to derivative financial instruments:
Precious metals forward contracts at market values	217,961			202,323
Precious metals futures contracts at market values	125,145			107,993
Total market value of derivative financial instruments	343,106			310,316

Net inventory subject to commodity price risk	$	991		$	60

Notional Balances of Derivatives

The notional balances of the Company's derivative instruments, consisting of contractual metal quantities, are expressed at current spot prices of the underlying precious metal commodity. As of March 31, 2016 and June 30, 2015, the Company had the following outstanding commitments and open forward and future contracts:



in thousands
	March 31, 2016			June 30, 2015
Purchase commitments	$	436,000		$	444,023
Sales commitments	(248,658		)	(249,081		)
Margin sales commitments	(10,913		)	(12,430		)
Open forward contracts	217,961			202,323
Open futures contracts	125,145			107,993

The contract amounts (i.e., notional balances) of the Company's forward and futures contracts and the open sales and purchase orders are properly not reflected in the accompanying condensed consolidated balance sheet, the Company records the difference between the market price of the underlying metal or contract and the trade amount at fair value.

The Company is exposed to the risk of failure of the counterparties to its derivative contracts. Significant judgment is applied by the Company when evaluating the fair value implications. The Company regularly reviews the creditworthiness of its major counterparties and monitors its exposure to concentrations. At March 31, 2016, the Company believes its risk of counterparty default is mitigated as a result of such evaluation and the short-term duration of these arrangements.

Foreign Currency Exchange Rate Management

The Company utilizes foreign currency forward contracts to manage the effect of foreign currency exchange fluctuations of its sale and purchase transactions. These contracts generally have maturities of less than one week. The accounting treatment of our foreign currency exchange derivative instruments is similar to the accounting treatment of our commodity derivative instruments, that is, the change in the value in the financial instrument is immediately recognized as a component of cost of sales. Unrealized net gains (losses) on foreign exchange derivative instruments shown on the face of the condensed consolidated statements of income totaled $(102,000) and $(123,000) for the three months ended March 31, 2016 and 2015, respectively. Unrealized net gains (losses) on foreign exchange derivative instruments shown on the face of the condensed consolidated statements of income totaled $9,000 and $(207,000) for the nine months ended March 31, 2016 and 2015, respectively. The market values (fair values) of the Company’s foreign exchange forward contracts and the net open sale and purchase commitment transactions, denominated in foreign currencies, outstanding at March 31, 2016 was $4.6 million and $5.6 million, respectively. The market values (fair values) of the Company’s foreign exchange forward contracts and the net open sale and purchase commitment transactions, denominated in foreign currencies, outstanding at June 30, 2015 was $6.2 million and $9.9 million, respectively.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Refer to Note 13 of the Notes to Consolidated Financial Statements in the 2015 Annual Report for information relating to minimum rental payments under operating and capital leases, consulting and employment contracts, and other commitments. Other than the following item, there has been no material changes to those scheduled commitments as of the filing of that report. On October 25, 2015, the Company received notification from the City of Santa Monica that the City was challenging the Company's classification as an "agent/broker" for purposes of computing the business license fee due to the City. Historically, A-Mark has paid its business license fee on net receipts, consistent with the "agent/broker" classification. The City of Santa Monica has asserted that the Company should have instead paid the fee based on gross receipts and has made a preliminary assessment against the Company seeking a material amount of what it believes to be underreported fees, together with a material amount of penalties and interest. We strongly disagree with and intend to challenge the position taken by City of Santa Monica with respect to this matter. Neither the outcome of this administrative matter nor the amount or range of a potential impact to the Company in the event of an unfavorable outcome can be determined at this time.

Stockholders' Equity

9 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Payment of Dividends

In fiscal 2015, the Board of Directors of the Company initiated a cash dividend policy that calls for the payment of quarterly dividends. The table below summarizes the quarterly dividends declared pursuant to this policy:

Dividend
Declaration Date

Record Date

(at close of Business)

Type of Dividend

Basis of Payment

Payment Date

February 6, 2015

March 12, 2015

Cash

0.05

per common share

March 20, 2015

May 1, 2015

May 14, 2015

Cash

0.05

per common share

May 25, 2015

September 11, 2015

September 24, 2015

Cash

0.05

per common share

October 5, 2015

October 30, 2015

November 13, 2015

Cash

0.05

per common share

November 25, 2015

February 2, 2016

February 15, 2016

Cash

0.07

per common share

February 29, 2016

On April 29, 2016, the Board of Directors of the Company declared a quarterly cash dividend of $0.07 per common share to stockholders of record at the close of business on May 13, 2016, which is scheduled to be paid on or about May 27, 2016.

2014 Stock Award and Incentive Plan

Prior to the Distribution, the Company’s Board of Directors ("Board") adopted and the Company's then sole stockholder approved the 2014 Stock Award and Incentive Plan ("2014 Plan"). Under the 2014 Plan, the Company may grant options and other equity awards as a means of attracting and retaining officers, employees, non-employee directors and consultants, to provide incentives to such persons, and to align the interests of such persons with the interests of stockholders by providing compensation based on the value of the Company's stock. Awards under the 2014 Plan may be granted in the form of incentive or non-qualified stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units, dividend equivalent rights and other stock-based awards (which may include outright grants of shares). The 2014 Plan also authorizes grants of performance-based cash incentive awards. The 2014 Plan is administered by the Compensation Committee of the Board of Directors, which, in its discretion, may select officers and other employees, directors (including non-employee directors) and consultants to the Company and its subsidiaries to receive grants of awards. The Board of Directors itself may perform any of the functions of the Compensation Committee under the 2014 Plan.

Under the 2014 Plan, the exercise price of options and base price of SARs may be set at the discretion of the Compensation Committee, but generally may not be less than the fair market value of the shares on the date of grant, and the maximum term of stock options and SARs is 10 years. The 2014 Plan limits the number of share-denominated awards that may be granted to any one eligible person to 250,000 shares in any fiscal year. Also, in the case of non-employee directors, the 2014 Plan limits the maximum grant-date fair value at $300,000 of stock-denominated awards granted to a director in a given fiscal year, except for a non-employee Chairman of the Board whose grant-date fair value maximum is $600,000 per fiscal year. The 2014 Plan will terminate when no shares remain available for issuance and no awards remain outstanding; however, the authority to grant new awards will terminate on December 13, 2022.

As of March 31, 2016, 322,000 shares were available for grant under the 2014 Plan.

Stock Options

During the three months ended March 31, 2016 and 2015, the Company incurred $102,705 and $35,499 of compensation expense related to stock options, respectively. During the nine months ended March 31, 2016 and 2015, the Company incurred $180,046 and $112,719 of compensation expense related to stock options, respectively. As of March 31, 2016, there was total remaining compensation expense of $2.1 million related to employee stock options, which will be recorded over a weighted average period of approximately 0.7 years.

The following table summarizes the stock option activity for the nine months ended March 31, 2016.



		Options	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)		Weighted Average Grant Date Fair Value Per Award⁽¹⁾
Outstanding at June 30, 2015		233,127	$	9.89	$	283	$	5.96
Granted		300,000	23.03
Outstanding at March 31, 2016		533,127	17.29		$	2,343	$	6.25
Exercisable at March 31, 2016		183,184	10.30		$	1,759	$	5.91
_________________________________
(1)	For awards held by A-Mark employees, the fair value of the awards assumed in Distribution was based on the awards' fair value at grant date, which were determined by SGI prior to the Distribution. Since the Company does not recognize compensation costs for the awards assumed in the Distribution held by employees of SGI, the calculation of the weighted average fair value per share price at grant date was solely based on the awards' fair value at grant date that were awarded to employees of A-Mark.

Following is a summary of the status of stock options outstanding at March 31, 2016:



				Options Outstanding				Options Exercisable
Exercise Price Ranges				Number of Shares Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number of Shares Exercisable	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price
From		To		Number of Shares Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number of Shares Exercisable	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price
$	—	$	10.00	134,239	6.60	$	8.39	86,296	6.62	$	8.41
10.01		15.00		98,888	6.53	11.94		96,888	6.48	12.00
15.01		50.00		300,000	9.90	23.03		—	0.00	—
				533,127	8.44	17.29		183,184	6.55	10.30

Restricted Stock Units

During the three months ended March 31, 2016 and 2015, the Company incurred $14,804 and $22,561 of compensation expense related to RSUs, respectively. During the nine months ended March 31, 2016 and 2015, the Company incurred $44,412 and $67,682 of compensation expense related to RSUs, respectively. The remaining compensation expense that will be recorded under restricted stock grants totals $16,948, which will be recorded over a weighted average period of approximately 0.6 years.

The following table summarizes the RSU activity for the nine months ended March 31, 2016:



	Shares		Weighted Average Share Price at Grant Date⁽¹⁾
Outstanding at June 30, 2015	86,298		$	2.34
Shares released	(23,415	)	—
Shares surrendered to cover employee minimum withholding taxes ⁽²⁾	(12,542	)	—
Outstanding at March 31, 2016	50,341		$	4.02
Vested but unissued at March 31, 2016	—		$	—



_________________________________
(1)		For awards held by A-Mark employees, the fair value of the awards assumed in Distribution was based on the awards' fair value at grant date, which were determined by SGI prior to the Distribution. Since, the Company does not recognize compensation costs for the awards assumed in the Distribution held by employees of SGI, the calculation of the weighted average share price at grant date was solely based on the awards' fair value at grant date that were awarded to employees of A-Mark.
(2)		The value of the shared surrendered totaled $249,707.

No tax benefit was recognized in the condensed consolidated statements of income related to share-based compensation for the three and nine months ended March 31, 2016 and 2015. No share-based compensation was capitalized for the three and nine months ended March 31, 2016 and 2015.

Stock Appreciation Rights

The Company, from time to time, may grant SARs to certain key employees and executive officers. The number of shares to be received under these awards ultimately depends on the appreciation in the Company’s common stock over a specified period of time, generally 3.0 years. At the end of the stated appreciation period, the number of shares of common stock issued will be equal in value to the appreciation in the shares of the Company’s common stock, as measured from the stock's closing price on the date of grant to the average price in the last month of the third year of vesting. As of March 31, 2016 and June 30, 2015, the Company had zero and 8,990 SARs issued and outstanding, respectively. The Company did not recognize any compensation expense related to these awards during the three months ended March 31, 2016 and 2015.

Certain Anti-Takeover Provisions

The Company’s Certificate of Incorporation and by-laws contain certain anti-takeover provisions that could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from attempting to acquire, control of the Company without negotiating with its Board. Such provisions could limit the price that certain investors might be willing to pay in the future for the Company’s securities. Certain of such provisions provide for a Board with staggered terms, allow the Company to issue preferred stock with rights senior to those of the common stock, or impose various procedural and other requirements which could make it more difficult for stockholders to effect certain corporate actions.

Customer and Supplier Concentration

9 Months Ended

Mar. 31, 2016

Risks and Uncertainties [Abstract]

Customer and Supplier Concentration

CUSTOMER AND SUPPLIER CONCENTRATIONS

Customer Concentration

Customers providing 10 percent or more of the Company's revenues for the three and nine months ended March 31, 2016 and 2015 are listed below:



in thousands
	Three Months Ended								Nine Months Ended
	March 31, 2016				March 31, 2015				March 31, 2016				March 31, 2015
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Total revenue	$	1,512,750	100.0	%	$	1,624,495	100.0	%	$	5,048,829	100.0	%	$	4,616,832	100.0	%
Customer concentrations
HSBC Bank USA	$	245,022	16.2	%	$	481,036	29.6	%	$	860,048	17.0	%	$	1,464,027	31.7	%
JM Bullion	154,848		10.2		99,006		6.1		558,804		11.1		281,653		6.1
Total	$	399,870	26.4	%	$	580,042	35.7	%	$	1,418,852	28.1	%	$	1,745,680	37.8	%

Customers providing 10 percent or more of the Company's accounts receivable as of March 31, 2016 and June 30, 2015, respectively, are listed below:



in thousands
	March 31, 2016				June 30, 2015

	Amount		Percent		Amount		Percent
Total accounts receivable, net	$	25,928	100.0	%	$	30,025	100.0	%
Customer concentrations
China Great Wall Coins	$	2,958	11.4	%	$	—	—	%
Jerrit Canyon	5,050		19.5		1,435		4.8
Republic Metals Corporation	6,185		23.9		—		—
Total	$	14,193	54.8	%	$	1,435	4.8	%

Customers providing 10 percent or more of the Company's secured loans as of March 31, 2016 and June 30, 2015, respectively, are listed below:



in thousands
	March 31, 2016				June 30, 2015

	Amount		Percent		Amount		Percent
Total secured loans	$	64,827	100.0	%	$	49,316	100.0	%
Customer concentrations
Customer A	$	6,800	10.5	%	$	—	—	%
Total	$	6,800	10.5	%	$	—	—	%

The loss of any of the above listed customers could have a material adverse effect on the operations of the Company.

Supplier Concentration

The Company buys precious metals from a variety of sources, including through brokers and dealers, from sovereign and private mints, from refiners and directly from customers. The Company believes that no one or small group of suppliers is critical to its business, since other sources of supply are available that provide similar products on comparable terms.

Geographic Information

9 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Geographic Information

GEOGRAPHIC INFORMATION

Revenue are attributed to geographic location based on customer location. The Company's geographic operations are as follows:



in thousands
	Three Months Ended				Nine Months Ended
	March 31, 2016		March 31, 2015		March 31, 2016		March 31, 2015
Revenue by geographic region:
United States	$	1,367,127	$	1,477,702	$	4,623,259	$	4,136,616
Europe	62,623		69,563		157,371		188,973
North America, excluding United States	72,092		57,910		232,737		239,746
Asia Pacific	10,020		9,156		32,285		39,200
Africa	—		27		63		52
Australia	888		10,137		3,082		12,243
South America	—		—		32		2
Total revenue	$	1,512,750	$	1,624,495	$	5,048,829	$	4,616,832



in thousands
	March 31, 2016		June 30, 2015
Inventories by geographic region:
United States	$	245,523	$	173,939
Europe	5,055		4,374
North America, excluding United States	21,695		12,287
Asia	1,700		901
Total inventories	$	273,973	$	191,501



in thousands
	March 31, 2016		June 30, 2015
Assets by geographic region:
United States	$	386,848	$	302,046
Europe	7,139		10,668
North America, excluding United States	21,695		12,287
Asia	1,700		901
Total assets	$	417,382	$	325,902



in thousands
	March 31, 2016		June 30, 2015
Long term assets by geographic region:
United States	$	18,625	$	13,204
Europe	64		72
Total long-term assets	$	18,689	$	13,276

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Subsequent Events

9 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events


	SUBSEQUENT EVENTS

Dividend Declaration

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements reflect the financial condition, results of operations, and cash flows of the Company, and were prepared using accounting principles generally accepted in the United States (“U.S. GAAP”). The Company operated in one segment for all periods presented. These condensed consolidated financial statements include the accounts of A-Mark, and its wholly owned subsidiaries, CFC, AMTAG, Logistics and TDS (collectively the “Company”). All inter-company accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates include, among others, determination of fair value, and allowances for doubtful accounts, impairment assessments of long-lived assets and intangible assets, valuation reserve determination on deferred tax assets, and revenue recognition judgments. Significant estimates also include the Company's fair value determination with respect to its financial instruments and precious metals materials. Actual results could materially differ from these estimates.
Concentration of Credit Risk	Concentration of Credit Risk Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. Assets that potentially subject the Company to concentrations of credit risk consist principally of receivables, loans of inventory to customers, and inventory hedging transactions. Concentration of credit risk with respect to receivables is limited due to the large number of customers composing the Company's customer base, the geographic dispersion of the customers, and the collateralization of substantially all receivable balances. Based on an assessment of credit risk, the Company typically grants collateralized credit to its customers. The Company enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with credit worthy financial institutions. Credit risk with respect to loans of inventory to customers is minimal; substantially all inventories loaned under consignment arrangements are collateralized for the benefit of the Company. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions.
Foreign Currency	Foreign Currency The functional currency of the Company is the United States dollar ("USD"). Also, the functional currency of the Company's wholly-owned foreign subsidiary, AMTAG, is USD, but it maintains its books of record in Euros. The Company remeasures the financial statements of AMTAG into USD. The remeasurement of local currency amounts into USD creates remeasurement gains and losses, which are included in the condensed consolidated statements of income. To manage the effect of foreign currency exchange fluctuations, the Company utilizes foreign currency forward contracts. These derivatives generate gains and losses when they are settled and/or when they are marked to market. The change in the value in the derivative instruments is shown on the face of the condensed consolidated statements of income as unrealized net gains (losses) on foreign exchange.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents.
Inventories	Inventories Inventories principally include bullion and bullion coins and are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: (1) published market values attributable to the costs of the raw precious metal, and (2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium may be readily determined, as it is published by multiple reputable sources. The Company’s inventories, except for certain lower of cost or market basis products (as discussed below), are subsequently recorded at their fair market values, that is, "marked-to-market". The daily changes in the fair market value of our inventory are offset by daily changes in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the condensed consolidated statements of income. While the premium component included in inventories is marked-to-market, our commemorative coin inventory, including its premium component, is held at the lower of cost or market, because the value of commemorative coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Neither the commemorative coin inventory nor the premium component of our inventory is hedged (see Note 6.)
Property and Equipment and Depreciation	Property and Equipment and Depreciation Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using a straight line method based on the estimated useful lives of the related assets, ranging from three years to five years.
Goodwill and Purchased Intangible Assets	Goodwill and Purchased Intangible Assets Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill and other indefinite life intangibles are evaluated for impairment annually in the fourth quarter of the fiscal year (or more frequently if indicators of potential impairment exist) in accordance with the Intangibles - Goodwill and Other Topic 350 of the Accounting Standards Codification ("ASC".) Other purchased intangible assets continue to be amortized over their useful lives and are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. The Company may first qualitatively assess whether relevant events and circumstances make it more likely than not that the fair value of the reporting unit's goodwill is less than its carrying value. If, based on this qualitative assessment, management determines that goodwill is more likely than not to be impaired, the two-step impairment test is performed. This first step in this test includes comparing the fair value of each reporting unit to its carrying value, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step in the test is performed, which is measurement of the impairment loss. The impairment loss is calculated by comparing the implied fair value of goodwill, as if the reporting unit has been acquired in a business combination, to its carrying amount. As of March 31, 2016 and June 30, 2015, the Company had no impairments. If the Company determines it will quantitatively assess impairment, the Company utilizes the discounted cash flow method to determine the fair value of each of its reporting units. In calculating the implied fair value of the reporting unit's goodwill, the present value of the reporting unit's expected future cash flows is allocated to all of the other assets and liabilities of that unit based on their fair values. The excess of the present value of the reporting unit's expected future cash flows over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. In calculating the implied value of the Company's trade names, the Company uses the present value of the relief from royalty method. Amortizable intangible assets are being amortized on a straight-line basis which approximates economic use, over periods ranging from three years to fifteen years. The Company considers the useful life of the trademarks to be indefinite. The Company tests the value of the trademarks and trade name annually for impairment.
Long-Lived Assets	Long-Lived Assets Long-lived assets, other than goodwill and purchased intangible assets with indefinite lives are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. In evaluating impairment, the carrying value of the asset is compared to the undiscounted estimated future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when estimated future cash flows are less than the carrying amount. Estimates of future cash flows may be internally developed or based on independent appraisals and significant judgment is applied to make the estimates. Changes in the Company's strategy, assumptions and/or market conditions could significantly impact these judgments and require adjustments to recorded amounts of long-lived assets. As of March 31, 2016 and June 30, 2015, management concluded that an impairment was not required.
Investments	Investments Investments in privately-held entities that are at least 20% but less than 50% owned by the Company are accounted for using the equity method. Under the equity method the carrying value of the investment is adjusted for the Company’s proportionate share of the investee’s earnings or losses, with the corresponding share of earnings or losses reported in other income (expense), net. The carrying value of the investment is reduced by the amount of the dividends received from the equity-method investee, as they are considered as a return of capital. Investments in privately-held entities that are less than 20% owned by the Company are accounted for using the cost method, unless the Company can exercise significant influence or the investee is economically dependent upon the Company, in which case the equity method is used. Under the cost method, investments are carried at cost and other income is recorded when dividends are received from the cost-method investee. We evaluate our long-term investments for impairment quarterly or whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable.
Fair Value Measurements	Fair Value Measurement The Fair Value Measurements and Disclosures Topic 820 of the ASC ("ASC 820"), creates a single definition of fair value for financial reporting. The rules associated with ASC 820 state that valuation techniques consistent with the market approach, income approach and/or cost approach should be used to estimate fair value. Selection of a valuation technique, or multiple valuation techniques, depends on the nature of the asset or liability being valued, as well as the availability of data (see Note 3.)
Revenue Recognition	Revenue Recognition Revenues are recognized when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. The Company records sales of precious metals, which occurs upon receipt by the customer. The Company records revenues from its metal assaying and melting services after the related services are completed and the effects of forward sales contracts are reflected in revenue at the date the related precious metals are delivered or the contracts expire. The Company records revenues from its storage and logistics services after the related services are completed. The Company accounts for its metals and sales contracts using settlement date accounting. Pursuant to such accounting, the Company recognizes the sale or purchase of the metals at settlement date. During the period between trade and settlement date, the Company has essentially entered into a forward contract that meets the definition of a derivative in accordance with the Derivatives and Hedging Topic 815 of the ASC. The Company records the derivative at the trade date with a corresponding unrealized gain (loss), which is reflected in the cost of sales in the condensed consolidated statements of income. The Company adjusts the derivatives to fair value on a daily basis until the transaction is physically settled. Sales which are physically settled are recognized at the gross amount in the condensed consolidated statements of income.
Interest Income	Interest Income The Company uses the effective interest method to recognize interest income on its secured loans transactions. For these arrangements, the Company maintains a security interest in the precious metals and records interest income over the terms of the receivable. Recognition of interest income is suspended and the loan is placed on non-accrual status when management determines that collection of future interest income is not probable. The interest income accrual is resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or collection doubts are removed. Cash receipts on impaired loans are recorded first against the receivable and then to any unrecognized interest income (see Note 5.)
Interest Expense	Interest Expense The Company incurs interest expense and related fees as a result of usage under its lines of credit, product financing arrangement and liability on borrowed metals. The Company incurs interest expense based on usage under its Trading Credit Facility recording interest expense using the effective interest method. The Company incurs financing fees (classified as interest expense) as a result of its product financing arrangement for the transfer and subsequent re-acquisition of gold and silver at a fixed price to a third party finance company. During the term of this type of financing agreement, a third party finance company holds the designated inventory, with the intent to return the inventory to the Company at an agreed-upon price based on the spot price on the finance arrangement termination date, pursuant to the guidance in Product Financing Arrangements Topic 470-40 of the ASC. The third party charges a monthly fee as a percentage of the market value of the outstanding obligation. In addition, the Company incurs a financing fee related to custodial storage facility charges related to the transferred collateral inventory; this collateral is classified as restricted inventory on our condensed consolidated balance sheets. Additionally, the Company incurs interest expense when we borrow precious metals from our suppliers under short-term arrangements, which bear interest at a designated rate. Amounts under these arrangements are due at maturity and require repayment either in the form of precious metals or cash. This liability is reflected in the condensed consolidated balance sheet as a liability on borrowed metals.
Derivative Instruments	Derivative Instruments The Company’s inventory, and purchase and sale commitment transactions consist of precious metals products. The value of our inventory and these commitments is linked to the prevailing price of the underlying precious metal commodity. The Company seeks to minimize the effect of price changes of the underlying commodity and enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with only major credit worthy financial institutions. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions. Notional balances of the Company's derivative instruments, consisting of contractual metal quantities, are expressed at current spot prices of the underlying precious metal commodity. Commodity futures and forward contract transactions are recorded at fair value on the trade date. The difference between the original contract value and the market value of the open futures and forward contracts are reflected in derivative assets or derivative liabilities in the condensed consolidated balance sheet at fair value. The Company records the change between market value and trade value of the underlying open commodity contracts as a derivative asset or liability, and the Company correspondingly records the related unrealized gains or losses. The change in unrealized gain (loss) on open commodity contracts from one period to the next is reflected in net gain (loss) on derivative instruments. These unrealized gains and losses are included as a component of cost of sales on the condensed consolidated statements of income. Gains or losses resulting from the termination of commodity contracts are reported as realized gains or losses on commodity contracts, which is recorded as a component of cost of sales on the condensed consolidated statements of income. The Company enters into derivative transactions solely for the purpose of hedging our inventory holding risk, and not for speculative market purposes. The Company’s gains (losses) on derivative instruments are substantially offset by the changes in the fair market value of the underlying precious metals inventory, which is also recorded in cost of sales in the condensed consolidated statements of income (see Note 11.)
Advertising	Advertising Advertising costs are expensed as incurred, and are included in selling, general and administrative expenses in the condensed consolidated statements of income.
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs represent costs associated with shipping product to customers, and receiving product from vendors and are included in cost of sales in the condensed consolidated statements of income.
Share-Based Compensation	Share-Based Compensation The Company accounts for equity awards under the provisions of the Compensation - Stock Compensation Topic 718 of the ASC ("ASC 718"), which establishes fair value-based accounting requirements for share-based compensation to employees. ASC 718 requires the Company to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees as expense over the service period in the Company's condensed consolidated financial statements.
Income Taxes	Income Taxes As part of the process of preparing its condensed consolidated financial statements, the Company is required to estimate its provision for income taxes in each of the tax jurisdictions in which it conducts business, in accordance with the Income Taxes Topic 740 of the ASC ("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities available to it in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's annual tax rate and in evaluating uncertainty in its tax positions. The Company recognizes a benefit for tax positions that it believes will more likely than not be sustained upon examination. The amount of benefit recognized is the largest amount of benefit that the Company believes has more than a 50% probability of being realized upon settlement. The Company regularly monitors its tax positions and adjusts the amount of recognized tax benefit based on its evaluation of information that has become available since the end of its last financial reporting period. The annual tax rate includes the impact of these changes in recognized tax benefits. When adjusting the amount of recognized tax benefits, the Company does not consider information that has become available after the balance sheet date, but does disclose the effects of new information whenever those effects would be material to the Company's condensed consolidated financial statements. The difference between the amount of benefit taken or expected to be taken in a tax return and the amount of benefit recognized for financial reporting represents unrecognized tax benefits. These unrecognized tax benefits are presented in the condensed consolidated balance sheet principally within accrued liabilities. The Company records valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. Significant judgment is applied when assessing the need for valuation allowances. Areas of estimation include the Company's consideration of future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the utilization of deferred tax assets in future years, the Company would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income. Changes in recognized tax benefits and changes in valuation allowances could be material to the Company's results of operations for any period, but is not expected to be material to the Company's condensed consolidated financial position. The Company accounts for uncertainty in income taxes under the provisions of ASC 740. These provisions clarify the accounting for uncertainty in income taxes recognized in an enterprise's financial statements, and prescribe a recognition threshold and measurement criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions also provide guidance on de-recognition, classification, interest, and penalties, accounting in interim periods, disclosure, and transition. The potential interest and/or penalties associated with an uncertain tax position are recorded in provision for income taxes on the condensed consolidated statements of income. Please refer to Note 12 for further discussion regarding these provisions. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings. Based on our assessment it appears more likely than not that most of the net deferred tax assets will be realized through future taxable income. Management has established a valuation allowance against the deferred taxes related to certain state net operating loss carryovers. Management believes the utilization of these losses may be limited. We will continue to assess the need for a valuation allowance for our remaining deferred tax assets in the future. The Company's condensed consolidated financial statements recognized the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods, as if the Company were a separate taxpayer prior to the date of the Distribution rather than a member of the consolidated income tax return group of its Former Parent, Spectrum Group International, Inc. Following its spin-off, the Company files federal and state income tax filings that are separate from the Former Parent's tax filings. The Company recognizes current and deferred income taxes as a separate taxpayer for periods ending after the date of Distribution. Income taxes payable to Former Parent reflects balances due to the Former Parent for the Company's share of the income tax assets of the group, net of amounts related to federal and state jurisdictions due to taxable income generated as if the Company were a separate taxpaying entity prior to the Distribution. Income taxes receivable from Former Parent reflects balance due from the Former Parent for the Company's share of the income tax assets of the group, net of amounts related to federal and state jurisdictions due to taxable income generated as if the Company were a separate taxpaying entity prior to the Distribution.
Earnings per Share (EPS)	Earnings per Share ("EPS") The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity awards, including unexercised stock options, utilizing the treasury stock method.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, (“ASU 2016-09”), Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this update simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We do not expect the adoption of this standard will have a material effect on our consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, (“ASU 2016-02”), Leases (Topic 842). The amendments in this update require lessees to recognize a lease liability measured on a discounted basis and a right-of-use asset for all leases at the commencement date. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and is to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are evaluating the new guidelines to see if they will have a significant impact on our consolidated results of operation, financial condition or cash flows. In November 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”), which simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities be classified as non-current on the balance sheet. This update is effective for fiscal years beginning after December 15, 2016. The guidance may be adopted prospectively or retrospectively and early adoption is permitted. We have not early adopted ASU, and the adoption of this update is not expected to have a material impact on our results of operations, financial position or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU No. 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU No. 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date of ASU 2014-09 for one year. With the deferral, the new standard is effective for the Company, on July 1, 2018, with early adoption permitted one year prior. The standard permits the use of either the retrospective or cumulative effect transition method. We are still evaluating what impact this standard will have on the Company’s consolidated financial position, results of operations or cash flows and related disclosures.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Schedule of earnings per share



in thousands
		Three Months Ended		Nine Months Ended
		March 31, 2016	March 31, 2015	March 31, 2016	March 31, 2015
Basic weighted average shares outstanding ⁽¹⁾		6,983	6,963	6,977	6,963
Effect of common stock equivalents — stock issuable under outstanding equity awards		163	99	135	99
Diluted weighted average shares outstanding		7,146	7,062	7,112	7,062

_________________________________
(1)	Basic weighted average shares outstanding include the effect of vested but unissued restricted stock grants.

Assets and Liabilities, at Fair Value (Tables)

9 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of financial instruments not required to be carried at fair value

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2016 and June 30, 2015.



in thousands
	March 31, 2016				June 30, 2015
	Carrying Amount		Fair value		Carrying Amount		Fair value

Financial assets:
Cash	$	12,972	$	12,972	$	20,927	$	20,927
Receivables and advances, net	25,928		25,928		30,025		30,025
Secured loans	64,827		64,827		49,316		49,316
Derivative assets - open sale and purchase commitments, net	9,834		9,834		1,722		1,722
Derivative assets - futures contracts	1,226		1,226		5,363		5,363
Derivative assets - forward contracts	26		26		4,279		4,279
Income taxes receivable from Former Parent	—		—		1,095		1,095
Financial liabilities:
Lines of credit	$	190,000	$	190,000	$	147,000	$	147,000
Liability on borrowed metals	5,573		5,573		9,500		9,500
Product financing arrangement	93,168		93,168		39,425		39,425
Derivative liabilities - liability on margin accounts	6,788		6,788		6,908		6,908
Derivative liabilities - open sale and purchase commitments, net	159		159		10,989		10,989
Derivative liabilities - futures contracts	1,163		1,163		—		—
Derivative liabilities - forward contracts	2,963		2,963		—		—
Accounts payable, advances and other payables	42,838		42,838		50,639		50,639
Accrued liabilities	6,600		6,600		5,330		5,330
Income taxes payable to Former Parent	510		510		—		—

Schedule of fair value, assets and liabilities measured on recurring basis



	March 31, 2016
	Quoted Price in
	Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable
	Instruments		Inputs		Inputs
in thousands	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Inventory ⁽¹⁾	$	273,967	$	—	$	—	$	273,967
Derivative assets — open sale and purchase commitments, net	9,834		—		—		9,834
Derivative assets — futures contracts	1,226		—		—		1,226
Derivative assets — forward contracts	26		—		—		26
Total assets, valued at fair value	$	285,053	$	—	$	—	$	285,053
Liabilities:
Liability on borrowed metals	$	5,573	$	—	$	—	$	5,573
Product financing arrangement	93,168		—		—		93,168
Derivative liabilities — liability on margin accounts	6,788		—		—		6,788
Derivative liabilities — open sales and purchase commitments, net	159		—		—		159
Derivative liabilities — future contracts	1,163		—		—		1,163
Derivative liabilities — forward contracts	2,963		—		—		2,963
Total liabilities, valued at fair value	$	109,814	$	—	$	—	$	109,814

____________________

⁽¹⁾ Commemorative coin inventory totaling $6,000 is held at lower of cost or market and is thus excluded from this table.



	June 30, 2015
	Quoted Price in
	Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable
	Instruments		Inputs		Inputs
in thousands	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Inventory ⁽¹⁾	$	189,983	$	—	$	—	$	189,983
Derivative assets — open sale and purchase commitments, net	1,722		—		—		1,722
Derivative assets — futures contracts	5,363		—		—		5,363
Derivative assets — forward contracts	4,279		—		—		4,279
Total assets, valued at fair value	$	201,347	$	—	$	—	$	201,347
Liabilities:
Liability on borrowed metals	$	9,500	$	—	$	—	$	9,500
Product financing arrangement	39,425		—		—		39,425
Derivative liabilities — liability on margin accounts	6,908		—		—		6,908
Derivative liabilities — open sale and purchase commitments, net	10,989		—		—		10,989
Total liabilities, valued at fair value	$	66,822	$	—	$	—	$	66,822

____________________

⁽¹⁾ Commemorative coin inventory totaling $1.5 million is held at lower of cost or market and is thus excluded from this table.

Receivables (Tables)

9 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Schedule of receivables and secured loans

Receivables consist of the following as of March 31, 2016 and June 30, 2015:



in thousands
	March 31, 2016			June 30, 2015

Customer trade receivables	$	3,207		$	11,835
Wholesale trade advances	16,425			12,164
Due from brokers	6,326			6,056
Subtotal	25,958			30,055
Less: allowance for doubtful accounts	(30		)	(30		)
Receivables, net	$	25,928		$	30,025

Allowance for Doubtful Accounts



in thousands
Period ended:	Beginning Balance		Provision		Charge-off		Ending Balance
Nine Months Ended March 31, 2016	$	30	$	—	$	—	$	30
Year Ended June 30, 2015	$	30	$	—	$	—	$	30

Secured Loans Receivables (Tables)

9 Months Ended

Mar. 31, 2016

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of receivables and secured loans

Receivables consist of the following as of March 31, 2016 and June 30, 2015:



in thousands
	March 31, 2016			June 30, 2015

Customer trade receivables	$	3,207		$	11,835
Wholesale trade advances	16,425			12,164
Due from brokers	6,326			6,056
Subtotal	25,958			30,055
Less: allowance for doubtful accounts	(30		)	(30		)
Receivables, net	$	25,928		$	30,025

Allowance for Doubtful Accounts



in thousands
Period ended:	Beginning Balance		Provision		Charge-off		Ending Balance
Nine Months Ended March 31, 2016	$	30	$	—	$	—	$	30
Year Ended June 30, 2015	$	30	$	—	$	—	$	30

Schedule of classes for financing receivables

The Company's secured loans by portfolio class, which align with management reporting, are as follows:



in thousands
	March 31, 2016				June 30, 2015
Bullion	$	25,212	38.9	%	$	16,250	33.0	%
Numismatic and semi numismatic	38,815		59.9		32,216		65.3
Subtotal	64,027		98.8		48,466		98.3
Other pledged assets⁽¹⁾	800		1.2		850		1.7
Total secured loans	$	64,827	100.0	%	$	49,316	100.0	%



_________________________________
(1	)	Includes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products.

Financing receivable credit quality indicators

The Company disaggregates its secured loans that are collateralized by precious metal products, as follows:



in thousands
	March 31, 2016				June 30, 2015
Loan-to-value of 75% or more ⁽¹⁾	$	15,303	23.9	%	$	17,153	35.4	%
Loan-to-value of less than 75% ⁽¹⁾	48,724		76.1		31,313		64.6
Secured loans collateralized by precious metal products⁽¹⁾	$	64,027	100.0	%	$	48,466	100.0	%



_________________________________
(1	)	Excludes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products.

Financing Receivable [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of receivables and secured loans

Below is a summary of the carrying-value of our secured loans as of March 31, 2016 and June 30, 2015:



in thousands
	March 31, 2016			June 30, 2015

Secured loans originated	$	40,756		$	36,778
Secured loans originated - with a related party	1,363			—
	42,119			36,778
Secured loans acquired	22,708		⁽¹⁾	12,538		⁽²⁾
Secured loans (current and long-term)	$	64,827		$	49,316

_________________________________

(1) Includes $86,000 of amortized loan premium as of March 31, 2016.

(2) Includes $99,000 of amortized loan premium as of June 30, 2015.

Inventories (Tables)

9 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Schedule of Inventory



in thousands
	March 31, 2016		June 30, 2015
Inventory held for sale	$	92,698	$	86,353
Repurchase arrangements with customers	76,191		49,117
Consignment arrangements with customers	6,337		5,588
Commemorative coins, held at lower of cost or market	6		1,518
Borrowed precious metals from suppliers	5,573		9,500
Product financing arrangement, restricted	93,168		39,425
	$	273,973	$	191,501

Property and Equipment (Tables)

9 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consists of the following at March 31, 2016 and June 30, 2015:



in thousands
	March 31, 2016			June 30, 2015
Office furniture, fixtures and equipment	$	1,099		$	616
Computer equipment	368			368
Computer software	2,731			2,376
Leasehold improvements	1,974			1,700
Subtotal	6,172			5,060
Less: accumulated depreciation	(2,834		)	(2,210		)
Property and equipment, net	$	3,338		$	2,850

Goodwill and Intangible Assets (Tables)

9 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of other purchased intangible assets

The carrying value of other purchased intangibles as of March 31, 2016 and June 30, 2015 is as described below:



dollar amounts in thousands
		March 31, 2016							June 30, 2015
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Existing customer relationships	5 - 15	5,747		(4,119		)	1,628		5,747		(3,832		)	1,915
Non-compete and other	4	2,000		(2,000		)	—		2,000		(2,000		)	—
Employment agreement	3	195		(195		)	—		195		(195		)	—
Purchased intangibles subject to amortization		7,942		(6,314		)	1,628		7,942		(6,027		)	1,915
Trade-name	Indefinite	$	454	$	—		$	454	$	454	$	—		$	454
		$	8,396	$	(6,314	)	$	2,082	$	8,396	$	(6,027	)	$	2,369

Schedule of future amortization expense

Estimated amortization expense on an annual basis for the succeeding five years is as follows (in thousands):



Fiscal year ending June 30,	Amount
2016 (3 months remaining)	$	98
2017	385
2018	385
2019	385
2020	375
Thereafter	—
Total	$	1,628

Accounts Payables (Tables)

9 Months Ended

Mar. 31, 2016

Accounts Payable, Current [Abstract]

Accounts payable

Accounts payable consist of the following:



in thousands
	March 31, 2016		June 30, 2015
Trade payable to customers	$	2,508	$	128
Advances from customers	32,089		38,039
Liability on deferred revenue	6,522		11,039
Other accounts payable	1,719		1,433
	$	42,838	$	50,639

Income Taxes (Tables)

9 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

The provision for income taxes for the three and nine months ended March 31, 2016 and 2015 consists of the following:



in thousands
	Three Months Ended					Nine Months Ended
	March 31, 2016		March 31, 2015			March 31, 2016		March 31, 2015
Current:
Federal	778		694			4,783		2,366
State and local	116		(517		)	443		(280		)
Provision for income taxes	$	894	$	177		$	5,226	$	2,086

Schedule of effective income tax rate

The effective tax rate for the three and nine months ended March 31, 2016 and 2015 is as follows:



in thousands
	Three Months Ended				Nine Months Ended
	March 31, 2016		March 31, 2015		March 31, 2016		March 31, 2015
Effective tax rate	42.8	%	9.5	%	38.9	%	31.7	%

Related Party Transactions (Tables)

9 Months Ended

Mar. 31, 2016

Schedule of Related Party Transactions



in thousands
	Three Months Ended				Nine Months Ended
	March 31, 2016		March 31, 2015		March 31, 2016		March 31, 2015
Interest income from loan receivables	$	16	$	99	$	48	$	222
Interest income from finance products	577		299		1,725		637
	$	593	$	398	$	1,773	$	859



in thousands
	Three Months Ended								Nine Months Ended
	March 31, 2016				March 31, 2015				March 31, 2016				March 31, 2015
	Sales		Purchases		Sales		Purchases		Sales		Purchases		Sales		Purchases
Calzona Ventures, LLC	$	—	$	—	$	—	$	—	$	—	$	—	$	157	$	—
Stack's Bowers Numismatics, LLC	6,695		1,242		2,365		1,740		25,595		31,810		5,290		8,278
Equity method investee	154,848		1,170		99,006		77		558,804		5,595		281,653		117
	$	161,543	$	2,412	$	101,371	$	1,817	$	584,399	$	37,405	$	287,100	$	8,395



in thousands
	March 31, 2016				June 30, 2015
	Receivables		Payable		Receivables		Payable
Stack's Bowers Numismatics, LLC	$	1,360	$	40	$	2	$	10
Equity method investee	777		—		279		—
SGI (Former Parent)	38		760		1,095		—
	$	2,175	$	800	$	1,376	$	10

Derivative Instrument and Hedging Transactions (Tables)

9 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting Assets

In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of March 31, 2016 and June 30, 2015.



	March 31, 2016										June 30, 2015

in thousands	Gross Derivative		Amounts Netted			Cash Collateral Pledge			Net Derivative		Gross Derivative		Amounts Netted			Cash Collateral Pledge			Net Derivative
Nettable derivative assets:
Open sale and purchase commitments	$	11,124	$	(1,290	)	$	—		$	9,834	$	2,815	$	(1,093	)	$	—		$	1,722
Future contracts	1,226		—			—			1,226		11,159		(5,796		)	—			5,363
Forward contracts	26		—			—			26		4,279		—			—			4,279
	$	12,376	$	(1,290	)	$	—		$	11,086	$	18,253	$	(6,889	)	$	—		$	11,364
Nettable derivative liabilities:
Open sale and purchase commitments	$	1,500	$	(1,341	)	$	—		$	159	$	11,723	$	(734	)	$	—		$	10,989
Margin accounts	10,913		—			(4,125		)	6,788		12,430		—			(5,522		)	6,908
Future contracts	1,163		—						1,163		—		—						—
Forward contracts	2,963		—			—			2,963		—		—			—			—
	$	16,539	$	(1,341	)	$	(4,125	)	$	11,073	$	24,153	$	(734	)	$	(5,522	)	$	17,897

Offsetting Liabilities

In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of March 31, 2016 and June 30, 2015.



	March 31, 2016										June 30, 2015

in thousands	Gross Derivative		Amounts Netted			Cash Collateral Pledge			Net Derivative		Gross Derivative		Amounts Netted			Cash Collateral Pledge			Net Derivative
Nettable derivative assets:
Open sale and purchase commitments	$	11,124	$	(1,290	)	$	—		$	9,834	$	2,815	$	(1,093	)	$	—		$	1,722
Future contracts	1,226		—			—			1,226		11,159		(5,796		)	—			5,363
Forward contracts	26		—			—			26		4,279		—			—			4,279
	$	12,376	$	(1,290	)	$	—		$	11,086	$	18,253	$	(6,889	)	$	—		$	11,364
Nettable derivative liabilities:
Open sale and purchase commitments	$	1,500	$	(1,341	)	$	—		$	159	$	11,723	$	(734	)	$	—		$	10,989
Margin accounts	10,913		—			(4,125		)	6,788		12,430		—			(5,522		)	6,908
Future contracts	1,163		—						1,163		—		—						—
Forward contracts	2,963		—			—			2,963		—		—			—			—
	$	16,539	$	(1,341	)	$	(4,125	)	$	11,073	$	24,153	$	(734	)	$	(5,522	)	$	17,897

Summary of net gains (losses) on derivative instruments

Below, is a summary of the net gains (losses) on derivative instruments for the three and nine months ended March 31, 2016 and 2015.



in thousands
	Three Months Ended						Nine Months Ended
	March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015
Gain (loss) on derivative instruments:
Unrealized loss on open future commodity and forward contracts and open sale and purchase commitments, net	$	(5,262	)	$	(12,866	)	$	(8,482	)	$	(2,582	)
Realized gain (loss) on future commodity contracts, net	7,992			2,557			(5,796		)	(42,249		)
Total	$	2,730		$	(10,309	)	$	(14,278	)	$	(44,831	)

Schedule of market values of derivative instruments

The following table summarizes the results of our hedging activities, which shows the precious metal commodity inventory position, net of open sale and purchase commitments, that is subject to price risk as of March 31, 2016 and at June 30, 2015.



in thousands
	March 31, 2016			June 30, 2015
Inventory	$	273,973		$	191,501
Less unhedgable inventory:
Commemorative coin inventory, held at lower of cost or market	(6		)	(1,518		)
Premium on metals position	(5,463		)	(3,255		)
Inventory value not hedged	(5,469		)	(4,773		)

Subtotal	268,504			186,728
Commitments at market:
Open inventory purchase commitments	436,000			444,023
Open inventory sales commitments	(248,658		)	(249,081		)
Margin sale commitments	(10,913		)	(12,430		)
In-transit inventory no longer subject to market risk	(7,813		)	(13,807		)
Unhedgable premiums on open commitment positions	1,555			528
Inventory borrowed from suppliers	(5,573		)	(9,500		)
Product financing arrangements	(93,168		)	(39,425		)
Advances on industrial metals	4,163			3,340
Inventory subject to price risk	344,097			310,376

Inventory subject to derivative financial instruments:
Precious metals forward contracts at market values	217,961			202,323
Precious metals futures contracts at market values	125,145			107,993
Total market value of derivative financial instruments	343,106			310,316

Net inventory subject to commodity price risk	$	991		$	60

Schedule of outstanding commitments

As of March 31, 2016 and June 30, 2015, the Company had the following outstanding commitments and open forward and future contracts:



in thousands
	March 31, 2016			June 30, 2015
Purchase commitments	$	436,000		$	444,023
Sales commitments	(248,658		)	(249,081		)
Margin sales commitments	(10,913		)	(12,430		)
Open forward contracts	217,961			202,323
Open futures contracts	125,145			107,993

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2016

Equity [Abstract]

Dividends Declared

The table below summarizes the quarterly dividends declared pursuant to this policy:

Dividend
Declaration Date

Record Date

(at close of Business)

Type of Dividend

Basis of Payment

Payment Date

February 6, 2015

March 12, 2015

Cash

0.05

per common share

March 20, 2015

May 1, 2015

May 14, 2015

Cash

0.05

per common share

May 25, 2015

September 11, 2015

September 24, 2015

Cash

0.05

per common share

October 5, 2015

October 30, 2015

November 13, 2015

Cash

0.05

per common share

November 25, 2015

February 2, 2016

February 15, 2016

Cash

0.07

per common share

February 29, 2016

Schedule of share-based compensation, stock option activity

The following table summarizes the stock option activity for the nine months ended March 31, 2016.



		Options	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)		Weighted Average Grant Date Fair Value Per Award⁽¹⁾
Outstanding at June 30, 2015		233,127	$	9.89	$	283	$	5.96
Granted		300,000	23.03
Outstanding at March 31, 2016		533,127	17.29		$	2,343	$	6.25
Exercisable at March 31, 2016		183,184	10.30		$	1,759	$	5.91
_________________________________
(1)	For awards held by A-Mark employees, the fair value of the awards assumed in Distribution was based on the awards' fair value at grant date, which were determined by SGI prior to the Distribution. Since the Company does not recognize compensation costs for the awards assumed in the Distribution held by employees of SGI, the calculation of the weighted average fair value per share price at grant date was solely based on the awards' fair value at grant date that were awarded to employees of A-Mark.

Schedule of share-based compensation, status of stock option outstanding

Following is a summary of the status of stock options outstanding at March 31, 2016:



				Options Outstanding				Options Exercisable
Exercise Price Ranges				Number of Shares Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number of Shares Exercisable	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price
From		To		Number of Shares Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number of Shares Exercisable	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price
$	—	$	10.00	134,239	6.60	$	8.39	86,296	6.62	$	8.41
10.01		15.00		98,888	6.53	11.94		96,888	6.48	12.00
15.01		50.00		300,000	9.90	23.03		—	0.00	—
				533,127	8.44	17.29		183,184	6.55	10.30

Schedule of restricted stock activity

The following table summarizes the RSU activity for the nine months ended March 31, 2016:



	Shares		Weighted Average Share Price at Grant Date⁽¹⁾
Outstanding at June 30, 2015	86,298		$	2.34
Shares released	(23,415	)	—
Shares surrendered to cover employee minimum withholding taxes ⁽²⁾	(12,542	)	—
Outstanding at March 31, 2016	50,341		$	4.02
Vested but unissued at March 31, 2016	—		$	—



_________________________________
(1)		For awards held by A-Mark employees, the fair value of the awards assumed in Distribution was based on the awards' fair value at grant date, which were determined by SGI prior to the Distribution. Since, the Company does not recognize compensation costs for the awards assumed in the Distribution held by employees of SGI, the calculation of the weighted average share price at grant date was solely based on the awards' fair value at grant date that were awarded to employees of A-Mark.
(2)		The value of the shared surrendered totaled $249,707.

Customer and Supplier Concentration (Tables)

9 Months Ended

Mar. 31, 2016

Risks and Uncertainties [Abstract]

Schedules of concentration of risk, by risk factor

Customers providing 10 percent or more of the Company's revenues for the three and nine months ended March 31, 2016 and 2015 are listed below:



in thousands
	Three Months Ended								Nine Months Ended
	March 31, 2016				March 31, 2015				March 31, 2016				March 31, 2015
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Total revenue	$	1,512,750	100.0	%	$	1,624,495	100.0	%	$	5,048,829	100.0	%	$	4,616,832	100.0	%
Customer concentrations
HSBC Bank USA	$	245,022	16.2	%	$	481,036	29.6	%	$	860,048	17.0	%	$	1,464,027	31.7	%
JM Bullion	154,848		10.2		99,006		6.1		558,804		11.1		281,653		6.1
Total	$	399,870	26.4	%	$	580,042	35.7	%	$	1,418,852	28.1	%	$	1,745,680	37.8	%

Customers providing 10 percent or more of the Company's accounts receivable as of March 31, 2016 and June 30, 2015, respectively, are listed below:



in thousands
	March 31, 2016				June 30, 2015

	Amount		Percent		Amount		Percent
Total accounts receivable, net	$	25,928	100.0	%	$	30,025	100.0	%
Customer concentrations
China Great Wall Coins	$	2,958	11.4	%	$	—	—	%
Jerrit Canyon	5,050		19.5		1,435		4.8
Republic Metals Corporation	6,185		23.9		—		—
Total	$	14,193	54.8	%	$	1,435	4.8	%

Geographic Information (Tables)

9 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

Revenue are attributed to geographic location based on customer location. The Company's geographic operations are as follows:



in thousands
	Three Months Ended				Nine Months Ended
	March 31, 2016		March 31, 2015		March 31, 2016		March 31, 2015
Revenue by geographic region:
United States	$	1,367,127	$	1,477,702	$	4,623,259	$	4,136,616
Europe	62,623		69,563		157,371		188,973
North America, excluding United States	72,092		57,910		232,737		239,746
Asia Pacific	10,020		9,156		32,285		39,200
Africa	—		27		63		52
Australia	888		10,137		3,082		12,243
South America	—		—		32		2
Total revenue	$	1,512,750	$	1,624,495	$	5,048,829	$	4,616,832



in thousands
	March 31, 2016		June 30, 2015
Inventories by geographic region:
United States	$	245,523	$	173,939
Europe	5,055		4,374
North America, excluding United States	21,695		12,287
Asia	1,700		901
Total inventories	$	273,973	$	191,501



in thousands
	March 31, 2016		June 30, 2015
Assets by geographic region:
United States	$	386,848	$	302,046
Europe	7,139		10,668
North America, excluding United States	21,695		12,287
Asia	1,700		901
Total assets	$	417,382	$	325,902



in thousands
	March 31, 2016		June 30, 2015
Long term assets by geographic region:
United States	$	18,625	$	13,204
Europe	64		72
Total long-term assets	$	18,689	$	13,276

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2016 USD ($) Segment	Mar. 31, 2015 USD ($)	Jan. 15, 2016	Jan. 14, 2016	Jun. 30, 2015 USD ($)
Property, Plant and Equipment [Line Items]
Number of reportable segments \| Segment			1
Long-term investments							$ 500
Ownership percentage, 1st investment ( in percentage)	2.50%		2.50%
Ownership percentage, 2nd investment ( in percentage)					20.00%	15.00%
Advertising expense	$ 137	$ 206	$ 463	$ 456
Shipping, handling costs	$ 1,500	$ 2,100	$ 5,600	$ 5,300
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of related assets			3 years
Estimated useful lives of intangibles			3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of related assets			5 years
Estimated useful lives of intangibles			15 years

Summary of Significant Accounting Policies (Earnings per Share) (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Basic weighted average shares outstanding	6,983,000	6,963,000	6,977,000	6,962,742
Effect of common stock equivalents - stock options and stock issuable under employee compensation plans (shares)	163,000	99,000	135,000	99,000
Diluted weighted average shares outstanding	7,146,000	7,062,000	7,112,000	7,061,700

Assets and Liabilities, at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets - future and forward contracts	$ 12,376	$ 18,253
Liability on borrowed metals	5,573	9,500
Product financing arrangement	93,168	39,425
Derivative liabilities - open sale and purchase commitments, net, included in payables	11,073	17,897
Derivative liabilities - futures contracts	16,539	24,153
Accrued liabilities	6,600	5,330
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	12,972	20,927
Receivables and advances, net	25,928	30,025
Lines of credit	190,000	147,000
Liability on borrowed metals	5,573	9,500
Product financing arrangement	93,168	39,425
Accounts payable, advances and other payables	42,838	50,639
Accrued liabilities	6,600	5,330
Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	12,972	20,927
Receivables and advances, net	25,928	30,025
Lines of credit	190,000	147,000
Liability on borrowed metals	5,573	9,500
Product financing arrangement	93,168	39,425
Accounts payable, advances and other payables	42,838	50,639
Accrued liabilities	6,600	5,330
Open sales and purchase commitments \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured loans	64,827	49,316
Derivative assets - open sale and purchase commitments, net	9,834	1,722
Open sales and purchase commitments \| Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured loans	64,827	49,316
Derivative assets - open sale and purchase commitments, net	9,834	1,722
Future contracts \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets - future and forward contracts	1,226	5,363
Future contracts \| Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets - future and forward contracts	1,226	5,363
Forward contracts \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets - future and forward contracts	26	4,279
Forward contracts \| Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets - future and forward contracts	26	4,279
Forward contracts \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities - open sale and purchase commitments, net, included in payables	2,963	0
Forward contracts \| Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities - open sale and purchase commitments, net, included in payables	2,963	0
Future contracts \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities - futures contracts	1,163	0
Future contracts \| Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities - futures contracts	1,163	0
Derivative liability margin accounts \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities - open sale and purchase commitments, net, included in payables	6,788	6,908
Derivative liability margin accounts \| Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities - open sale and purchase commitments, net, included in payables	6,788	6,908
Open sales and purchase commitments \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities - open sale and purchase commitments, net, included in payables	159	10,989
Open sales and purchase commitments \| Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities - open sale and purchase commitments, net, included in payables	159	10,989
SGI (Former Parent) \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Income taxes receivable from Former Parent	0	1,095
Income taxes payable to Former Parent	510	0
SGI (Former Parent) \| Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Income taxes receivable from Former Parent	0	1,095
Income taxes payable to Former Parent	$ 510	$ 0

Assets and Liabilities, at Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	$ 12,376	$ 18,253
Derivative liabilities	11,073	17,897
Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory	273,967	189,983
Total assets valued at fair value	285,053	201,347
Liability on borrowed metals	5,573	9,500
Product financing arrangement	93,168	39,425
Liability on margin accounts	6,788	6,908
Total liabilities, valued at fair value	109,814	66,822
Fair Value on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory	273,967	189,983
Total assets valued at fair value	285,053	201,347
Liability on borrowed metals	5,573	9,500
Product financing arrangement	93,168	39,425
Liability on margin accounts	6,788	6,908
Total liabilities, valued at fair value	109,814	66,822
Fair Value on a Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory	0	0
Total assets valued at fair value	0	0
Liability on borrowed metals	0	0
Product financing arrangement	0	0
Liability on margin accounts	0	0
Total liabilities, valued at fair value	0	0
Fair Value on a Recurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory	0	0
Total assets valued at fair value	0	0
Liability on borrowed metals	0	0
Product financing arrangement	0	0
Liability on margin accounts	0	0
Total liabilities, valued at fair value	0	0
Derivative Asset Open Purchases And Sales Commitments \| Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	9,834	5,363
Derivative Asset Open Purchases And Sales Commitments \| Fair Value on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	9,834	5,363
Derivative Asset Open Purchases And Sales Commitments \| Fair Value on a Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	0	0
Derivative Asset Open Purchases And Sales Commitments \| Fair Value on a Recurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	0	0
Future contracts \| Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	1,226	4,279
Future contracts \| Fair Value on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	1,226	4,279
Future contracts \| Fair Value on a Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	0	0
Future contracts \| Fair Value on a Recurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	0	0
Forward contracts \| Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	26	1,722
Forward contracts \| Fair Value on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	26	1,722
Forward contracts \| Fair Value on a Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	0	0
Forward contracts \| Fair Value on a Recurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	0	0
Forward contracts \| Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	2,963
Forward contracts \| Fair Value on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	2,963
Forward contracts \| Fair Value on a Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0
Forward contracts \| Fair Value on a Recurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0
Open sales and purchase commitments \| Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	159	10,989
Open sales and purchase commitments \| Fair Value on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	159	10,989
Open sales and purchase commitments \| Fair Value on a Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Open sales and purchase commitments \| Fair Value on a Recurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	$ 0
Future contracts \| Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	1,163
Future contracts \| Fair Value on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	1,163
Future contracts \| Fair Value on a Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0
Future contracts \| Fair Value on a Recurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 0

Assets and Liabilities, at Fair Value (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commemorative coins, held at lower of cost or market	$ (6,000)		$ (6,000)		$ (1,518,000)
Realized gains on cost method investment	0	$ 0		$ 0
Income (loss) from equity method investment	107,000		613,000	$ 0
Equity Method and Cost Method Investment, Total	7,785,000		7,785,000		$ 2,500,000
Fair Value, Measurements, Nonrecurring \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost method investment	$ 7,200,000		$ 7,200,000

Receivables (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2016	Jun. 30, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross			$ 25,958	$ 30,055
Less: allowance for doubtful accounts	$ (30)	$ (30)	(30)	(30)
Receivables, net			25,928	30,025
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance	30	30
Provision	0	0
Charge-off	0	0
Ending Balance	$ 30	$ 30
Customer trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross			3,207	11,835
Wholesale trade advances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross			16,425	12,164
Due from brokers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross			$ 6,326	$ 6,056

Secured Loans Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	$ 64,827	$ 49,316
Secured loans originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	40,756	36,778
Secured loans originated - with a related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	1,363	0
Secured loans originated by company and with related party [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	42,119	36,778
Secured loans acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	$ 22,708	$ 12,538

Secured Loans Receivables (Loans Receivable and Credit Quality Indicators) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2016 USD ($) class	Jun. 30, 2015 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Classes of receivables \| class	3
Secured loan	$ 64,827	$ 49,316
Secured loan, percentage	100.00%	100.00%
Secured loans (current)	$ 64,227	$ 48,666
Bullion and Numismatic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan	$ 64,027	$ 48,466
Secured loan, percentage	98.80%	98.30%
Secured loans (current)	$ 64,027	$ 48,466
Secured loans (current), percentage	100.00%	100.00%
Bullion and Numismatic \| Loan-to-value of 75% or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current)	$ 15,303	$ 17,153
Secured loans (current), percentage	23.90%	35.40%
Bullion and Numismatic \| Loan-to-value of less than 75%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current)	$ 48,724	$ 31,313
Secured loans (current), percentage	76.10%	64.60%
Bullion
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan	$ 25,212	$ 16,250
Secured loan, percentage	38.90%	33.00%
Numismatic and semi numismatic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan	$ 38,815	$ 32,216
Secured loan, percentage	59.90%	65.30%
Other pledged assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan	$ 800	$ 850
Secured loan, percentage	1.20%	1.70%
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit quality indicator Loan-to-value threshold percentage		75.00%

Secured Loans Receivables (Narrative) (Details)	9 Months Ended	12 Months Ended
Secured Loans Receivables (Narrative) (Details)	Mar. 31, 2016 USD ($) class loan	Jun. 30, 2015 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized loan commitment and origination fees and unamortized discounts or premiums	$ 86,000	$ 99,000
Number of loans \| loan	0	1
Classes of receivables \| class	3
Loans receivable average effective rate of interest (percentage)	8.20%	8.50%
Delinquent period	30 days
Loan receivable liquidation period post default	90 days
Loans receivable payment terms for interest	30 days
Secured loans (current)	$ 64,227,000	$ 48,666,000
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit quality indicator Loan-to-value threshold percentage		75.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans-to-value percentage	100.00%	100.00%
Loan-to-value of More Than Hundred Percent [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current), percentage		0.40%
Secured loans (current)		$ 175,600

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Inventory [Line Items]
Inventories	$ 180,805	$ 152,076
Restricted inventories	93,168	39,425
Restricted and Nonrestricted Inventory, Net	273,973	191,501
Inventory held for sale
Inventory [Line Items]
Inventories	92,698	86,353
Repurchase arrangements with customers
Inventory [Line Items]
Inventories	76,191	49,117
Consignment arrangements with customers
Inventory [Line Items]
Inventories	6,337	5,588
Commemorative coins, held at lower of cost or market
Inventory [Line Items]
Inventories	6	1,518
Borrowed precious metals from suppliers
Inventory [Line Items]
Inventories	5,573	9,500
Product financing arrangement, restricted
Inventory [Line Items]
Restricted inventories	$ 93,168	$ 39,425

Inventories (narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Inventories (narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Inventory [Line Items]
Inventory held for sale	$ 180,805	$ 152,076
Repurchase arrangements with customers	76,200	49,100
Consignment arrangements with customers	6,300	5,600
Commemorative coins, held at lower of cost or market	(6)	(1,518)
Borrowed precious metals from suppliers	5,600	9,500
Product financing arrangement, restricted	93,200	39,400
Premium on metals position	5,463	3,255
Unrealized gains (losses) included in inventory balance	2,100	(3,900)
Inventory held for sale
Inventory [Line Items]
Inventory held for sale	$ 92,698	$ 86,353

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,172		$ 6,172		$ 5,060
Less: accumulated depreciation	(2,834)		(2,834)		(2,210)
Property and equipment, net	3,338		3,338		2,850
Depreciation	209	$ 127	624	$ 390
Office furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,099		1,099		616
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	368		368		368
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,731		2,731		2,376
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,974		$ 1,974		$ 1,700

Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2016	Jun. 30, 2015
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount - finite lived intangible	$ 8,396	$ 8,396
Accumulated amortization	(6,314)	(6,027)
Net book value - finite lived intangible	2,082	2,369
Existing customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount - finite lived intangible	5,747	5,747
Accumulated amortization	(4,119)	(3,832)
Net book value - finite lived intangible	$ 1,628	1,915
Non-compete and other
Indefinite-lived Intangible Assets [Line Items]
Estimated useful lives	4 years
Gross carrying amount - finite lived intangible	$ 2,000	2,000
Accumulated amortization	(2,000)	(2,000)
Net book value - finite lived intangible	$ 0	0
Employment agreement
Indefinite-lived Intangible Assets [Line Items]
Estimated useful lives	3 years
Gross carrying amount - finite lived intangible	$ 195	195
Accumulated amortization	(195)	(195)
Net book value - finite lived intangible	0	0
Purchased intangibles subject to amortization
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount - finite lived intangible	7,942	7,942
Accumulated amortization	(6,314)	(6,027)
Net book value - finite lived intangible	1,628	1,915
Trade-name
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount	454	454
Accumulated amortization	0	0
Net book value	$ 454	$ 454
Minimum
Indefinite-lived Intangible Assets [Line Items]
Estimated useful lives	3 years
Minimum \| Existing customer relationships
Indefinite-lived Intangible Assets [Line Items]
Estimated useful lives	5 years
Maximum
Indefinite-lived Intangible Assets [Line Items]
Estimated useful lives	15 years
Maximum \| Existing customer relationships
Indefinite-lived Intangible Assets [Line Items]
Estimated useful lives	15 years

Goodwill and Intangible Assets (Future Amortization Expense) (Details) $ in Thousands	Mar. 31, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2016 (3 months remaining)	$ 98
2017	385
2018	385
2019	385
2020	375
Thereafter	0
Total	$ 1,628

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015	Sep. 30, 2012	Jul. 01, 2005
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 4,900		$ 4,900
Gross carrying amount - finite lived intangible	8,396		8,396		$ 8,396
Amortization expense related to intangible assets	$ 96	$ 96	$ 287	$ 287
Spectrum PMI
Finite-Lived Intangible Assets [Line Items]
Ownership percentage							80.00%
Spectrum PMI \| Auctentia SL
Finite-Lived Intangible Assets [Line Items]
Noncontrolling interest percentage						20.00%	20.00%

Investments (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
Investments (Details) - USD ($) $ in Thousands	Jan. 15, 2016	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Jan. 14, 2016	Jun. 30, 2015
Equity Method Investments and Cost Method Investments [Abstract]
Equity method investment		$ 7,285	$ 7,285			$ 2,000
Cost method investment						500
Equity Method and Cost Method Investment, Total		7,785	7,785			$ 2,500
Payment towards acquisition	$ 2,300	6,700
Ownership percentage, 2nd investment ( in percentage)	20.00%				15.00%
Income (loss) from equity method investment		$ 107	$ 613	$ 0
Ownership percentage, 1st investment ( in percentage)		2.50%	2.50%

Accounts Payables (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Accounts Payable, Current [Abstract]
Trade payable to customers	$ 2,508	$ 128
Advances from customers	32,089	38,039
Liability on deferred revenue	6,522	11,039
Other accounts payable	1,719	1,433
Accounts payable	$ 42,838	$ 50,639

Income Taxes (Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Federal	$ 778	$ 694	$ 4,783	$ 2,366
State and local	116	(517)	443	(280)
Total provision for income taxes	$ 894	$ 177	$ 5,226	$ 2,086

Income Taxes (Reconciliation) (Details)	3 Months Ended		9 Months Ended
Income Taxes (Reconciliation) (Details)	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	42.80%	9.50%	38.90%	31.70%

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Operating Loss Carryforwards [Line Items]
Income taxes payable to Former Parent	$ 510		$ 510		$ 0
Income taxes receivable from Former Parent	0		0		1,095
Income taxes receivable	8,845		8,845		7,846
Deferred tax assets - non-current	0		0		23
Deferred tax liability - current	4,398		4,398		149
Deferred tax liabilities - non-current	268		268		0
Valuation allowance	(42)		(42)		(114)
Unrecognized tax benefits	243		243
Unrecognized tax benefits, Interest on income taxes accrued	114		114
Unrecognized tax benefits, Income tax penalties accrued	72		72
Unrecognized tax benefits that would impact effective tax rate	429		429
Unrecognized tax benefits, Income tax penalties expense	0	$ 0	0	$ 0
Interest expense (benefit) recognized during the year for unrecognized tax positions	5	$ 7	14	$ 21
Reallocation of deferred state net operating loss from Former Parent related to tax settlement			600
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Deferred tax assets - non-current	400		400		900
Operating loss related to state and city deferred tax asset	$ 15,300		$ 15,300		$ 17,600

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
Related Party Transactions (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jul. 23, 2015	Jun. 30, 2015	Feb. 28, 2015	Oct. 09, 2014	Jun. 18, 2014
Related Party Transaction [Line Items]
Sales	$ 161,543,000	$ 101,371,000	$ 584,399,000	$ 287,100,000
Purchases	2,412,000	1,817,000	37,405,000	8,395,000
Receivable	2,175,000		2,175,000			$ 1,376,000
Payables	800,000		800,000			10,000
Income (loss) from equity method investment	107,000		613,000	0
Equity method investment	7,285,000		7,285,000			2,000,000
Income taxes payable to Former Parent	510,000		510,000			0
Income taxes receivable from Former Parent	0		0			1,095,000
Equity method investee
Related Party Transaction [Line Items]
Sales	154,848,000	99,006,000	558,804,000	281,653,000
Purchases	1,170,000	77,000	5,595,000	117,000
Receivable	777,000		777,000			279,000
Payables	0		0			0
Stack Bowers Galleries
Related Party Transaction [Line Items]
Short term loan receivable	0		0						$ 2,600,000
Rate of interest (percentage)									5.50%
Calzona
Related Party Transaction [Line Items]
Sales	0	0	0	157,000
Purchases	0	0	0	0
SGI (Former Parent)
Related Party Transaction [Line Items]
Receivable	38,000		38,000			1,095,000
Payables	760,000		760,000			0
Secondment fees	38,000	0	113,000	75,000
Receivable from related party	38,000		38,000			0
W.A.Richardson Builders, LLC (WAR)
Related Party Transaction [Line Items]
Contractual obligation							$ 1,500,000
Fees payable, percentage							5.00%
Former owner
Related Party Transaction [Line Items]
Payment related to royalty agreement with former owner	0	62,000	21,000	194,000
Royalty expense	0		0			254,000
Stack's Bowers Numismatics, LLC
Related Party Transaction [Line Items]
Sales	6,695,000	2,365,000	25,595,000	5,290,000
Purchases	1,242,000	1,740,000	31,810,000	8,278,000
Receivable	1,360,000		1,360,000			2,000
Payables	40,000		40,000			$ 10,000
Interest income	593,000	398,000	1,773,000	859,000
Former Parent SGI Plans
Related Party Transaction [Line Items]
Other Commitment	$ 150,000		$ 150,000
Percentage of professional working time, maximum	20.00%		20.00%
July 23, 2015 Loan Agreement \| Stack Bowers Galleries
Related Party Transaction [Line Items]
Short term loan receivable	$ 1,400,000		$ 1,400,000		$ 2,500,000
October 9, 2014 Loan Agreement \| Stack Bowers Galleries
Related Party Transaction [Line Items]
Short term loan receivable	0		0					$ 16,000,000
Interest Income from Loan Receivable \| Stack's Bowers Numismatics, LLC
Related Party Transaction [Line Items]
Interest income	16,000	99,000	48,000	222,000
Interest Income from Finance Products \| Stack's Bowers Numismatics, LLC
Related Party Transaction [Line Items]
Interest income	$ 577,000	$ 299,000	$ 1,725,000	$ 637,000

Financing Agreements (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
Financing Agreements (Narrative) (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Schedule Of Financing Arrangements [Line Items]
Liability on borrowed metals	$ 5,573,000		$ 5,573,000		$ 9,500,000
Product financing obligation	93,168,000		93,168,000		$ 39,425,000
Line of Credit \| Trading credit facility
Schedule Of Financing Arrangements [Line Items]
Interest expense, notes payable	$ 1,300,000	$ 900,000	$ 3,600,000	$ 2,700,000
Percentage of total expense recognized	76.70%	80.80%	84.40%	85.20%
Effective rate of interest (percentage)	2.82%	2.82%	2.79%	2.94%
Line of Credit \| Trading credit facility \| A-Mark \| Trading credit facility
Schedule Of Financing Arrangements [Line Items]
Line of credit, maximum borrowing capacity	$ 275,000,000		$ 275,000,000
Line of credit, current borrowing capacity	225,000,000		225,000,000
Line of credit, accordion option	$ 50,000,000		$ 50,000,000
Variable rate basis			one-month LIBOR
Credit facility, interest rate at period end (percentage)	0.44%		0.44%		0.19%
Borrowings due on demand	$ 190,000,000		$ 190,000,000		$ 147,000,000
Credit facility, remaining borrowing capacity	$ 28,800,000		28,800,000		$ 20,900,000
Credit facility, minimum required tangible net worth			$ 35,000,000
London Interbank Offered Rate (LIBOR) [Member] \| Line of Credit \| Revolving Credit Facility [Member]
Schedule Of Financing Arrangements [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.50%
London Interbank Offered Rate (LIBOR) [Member] \| Line of Credit \| Bridge Loan [Member]
Schedule Of Financing Arrangements [Line Items]
Debt Instrument, Basis Spread on Variable Rate			4.50%

Derivative Instrument and Hedging Transactions (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Offsetting Assets and Liabilities [Line Items]
Gross derivative receivable	$ 12,376	$ 18,253
Amounts netted	(1,290)	(6,889)
Net derivative receivable	11,086	11,364
Gross derivative payable	16,539	24,153
Amounts netted	(1,341)	(734)
Cash collateral pledge	(4,125)	(5,522)
Net derivative payables	11,073	17,897
Open sales and purchase commitments
Offsetting Assets and Liabilities [Line Items]
Gross derivative receivable	11,124	2,815
Amounts netted	(1,290)	(1,093)
Net derivative receivable	9,834	1,722
Gross derivative payable	1,500	11,723
Amounts netted	(1,341)	(734)
Cash collateral pledge	0	0
Net derivative payables	159	10,989
Margin accounts
Offsetting Assets and Liabilities [Line Items]
Gross derivative payable	10,913	12,430
Amounts netted	0	0
Cash collateral pledge	(4,125)	(5,522)
Net derivative payables	6,788	6,908
Future contracts
Offsetting Assets and Liabilities [Line Items]
Gross derivative receivable	1,226	11,159
Amounts netted	0	(5,796)
Net derivative receivable	1,226	5,363
Gross derivative payable	1,163	0
Amounts netted	0	0
Net derivative payables	1,163	0
Forward contracts
Offsetting Assets and Liabilities [Line Items]
Gross derivative receivable	26	4,279
Amounts netted	0	0
Net derivative receivable	26	4,279
Gross derivative payable	2,963	0
Amounts netted	0	0
Cash collateral pledge	0	0
Net derivative payables	$ 2,963	$ 0

Derivative Instrument and Hedging Transactions (Realized gain (loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Realized loss on future commodity contracts, net	$ 2,730	$ (10,309)	$ (14,278)	$ (44,831)
Futures Commodity And Forwards Contracts And Open Purchase And Sale Commitments [Member]
Derivative [Line Items]
Unrealized gain (loss) on open future commodity and forward contracts and open sale and purchase commitments, net	(5,262)	(12,866)	(8,482)	(2,582)
Commodity Contract
Derivative [Line Items]
Realized loss on future commodity contracts, net	$ 7,992	$ 2,557	$ (5,796)	$ (42,249)

Derivative Instrument and Hedging Transactions (Hedging of Precious Metals Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Derivatives, Fair Value [Line Items]
Inventory	$ 273,973	$ 191,501
Commemorative coin inventory, held at lower of cost or market	(6)	(1,518)
Premium on metals position	(5,463)	(3,255)
Inventory value not hedged	(5,469)	(4,773)
Subtotal	268,504	186,728
Commitments at market:
Open inventory purchase commitments	436,000	444,023
Open inventory sales commitments	(248,658)	(249,081)
Margin sale commitments	(10,913)	(12,430)
In-transit inventory no longer subject to market risk	(7,813)	(13,807)
Unhedgable premiums on open commitment positions	1,555	528
Inventory borrowed from suppliers	(5,573)	(9,500)
Product financing obligation	(93,168)	(39,425)
Advances on industrial metals	4,163	3,340
Inventory subject to price risk	344,097	310,376
Inventory subject to derivative financial instruments
Market value of derivative financial instruments	343,106	310,316
Net inventory subject to commodity price risk	991	60
Precious metals forward contracts at market values
Inventory subject to derivative financial instruments
Market value of derivative financial instruments	217,961	202,323
Precious metals futures contracts at market values
Inventory subject to derivative financial instruments
Market value of derivative financial instruments	$ 125,145	$ 107,993

Derivative Instrument and Hedging Transactions (Outstanding Commitments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Derivative [Line Items]
Purchase commitments	$ 436,000	$ 444,023
Sale commitments	(248,658)	(249,081)
Margin sales commitments	(10,913)	(12,430)
Open derivative contracts	343,106	310,316
Forward contracts
Derivative [Line Items]
Open derivative contracts	217,961	202,323
Future contracts
Derivative [Line Items]
Open derivative contracts	$ 125,145	$ 107,993

Derivative Instrument and Hedging Transactions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Derivative [Line Items]
Derivative open positions expected settlement period			30 days
Unrealized (losses) gains on foreign exchange	$ (102)	$ (123)	$ 9	$ (207)
Foreign Exchange
Derivative [Line Items]
Open inventory sale commitments	4,600		4,600		$ 6,200
Forward contracts
Derivative [Line Items]
Open inventory sale commitments	$ 5,600		$ 5,600		$ 9,900

Stockholders' Equity (Narrative) (Details) - USD ($)							9 Months Ended
Stockholders' Equity (Narrative) (Details) - USD ($)	Apr. 29, 2016	Feb. 09, 2016	Nov. 25, 2015	Oct. 05, 2015	May. 25, 2015	Mar. 20, 2015	Mar. 31, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends paid ( usd per share)		$ 0.07	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Period for recognition of nonvested awards (in years)							8 months 13 days
Intrinsic value, balance							$ 2,343,000	$ 283,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized, other than options							$ 16,948
Period for recognition of nonvested awards (in years)							6 months 29 days
Shares outstanding							50,341	86,298
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)							10 years
Award vesting period (in years)							3 years
Shares outstanding							0	8,990
2014 Stock Award and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum amount of shares per employee							250,000
Shares granted under the plan, shares							322,000
Non Employee Director Except Chairman of the Board \| 2014 Stock Award and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum grant date fair value							$ 300,000
Chairman of the Board \| 2014 Stock Award and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum grant date fair value							$ 600,000
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend declared (usd per share)	$ 0.07

Stockholders' Equity (Option Activity Rollforward) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Equity [Abstract]
Share-based compensation expense	$ 102,705	$ 35,499	$ 180,046	$ 112,719
Total compensation cost not yet recognized	$ 2,100,000		$ 2,100,000
Period for recognition of nonvested awards (in years)			8 months 13 days
Options
Options, beginning balance (shares)			233,127
Granted through stock option plan (shares)			300,000
Options, ending balance (shares)	533,127		533,127
Shares exercisable at end of the period	183,184		183,184
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)			$ 9.89
Granted through stock option plan (in dollars per share)			23.03
Ending balance (in dollars per share)	$ 17.29		17.29
Shares exercisable at end of period (in dollars per share)	$ 10.30		$ 10.30
Intrinsic value, balance	$ 2,343,000		$ 2,343,000		$ 283,000
Intrinsic Value, Shares exercisable at end of period	$ 1,759,000		$ 1,759,000
Weighted Average per share Grant Date Fair Value, beginning balance (in dollars per share)	$ 6.25		$ 6.25		$ 5.96
Weighted Average per share Grant Date Fair Value, Shares exercisable at end of period (in dollars per share)	$ 5.91		$ 5.91

Stockholders' Equity (Options Outstanding, Range of Exercise Prices and Other Details) (Details) - $ / shares	9 Months Ended
	Mar. 31, 2016	Jun. 30, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options outstanding, Number of Shares Outstanding (shares)	533,127	233,127
Stock options outstanding, Weighted Average Remaining Contractual Life (years)	8 years 5 months 10 days
Stock options outstanding, Weighted Average Exercise Price (in dollars per share)	$ 17.29	$ 9.89
Stock options exercisable, Number of Shares Exercisable (shares)	183,184
Stock options exercisable, Weighted Average Remaining Contractual Life (years)	6 years 6 months 17 days
Stock options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 10.30
Price Range $0 - $10.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Ranges, lower range limit (in dollars per share)	0
Exercise Price Ranges, upper range limit (in dollars per share)	$ 10
Stock options outstanding, Number of Shares Outstanding (shares)	134,239
Stock options outstanding, Weighted Average Remaining Contractual Life (years)	6 years 7 months 7 days
Stock options outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.39
Stock options exercisable, Number of Shares Exercisable (shares)	86,296
Stock options exercisable, Weighted Average Remaining Contractual Life (years)	6 years 7 months 13 days
Stock options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.41
Price Range $10.01 - $15.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Ranges, lower range limit (in dollars per share)	10.01
Exercise Price Ranges, upper range limit (in dollars per share)	$ 15
Stock options outstanding, Number of Shares Outstanding (shares)	98,888
Stock options outstanding, Weighted Average Remaining Contractual Life (years)	6 years 6 months 12 days
Stock options outstanding, Weighted Average Exercise Price (in dollars per share)	$ 11.94
Stock options exercisable, Number of Shares Exercisable (shares)	96,888
Stock options exercisable, Weighted Average Remaining Contractual Life (years)	6 years 5 months 24 days
Stock options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 12.00
Price Range $15 - $50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Ranges, lower range limit (in dollars per share)	15.01
Exercise Price Ranges, upper range limit (in dollars per share)	$ 50
Stock options outstanding, Number of Shares Outstanding (shares)	300,000
Stock options outstanding, Weighted Average Remaining Contractual Life (years)	9 years 10 months 23 days
Stock options outstanding, Weighted Average Exercise Price (in dollars per share)	$ 23.03
Stock options exercisable, Number of Shares Exercisable (shares)	0
Stock options exercisable, Weighted Average Remaining Contractual Life (years)	0 days
Stock options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0.00

Stockholders' Equity (Restricted Stock Units Activity Rollforward) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 102,705	$ 35,499	$ 180,046	$ 112,719
Period for recognition of nonvested awards (in years)			8 months 13 days
Restricted Stock, Weighted Average Share Price at Grant Date [Roll Forward]
Shares surrendered to cover employee minimum withholding taxes (in dollars per share)			$ 0.00
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	14,804	$ 22,561	$ 44,412	$ 67,682
Total compensation cost not yet recognized, other than options	$ 16,948		$ 16,948
Period for recognition of nonvested awards (in years)			6 months 29 days
Restricted Stock, Shares Outstanding [Roll Forward]
Beginning balance, restricted stock units (shares)			86,298
Shares released (in shares)			(23,415)
Shares surrendered to cover employee minimum withholding taxes (in shares)			(12,542)
Ending balance, restricted stock units (shares)	50,341		50,341
Restricted Stock, Weighted Average Share Price at Grant Date [Roll Forward]
Beginning balance (in dollars per share)			$ 2.34
Shares released (in dollars per share)			0.00
Ending balance (in dollars per share)	$ 4.02		$ 4.02
Vested but unissued at period end (shares)	0		0
Vested but unissued, end of period, Weighted Average Share Price at Grant Date (in dollars per share)	$ 0.00		$ 0.00

Customer and Supplier Concentration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Concentration Risk [Line Items]
Revenues	$ 1,512,750	$ 1,624,495	$ 5,048,829	$ 4,616,832
Total secured loans	64,827		64,827		$ 49,316
Secured loans \| Customer concentrations
Concentration Risk [Line Items]
Total secured loans	64,827		$ 64,827		$ 49,316
Concentration risk, percentage			100.00%		100.00%
Revenue \| Customer concentrations
Concentration Risk [Line Items]
Revenues	$ 1,512,750	$ 1,624,495	$ 5,048,829	$ 4,616,832
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Accounts receivable \| Customer concentrations
Concentration Risk [Line Items]
Total accounts receivable, net	$ 25,928		$ 25,928		$ 30,025
Concentration risk, percentage			100.00%		100.00%
Customer A [Member] \| Secured loans \| Customer concentrations
Concentration Risk [Line Items]
Total secured loans	6,800		$ 6,800		$ 0
Concentration risk, percentage			10.50%		0.00%
China Great Wall Coins \| Accounts receivable \| Customer concentrations
Concentration Risk [Line Items]
Total accounts receivable, net	2,958		$ 2,958		$ 0
Concentration risk, percentage			11.40%		0.00%
Republic Metals Corporation \| Accounts receivable \| Customer concentrations
Concentration Risk [Line Items]
Total accounts receivable, net	6,185		$ 6,185		$ 0
Concentration risk, percentage			23.90%		0.00%
HSBC Bank USA \| Revenue \| Customer concentrations
Concentration Risk [Line Items]
Revenues	$ 245,022	$ 481,036	$ 860,048	$ 1,464,027
Concentration risk, percentage	16.20%	29.60%	17.00%	31.70%
Jerrit Canyon \| Accounts receivable \| Customer concentrations
Concentration Risk [Line Items]
Total accounts receivable, net	$ 5,050		$ 5,050		$ 1,435
Concentration risk, percentage			19.50%		4.80%
JM Bullion \| Revenue \| Customer concentrations
Concentration Risk [Line Items]
Revenues	$ 154,848	$ 99,006	$ 558,804	$ 281,653
Concentration risk, percentage	10.20%	6.10%	11.10%	6.10%
Major Customers \| Secured loans \| Customer concentrations
Concentration Risk [Line Items]
Total secured loans	$ 6,800		$ 6,800		$ 0
Concentration risk, percentage			10.50%		0.00%
Major Customers \| Revenue \| Customer concentrations
Concentration Risk [Line Items]
Revenues	$ 399,870	$ 580,042	$ 1,418,852	$ 1,745,680
Concentration risk, percentage	26.40%	35.70%	28.10%	37.80%
Major Customers \| Accounts receivable \| Customer concentrations
Concentration Risk [Line Items]
Total accounts receivable, net	$ 14,193		$ 14,193		$ 1,435
Concentration risk, percentage			54.80%		4.80%

Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Geographic Information (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Segment Reporting Information [Line Items]
Revenue	$ 1,512,750	$ 1,624,495	$ 5,048,829	$ 4,616,832
Total inventories	273,973		273,973		$ 191,501
Assets	417,382		417,382		325,902
Long term assets	18,689		18,689		13,276
United States
Segment Reporting Information [Line Items]
Revenue	1,367,127	1,477,702	4,623,259	4,136,616
Total inventories	245,523		245,523		173,939
Assets	386,848		386,848		302,046
Long term assets	18,625		18,625		13,204
Europe
Segment Reporting Information [Line Items]
Revenue	62,623	69,563	157,371	188,973
Total inventories	5,055		5,055		4,374
Assets	7,139		7,139		10,668
Long term assets	64		64		72
North America, excluding United States
Segment Reporting Information [Line Items]
Revenue	72,092	57,910	232,737	239,746
Total inventories	21,695		21,695		12,287
Assets	21,695		21,695		12,287
Asia Pacific
Segment Reporting Information [Line Items]
Revenue	10,020	9,156	32,285	39,200
Africa
Segment Reporting Information [Line Items]
Revenue	0	27	63	52
Australia
Segment Reporting Information [Line Items]
Revenue	888	10,137	3,082	12,243
South America
Segment Reporting Information [Line Items]
Revenue	0	$ 0	32	$ 2
Asia
Segment Reporting Information [Line Items]
Total inventories	1,700		1,700		901
Assets	$ 1,700		$ 1,700		$ 901

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 29, 2016	Jan. 15, 2016	Mar. 31, 2016	Jan. 14, 2016
Subsequent Event [Line Items]
Payment towards acquisition		$ 2.3	$ 6.7
Ownership percentage ( in percentage)		20.00%		15.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared (usd per share)	$ 0.07