Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2016	Feb. 04, 2017
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	Dec. 31, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		7,031,450

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Current assets:
Cash	$ 13,270	$ 17,142
Receivables, net	81,945	43,302
Derivative assets	39,577	33,732
Secured loans receivable	80,939	70,004
Inventories:
Inventories	169,457	185,699
Restricted inventories	121,466	59,358
Restricted and Nonrestricted Inventory, Net	290,923	245,057
Income taxes receivable	1,429	7,318
Income taxes receivable from Former Parent	0	203
Prepaid expenses and other assets	1,272	1,503
Total current assets	509,355	418,261
Plant, property and equipment, net	6,063	3,482
Goodwill	8,881	4,620
Intangibles, net	4,280	1,987
Long-term secured loans receivable	0	500
Long-term investments	7,952	7,873
Deferred tax assets - non-current	453	424
Total assets	536,984	437,147
Current liabilities:
Lines of credit	185,000	212,000
Liability on borrowed metals	3,471	4,352
Product financing arrangements	121,466	59,358
Accounts payable	65,845	46,769
Derivative liabilities	74,358	36,454
Note payable - related party	500	0
Accrued liabilities	4,499	7,660
Income taxes payable	5,745	0
Total current liabilities	460,884	366,593
Deferred tax liabilities - non-current	3,933	7,245
Other long-term liabilities	1,117	0
Total liabilities	465,934	373,838
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of December 31, 2016 and June 30, 2016	0	0
Common Stock, par value $0.01; 40,000,000 shares authorized; 7,031,450 and 7,021,450 shares issued and outstanding as of December 31, 2016 and June 30, 2016, respectively	71	71
Additional paid-in capital	22,812	22,220
Retained earnings	44,734	41,018
Total A-Mark Precious Metals, Inc. stockholders’ equity	67,617	63,309
Non-controlling interest	3,433	0
Total stockholders’ equity	71,050	63,309
Total liabilities, non-controlling interest and stockholders’ equity	$ 536,984	$ 437,147

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Jun. 30, 2016
Statement of Financial Position [Abstract]
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, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	7,031,450	7,021,450
Common stock, shares outstanding	7,031,450	7,021,450

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenues	$ 2,126,361	$ 1,529,143	$ 3,932,014	$ 3,536,079
Cost of sales	2,116,502	1,523,467	3,914,091	3,515,979
Gross profit	9,859	5,676	17,923	20,100
Selling, general and administrative expenses	(6,131)	(4,528)	(11,795)	(10,936)
Interest income	2,959	2,182	5,818	4,115
Interest expense	(2,447)	(1,322)	(4,688)	(2,556)
Other income	93	94	79	506
Unrealized (loss) gain on foreign exchange	(3)	150	(9)	111
Net income before provision for income taxes	4,330	2,252	7,328	11,340
Provision for income taxes	(1,590)	(863)	(2,649)	(4,332)
Net income	2,740	1,389	4,679	7,008
Add: Net loss attributable to non-controlling interest	(10)	0	(21)	0
Net income attributable to the Company	$ 2,750	$ 1,389	$ 4,700	$ 7,008
Basic and diluted income per share attributable to A-Mark Precious Metals, Inc.:
Basic (usd per share)	$ 0.39	$ 0.20	$ 0.67	$ 1.00
Diluted (usd per share)	$ 0.39	$ 0.20	$ 0.66	$ 0.99
Weighted average shares outstanding:
Basic (shares)	7,023,300	6,973,500	7,027,400	6,973,500
Diluted (shares)	7,108,900	7,119,000	7,112,800	7,089,700

Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Dec. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Total A-Mark Precious Metals, Inc. Stockholders' Equity	Non-Controlling Interest
Beginning balance, shares at Jun. 30, 2016	7,021,450	7,021,450
Beginning balance at Jun. 30, 2016	$ 63,309	$ 71	$ 22,220	$ 41,018	$ 63,309	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,679			4,700	4,700	(21)
Share-based compensation	420		420		420
Minority interest contribution	3,454					3,454
Stock award grant, shares		10,000
Stock award grant	172		172		172
Dividends declared	$ (984)			(984)	(984)
Ending balance, shares at Dec. 31, 2016	7,031,450	7,031,450
Ending balance at Dec. 31, 2016	$ 71,050	$ 71	$ 22,812	$ 44,734	$ 67,617	$ 3,433

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 4,679	$ 7,008
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	707	606
Amortization of loan cost	378	0
Deferred income taxes	(3,341)	1,748
Interest added to principal of secured loans	(34)	(46)
Share-based compensation	420	107
Earnings from equity method investment	(79)	(506)
Changes in assets and liabilities:
Receivables	(38,643)	7,468
Secured loans	8,442	2,361
Secured loans to Former Parent	(1,453)	(881)
Derivative assets	(5,845)	(5,759)
Income tax receivable	5,889	864
Inventories	(45,866)	(48,278)
Prepaid expenses and other current assets	(147)	554
Accounts payable	19,076	5,420
Derivative liabilities	37,904	2,033
Liabilities on borrowed metals	(881)	(5,266)
Accrued liabilities	(3,567)	263
Receivable from/payables to Former Parent	203	1,605
Income taxes payable	5,745	0
Net cash used in operating activities	(16,413)	(30,699)
Cash flows from investing activities:
Capital expenditures for property and equipment	(944)	(574)
Purchase of long-term investments	0	(2,336)
Secured loans, net	(17,390)	(9,826)
Acquisition of majority-owned subsidiary, net of cash	(3,421)	0
Net cash used in investing activities	(21,755)	(12,736)
Cash flows from financing activities:
Product financing arrangements, net	62,108	11,079
Dividends	(984)	(696)
(Repayments) borrowings under lines of credit, net	(27,000)	15,500
Stock award grant	172	0
Net cash provided by financing activities	34,296	25,883
Net decrease in cash and cash equivalents	(3,872)	(17,552)
Cash and cash equivalents, beginning of period	17,142	20,927
Cash and cash equivalents, end of period	13,270	3,375
Cash paid during the period for:
Interest expense	3,968	2,393
Income taxes	365	113
Non-cash investing and financing activities:
Interest added to principal of secured loans	34	46
Contribution of assets from minority interest	3,454	0
Payable to minority interest partner for acquired business	500	0
Earn out obligation payable to minority interest partner	$ 1,523	$ 0

Description of Business

6 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [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. Logistics provides our customers an array of complementary services, including: packaging, shipping, handling, receiving, processing, and inventorying of precious metals and custom coins on a secure basis.

The Company’s majority-owned affiliate, AM&ST Associates, LLC (“AMST”), operates the Company's minting operations in Winchester, Indiana (see Silvertowne Mint Transaction below).

Silvertowne Mint Transaction

On August 31, 2016, the Company formed a joint venture AMST with Silvertowne, L.P. (“Silvertowne”), an Indiana-based producer of minted silver products. The purpose of the joint venture was to acquire the entire minting operations of Silvertowne and continue to manage and grow that business using the expanded resources of the joint venture.

In exchange for their respective membership interests in AMST, (i) Silvertowne contributed a 48.47% interest in Silvertowne's assets to AMST, valued at $3,453,750, and (ii) A-Mark contributed $3,721,250 in cash to AMST and agreed to contribute an additional $500,000 in cash in August 2017, resulting in Silvertowne and the Company owning 45% and 55% of AMST, respectively. Of the cash contributions made at closing, $3,171,250 was used to purchase the interest in the remaining interest in Silvertowne' contributed assets (see following paragraph), $250,000 was used to purchase the land and building where AMST's minting operations is located, and $300,000 was provided for working capital.

Simultaneously with the formation of AMST, under the Asset Purchase Agreement dated August 31, 2016, AMST purchased the remaining 51.53% interest in Silvertowne's assets for an aggregate purchase price of $3,671,250, of which $3,171,250 was paid at closing and the balance of $500,000 was represented by a promissory note, which is due and payable one year following the closing. The real estate was acquired separately from the Asset Purchase agreement. As additional consideration for the acquired assets (the tangible plant assets and identifiable intangible assets), AMST agreed to pay Silvertowne earn-out payments over three years up to $1.0 million each year based on the achievement of specified performance and production thresholds. The total fair value of the assets contributed (by Silvertowne and A-Mark) and acquired by AMST was $7,675,000 before contingent future earn-out payments. The Company has measured the fair value of the contingent future earn-out payments based on the weighted average probability of anticipated outcomes, and estimates the potential consideration to be $1,523,000 as of December 31, 2016.

At the closing, AMST entered into (a) an exclusive distribution agreement with the A-Mark with respect to the silver products produced by the AMST that sets weekly minimum order quantities by A-Mark (see Note 15), and (b) a supply agreement with Asahi Refining USA, Inc. ("Asahi") to provide all refined silver products needed by AMST in the conduct of its business (see Note 15), and grant Asahi the option to purchase a 10% membership interest in AMST through 2019.

The purchase price (consisting of: $3,453,750 of assets contributed by Silvertowne, $3,721,250 of cash and agreement to contribute an additional $500,000 in cash on August 2017 by the Company, and $1,523,000 contingent earn-out obligation of AMST) has been allocated to the total assets purchased based on their fair value on the date of acquisition as follows:



Cash	$	300
Plant, property and equipment (tangible assets):
Plant equipment	1,802
Building	299
Land	36
Intangibles assets (identifiable):
Trade name	1,800
Existing customer relationships	700
Goodwill:
Excess of cost over fair value of assets acquired	2,738
	7,675
Goodwill:
Contingent earn-out consideration	1,523
	$	9,198

The purchase price allocation is subject to completion of the Company's analysis of the fair value of the assets acquired. The final valuation is expected to be completed as soon as practicable, but no later than one year from the closing date of the transaction. The estimates of the fair value of the contingent consideration, and the allocation of the tangible and identifiable intangible assets requires extensive use of accounting estimates and management judgment. These estimates could be material. The fair values assigned to the assets acquired are based on estimates and assumption from data currently available.

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

6 Months Ended

Dec. 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 reportable segment for all periods presented.

These condensed consolidated financial statements include the accounts of A-Mark, and its wholly owned subsidiaries, CFC, AMTAG,TDS, Logistics and its majority owned affiliate AMST (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 six months ended December 31, 2016 are not necessarily indicative of the results that may be expected for the year ending June 30, 2017 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, 2016 (the “2016 Annual Report”), as filed with the SEC. Amounts related to disclosure of June 30, 2016 balances within these interim condensed consolidated financial statements were derived from the aforementioned audited consolidated financial statements and notes thereto included in the 2016 Annual Report.

Reclassifications

Certain previously reported amounts have been reclassified to conform to the current fiscal year's condensed consolidated financial statement presentation. In the previous reported periods, deferred tax assets and liabilities were classified as current and non-current on the consolidated balance sheets; these items are shown as non-current tax assets and liabilities. As a result of required change in accounting treatment from the cost method to the equity method related to the Company's increased ownership interest in our investment, the earnings from our equity method investment was retrospectively applied to the previous period, as shown in other income and provision for income taxes in the condensed consolidated statements of income.

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, allowances for doubtful accounts, impairment assessments of long-lived assets and intangible assets, valuation allowance 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 inventory. 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.

Business Combinations

The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. The Company accounts for business combinations by applying the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities.

Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income.

Net cash paid to acquire a business is classified as investing activities on the accompanying condensed consolidated statements of cash flow.

Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. The Company does not have any cash equivalents as of December 31, 2016 and June 30, 2016.

Inventories

Inventories principally include bullion and bullion coins that 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.)

Plant, Property and Equipment and Depreciation

Plant, 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 twenty-five years. Property and equipment not placed in service, which includes capitalized software and leasehold improvement costs, are not depreciated until the related assets are placed in service. Land is recorded at historical cost, and is not depreciated.

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 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 December 31, 2016 and June 30, 2016, the Company has not identified any 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.

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 December 31, 2016 and June 30, 2016, management concluded that no impairment adjustments were required.

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-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). The carrying value of the investment is reduced by the amount of the dividends received from the equity-method investee, as they are considered 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. As of December 31, 2016 and June 30, 2016, the Company did not identify any impairments.

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 generally 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 secured loan 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 principal and then to any unrecognized interest income (see Note 5.)

Also, the Company enters into financing agreements, whereby the Company agrees to deliver products at the prevailing spot price plus a premium, and then acquires 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 based on usage under its lines of credit recording interest expense using the effective interest method.

The Company incurs financing fees (classified as interest expense) as a result of its product financing arrangements for the transfer and subsequent re-acquisition of gold and silver at a fixed price with a third party finance company. During the term of this type of financing agreement, a third party company finances 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. 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 for custodial storage facility charges related to the transferred collateral inventory; this collateral is classified as restricted inventory on our condensed consolidated balance sheets.

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 are 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 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 sheets at fair value.

The Company records the change between fair 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 expense was $199,000 and $153,000, respectively, for the three months ended December 31, 2016 and 2015. Advertising expense was $366,000 and $326,000, respectively, for the six months ended December 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 $1.2 million and $1.8 million, respectively, for the three months ended December 31, 2016 and 2015. Shipping and handling costs incurred totaled $2.3 million and $4.1 million, respectively, for the six months ended December 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 sheets principally within accrued liabilities.

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.

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.

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 receivable from Former Parent reflects the balance due from the Former Parent pursuant to a tax sharing agreement between the parties.

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 for the three and six months ended December 31, 2016 and 2015.



in thousands
	Three Months Ended		Six Months Ended
	December 31, 2016	December 31, 2015	December 31, 2016	December 31, 2015
Basic weighted average shares outstanding	7,023	6,974	7,027	6,974
Effect of common stock equivalents — stock issuable under outstanding equity awards	86	145	86	116
Diluted weighted average shares outstanding	7,109	7,119	7,113	7,090

Recent Accounting Pronouncements Not Yet Adopted

In August 2016 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective for the Company, on July 1, 2018 (for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years). The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable. We are currently evaluating the impact of our pending adoption of ASU 2016-15 on our consolidated financial position, results of operations or cash flows and related disclosures.

In March 2016, FASB issued 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. This update is effective for the Company, on July 1, 2017. We are evaluating the new guidelines to see if they will have a significant impact on our consolidated financial position, results of operations or cash flows and related disclosures.

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. This update is effective for the Company, on July 1, 2019 (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, but we believe that its adoption will not have a material impact on our consolidated financial position, results of operations or cash flows and related disclosures, as the Company has minimal lease commitments.

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 March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”). The amendments in ASU 2016-10 clarify aspects relating to the identification of performance obligations and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in ASU 2016-12 address certain issues identified on assessing collectability, presentation of sales taxes, non-cash consideration, and completed contracts and contract modifications at transition. For all of the ASUs noted above, the effective date for Company is July 1, 2018(for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years) for annual and interim reporting periods. Either the retrospective or cumulative effect transition method is permitted. We have begun categorizing our various contract revenue streams in order to isolate those that will be significantly impacted. Once we have identified the impacted revenue streams, we can begin estimating the potential impact of the new standard as well as identify necessary control and process changes.

Assets and Liabilities, at Fair Value

6 Months Ended

Dec. 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 December 31, 2016 and June 30, 2016.



in thousands
	December 31, 2016				June 30, 2016
	Carrying Amount		Fair value		Carrying Amount		Fair value

Financial assets:
Cash	$	13,270	$	13,270	$	17,142	$	17,142
Receivables, net	81,945		81,945		43,302		43,302
Secured loans receivable	80,939		80,939		70,504		70,504
Derivative assets - open sale and purchase commitments, net	3,184		3,184		32,347		32,347
Derivative assets - futures contracts	19,531		19,531		—		—
Derivative assets - forward contracts	16,862		16,862		1,385		1,385
Income taxes receivables	1,429		1,429		7,318		7,318
Income taxes receivable from Former Parent	—		—		203		203
Financial liabilities:
Lines of credit	$	185,000	$	185,000	$	212,000	$	212,000
Liability on borrowed metals	3,471		3,471		4,352		4,352
Product financing arrangements	121,466		121,466		59,358		59,358
Derivative liabilities - liability on margin accounts	5,415		5,415		8,182		8,182
Derivative liabilities - open sale and purchase commitments, net	68,434		68,434		1,919		1,919
Derivative liabilities - futures contracts	470		470		13,914		13,914
Derivative liabilities - forward contracts	39		39		12,439		12,439
Accounts payable	65,845		65,845		46,769		46,769
Accrued liabilities	4,499		4,499		7,660		7,660
Income taxes payable	5,745		5,745		—		—
Note payable - related party	500		500		—		—

The fair values of the financial instruments shown in the above table as of December 31, 2016 and June 30, 2016 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, and available observable and unobservable inputs.

The carrying amounts of cash, secured loans receivable, accounts receivable, income taxes receivable, accounts payable, income tax payable, note 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 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 Arrangements. Product financing arrangements consist of financing agreements for the transfer and subsequent re-acquisition of the sale of gold and silver at a fixed price with 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 arrangements are 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 December 31, 2016 and June 30, 2016 aggregated by the level in the fair value hierarchy within which the measurements fall:



	December 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⁾	$	290,889	$	—	$	—	$	290,889
Derivative assets — open sale and purchase commitments, net	3,184		—		—		3,184
Derivative assets — futures contracts	19,531		—		—		19,531
Derivative assets — forward contracts	16,862		—		—		16,862
Total assets, valued at fair value	$	330,466	$	—	$	—	$	330,466
Liabilities:
Liability on borrowed metals	$	3,471	$	—	$	—	$	3,471
Product financing arrangements	121,466		—		—		121,466
Derivative liabilities — liability on margin accounts	5,415		—		—		5,415
Derivative liabilities — open sale and purchase commitments, net	68,434		—		—		68,434
Derivative liabilities — future contracts	470		—		—		470
Derivative liabilities — forward contracts	39		—		—		39
Total liabilities, valued at fair value	$	199,295	$	—	$	—	$	199,295

____________________

⁽¹⁾ Commemorative coin inventory totaling $34,000 is held at lower of cost or market and is thus excluded from this table.



	June 30, 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⁾	$	245,041	$	—	$	—	$	245,041
Derivative assets — open sale and purchase commitments, net	32,347		—		—		32,347
Derivative assets — forward contracts	1,385		—		—		1,385
Total assets, valued at fair value	$	278,773	$	—	$	—	$	278,773
Liabilities:
Liability on borrowed metals	$	4,352	$	—	$	—	$	4,352
Product financing arrangements	59,358		—		—		59,358
Derivative liabilities — liability on margin accounts	8,182		—		—		8,182
Derivative liabilities — open sale and purchase commitments, net	1,919		—		—		1,919
Derivative liabilities — futures contracts	13,914		—		—		13,914
Derivative liabilities — forward contracts	12,439		—		—		12,439
Total liabilities, valued at fair value	$	100,164	$	—	$	—	$	100,164

____________________

⁽¹⁾ Commemorative coin inventory totaling $16,000 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 a decline in the fair value is 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 two investments in noncontrolled entities do not have readily determinable fair values. Quoted prices of the investments are not available, and the cost of obtaining an independent valuation appears excessive considering the carrying value of the instruments to the Company. As of December 31, 2016 and June 30, 2016, the carrying value of the Company's investments totaled $8.0 million and $7.9 million, respectively. During the three and six months ended December 31, 2016, the Company did not record any impairments related to these investments.

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 December 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 six months ended December 31, 2016.

- 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

6 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Receivables

RECEIVABLES

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



in thousands
	December 31, 2016			June 30, 2016

Customer trade receivables	$	3,475		$	4,001
Wholesale trade advances	74,044			11,860
Due from brokers	4,456			27,471
Subtotal	81,975			43,332
Less: allowance for doubtful accounts	(30		)	(30		)
Receivables, net	$	81,945		$	43,302

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, or other secured interests in assets of the customer.

Wholesale Trade Advances. Wholesale trade advances represent advances of various bullion products and cash advances for purchase commitments of precious metal inventory. 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
Six Months Ended December 31, 2016	$	30	$	—	$	—	$	30
Year Ended June 30, 2015	$	30	$	—	$	—	$	30

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Secured Loans Receivable

6 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Secured Loans Receivable

SECURED LOANS RECEIVABLE

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



in thousands
	December 31, 2016			June 30, 2016

Secured loans originated	$	28,933		$	36,280
Secured loans originated - with a related party	2,823			1,370
	31,756			37,650
Secured loans acquired	49,183		⁽¹⁾	32,854		⁽²⁾
Secured loans (current and long-term)	$	80,939		$	70,504

_________________________________

(1) Includes $72,000 of amortized loan premium as of December 31, 2016.

(2) Includes $86,000 of amortized loan premium as of June 30, 2016.

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. 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 customer. The Company acquires a portfolio of their loan receivables at a price that approximates the aggregate carrying-value of 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, the seller of the loan portfolio retains the responsibility for the servicing and administration of the loans.

As of December 31, 2016 and June 30, 2016, our secured loans carried weighted-average effective interest rates of 9.0% and 8.7%, 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
	December 31, 2016				June 30, 2016
Bullion	$	51,850	64.1	%	$	35,168	49.9	%
Numismatic and semi numismatic	29,089		35.9		34,636		49.1
Subtotal	80,939		100.0		69,804		99.0
Other pledged assets⁽¹⁾	—		—		700		1.0
Total secured loans	$	80,939	100.0	%	$	70,504	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
	December 31, 2016				June 30, 2016
Loan-to-value of 75% or more ⁽¹⁾	$	43,638	53.9	%	$	10,231	14.7	%
Loan-to-value of less than 75% ⁽¹⁾	37,301		46.1		59,573		85.3
Secured loans collateralized by precious metal products⁽¹⁾	$	80,939	100.0	%	$	69,804	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 December 31, 2016. At June 30, 2016, the Company had no loans with a loan-to-value ratio in excess of 100%.

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 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 six months ended December 31, 2016, the Company incurred no loan impairment costs.

Inventories

6 Months Ended

Dec. 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 December 31, 2016 and June 30, 2016:



in thousands
	December 31, 2016		June 30, 2016
Inventory held for sale	$	69,054	$	81,006
Repurchase arrangements with customers	91,034		92,283
Consignment arrangements with customers	5,864		8,042
Commemorative coins, held at lower of cost or market	34		16
Borrowed precious metals from suppliers	3,471		4,352
Product financing arrangement, restricted	121,466		59,358
	$	290,923	$	245,057

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 December 31, 2016 and June 30, 2016, the inventory held for sale totaled $69.1 million and $81.0 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, whereby the Company retains legal title to the metals. 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 December 31, 2016 and June 30, 2016, included within inventory is $91.0 million and $92.3 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 December 31, 2016 and June 30, 2016 totaled $5.9 million and $8.0 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 $34,000 and $16,000 as of December 31, 2016 and June 30, 2016, 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, whereby the supplier retains legal title to the metals. 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 $3.5 million and $4.4 million as of December 31, 2016 and June 30, 2016, respectively.

Product Financing Arrangements. Inventories include amounts for obligations under product financing arrangements. The Company enters into a product financing agreement for the transfer and subsequent re-acquisition of gold and silver at a fixed price with 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 finances the inventory as collateral, and both parties intend for the inventory to be returned 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 arrangements. 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 $121.5 million and $59.4 million as of December 31, 2016 and June 30, 2016, respectively.

The Company mitigates market risk of its physical inventories and open commitments through commodity hedge transactions (see Note 11.) As of December 31, 2016 and June 30, 2016, the unrealized gains (losses) resulting from the difference between market value and cost of physical inventories were $(8.4) million and $12.7 million, respectively.

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 December 31, 2016 and June 30, 2016 totaled $5.7 million and $4.6 million, respectively.

Plant, Property and Equipment

6 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Plant, Property and Equipment

PLANT, PROPERTY AND EQUIPMENT

Plant, property and equipment consists of the following at December 31, 2016 and June 30, 2016:



in thousands
	December 31, 2016			June 30, 2016
Office furniture, and fixtures	$	1,378		$	1,107
Computer equipment	415			407
Computer software	2,386			2,386
Plant equipment	1,919			—
Building	306			—
Leasehold improvements	1,947			1,661
Total depreciable assets	8,351			5,561
Less: accumulated depreciation	(3,543		)	(3,043		)
Property and equipment not placed in service	1,219			964
Land	36			—
Plant, property and equipment, net	$	6,063		$	3,482

Depreciation expense for the three months ended December 31, 2016 and 2015 was $275,000 and $209,000, respectively. Depreciation expense for the six months ended December 31, 2016 and 2015 was $500,000 and $415,000, respectively.

Goodwill and Intangible Assets

6 Months Ended

Dec. 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. In September 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.

Due to the Company's business combination with AMST that closed on August 31, 2016 (see Note 1) the Company recorded an additional $2.5 million and $4.3 million of identifiable intangible assets and goodwill, respectively. The Company’s investment in AMST is expected to create synergies between the acquired minting operation and the Company’s established distribution network by providing a more steady and reliable fabricated source of silver during times of market volatility. The Company considers that much of the acquired goodwill relates to the “ ready state” of AMST's established minting operation with existing quality processes, procedures and ability to scale production to meet market needs.

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



dollar amounts in thousands
		December 31, 2016							June 30, 2016
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Identifiable intangible Assets:
Existing customer relationships	5 - 15	6,447		(4,421		)	2,026		5,747		(4,214		)	1,533
Non-compete and other	4	2,000		(2,000		)	—		2,000		(2,000		)	—
Employment agreement	3	195		(195		)	—		195		(195		)	—
Intangibles subject to amortization		8,642		(6,616		)	2,026		7,942		(6,409		)	1,533
Trade Name	Indefinite	$	2,254	$	—		$	2,254	$	454	$	—		$	454
		$	10,896	$	(6,616	)	$	4,280	$	8,396	$	(6,409	)	$	1,987

Goodwill	Indefinite	$	8,881	$	—		$	8,881	$	4,620	$	—		$	4,620

The Company's 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 December 31, 2016 and 2015 was $111,000 and $95,000, respectively. Amortization expense related to the Company's intangible assets for the six months ended December 31, 2016 and 2015 was $207,000 and $191,000, respectively.

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



Fiscal year ending June 30,	Amount
2017 (six months remaining)	$	236
2018	455
2019	455
2020	448
2021	70
Thereafter	362
Total	$	2,026

- 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

Long-Term Investments

6 Months Ended

Dec. 31, 2016

Equity Method Investments and Cost Method Investments [Abstract]

Long-Term Investments

LONG-TERM 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
	December 31, 2016		June 30, 2016
Equity method investment	$	7,452	$	7,373
Cost method investment	500		500
	$	7,952	$	7,873

Equity Method Investment

The Company applies the equity method of accounting for its investment in which it has aggregate ownership interest of 20.0%. 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.

The Company's proportionate share of the investee’s net income totaled $93,000 and $94,000 for the three months ended December 31, 2016 and 2015, respectively. The Company proportionate share of the investee’s net income totaled $79,000 and $506,000 for the six months ended December 31, 2016 and 2015, respectively. The Company's share of these earnings is shown as "other income" on the condensed consolidated statements of income.

Cost Method Investment

As of December 31, 2016 and June 30, 2016, 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.

Accounts Payable

6 Months Ended

Dec. 31, 2016

Accounts Payable, Current [Abstract]

Accounts Payable

ACCOUNTS PAYABLE

Accounts payable consists of the following:



in thousands
	December 31, 2016		June 30, 2016
Trade payable to customers	$	5,471	$	603
Advances from customers	45,850		36,369
Liability on deferred revenue	4,086		6,546
Due to brokers	7,866		1,250
Other accounts payable	2,572		2,001
	$	65,845	$	46,769

Derivative Instrument and Hedging Transactions

6 Months Ended

Dec. 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 enters into 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.

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.

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 end of any period typically settle within 30 days. 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 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. The Company also maintains relationships with major market makers in every major precious metals dealing center.

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.

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 December 31, 2016 and June 30, 2016.



	December 31, 2016											June 30, 2016

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	$	4,787		$	(1,603	)	$	—		$	3,184	$	37,378	$	(5,031	)	$	—		$	32,347
Future contracts	11,665			—			7,866			19,531		—		—			—			—
Forward contracts	17,307			(445		)	—			16,862		1,385		—			—			1,385
	$	33,759		$	(2,048	)	$	7,866		$	39,577	$	38,763	$	(5,031	)	$	—		$	33,732
Nettable derivative liabilities:
Open sale and purchase commitments	$	69,692		$	(1,258	)	$	—		$	68,434	$	2,938	$	(1,019	)	$	—		$	1,919
Margin accounts	9,971			—			(4,556		)	5,415		12,439		—			(4,257		)	8,182
Future contracts	(3,986		)	—			4,456			470		13,914		—			—			13,914
Forward contracts	39			—			—			39		14,579		(2,140		)	—			12,439
	$	75,716		$	(1,258	)	$	(100	)	$	74,358	$	43,870	$	(3,159	)	$	(4,257	)	$	36,454

Gains or Losses 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 six months ended December 31, 2016 and 2015.



in thousands
	Three Months Ended						Six Months Ended
	December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Gains (losses) on derivative instruments:
Unrealized (losses) gains on open future commodity and forward contracts and open sale and purchase commitments, net	$	(52,983	)	$	(596	)	$	(34,833	)	$	3,220
Realized gains (losses) on future commodity contracts, net	30,083			3,197			15,824			13,788
	$	(22,900	)	$	2,601		$	(19,009	)	$	17,008

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 December 31, 2016 and at June 30, 2016.



in thousands
	December 31, 2016			June 30, 2016
Inventory	$	290,923		$	245,057
Less unhedgable inventory:
Commemorative coin inventory, held at lower of cost or market	(34		)	(16		)
Premium on metals position	(5,718		)	(4,627		)
Inventory value not hedged	(5,752		)	(4,643		)

Subtotal	285,171			240,414
Commitments at market:
Open inventory purchase commitments	654,274			550,810
Open inventory sales commitments	(254,251		)	(237,325		)
Margin sale commitments	(9,971		)	(12,439		)
In-transit inventory no longer subject to market risk	(5,079		)	(7,363		)
Unhedgable premiums on open commitment positions	2,972			400
Inventory borrowed from suppliers	(3,471		)	(4,352		)
Product financing arrangements	(121,466		)	(59,358		)
Advances on industrial metals	2,680			4,521
Inventory subject to price risk	550,859			475,308

Inventory subject to derivative financial instruments:
Precious metals forward contracts at market values	371,612			188,530
Precious metals futures contracts at market values	178,463			286,449
Total market value of derivative financial instruments	550,075			474,979

Net inventory subject to commodity price risk	$	784		$	329

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 December 31, 2016 and June 30, 2016, the Company had the following outstanding commitments and open forward and future contracts:



in thousands
	December 31, 2016			June 30, 2016
Purchase commitments	$	654,274		$	550,810
Sales commitments	(254,251		)	(237,325		)
Margin sales commitments	(9,971		)	(12,439		)
Open forward contracts	371,612			188,530
Open futures contracts	178,463			286,449

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 December 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 (losses) gains on foreign exchange derivative instruments shown on the face of the condensed consolidated statements of income totaled $(3,000) and $150,000 for the three months ended December 31, 2016 and 2015, respectively. Unrealized (losses) gains on foreign exchange derivative instruments shown on the face of the condensed consolidated statements of income totaled $(9,000) and $111,000 for the six months ended December 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 December 31, 2016 was $2.1 million and $5.2 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, 2016 was $2.0 million and $4.4 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=64837297&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=64837297&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=64837297&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=64837297&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
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+ Details

Income Taxes

6 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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



in thousands
	Three Months Ended				Six Months Ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Provision for income taxes	$	1,590	$	863	$	2,649	$	4,332

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



in thousands
	Three Months Ended				Six Months Ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Effective tax rate	36.7	%	38.3	%	36.1	%	38.2	%

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 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 December 31, 2016 and June 30, 2016, the amount receivable under the Company's income tax sharing obligation due from Former Parent totaled $0.0 million, and $0.2 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. As of December 31, 2016 and June 30, 2016, the income tax receivable totaled $1.4 million and $7.3 million, respectively. As of December 31, 2016 and June 30, 2016, the income tax payable total of $5.7 million and $0.0 million, respectively; the change was primarily due to the movement of the Company's taxable temporary differences.

As of December 31, 2016 and June 30, 2016, the deferred tax assets (non-current) totaled $0.5 million and $0.4 million, respectively, and the deferred tax liabilities (non-current) totaled $3.9 million and $7.2 million, respectively.

Net Operating Loss Carryforwards and Valuation Allowances

As of December 31, 2016 and June 30, 2016, the Company's state net operating loss carryforwards totaled approximately $13.5 million and $16.6 million, respectively. The Company's tax-effected state and city net operating loss carryforwards totaled, as of December 31, 2016 and June 30, 2016, $1.2 million and $0.9 million, respectively. These net operating loss carryforwards start to expire in the year ending June 30, 2030. As of December 31, 2016 and June 30, 2016, the Company had $44,000 and $44,000, respectively, of valuation allowance for certain state and city net operating loss carryforwards, based on the Company's annual assessment of the realizability of its deferred tax assets.

Unrecognized Tax Benefits

For six months ended December 31, 2016 there was no material movement in the Company’s unrecognized tax benefits, including interest and penalties. Additionally, the Company does not expect a material change to its unrecognized tax benefits in the next 12 months.

Tax Examinations

On August 22, 2016, the Internal Revenue Service notified the Company that it has commenced an examination of the Company's tax return for the year ended June 30, 2015. The Company is unable to determine the outcome of the exam at this time.

Related Party Transactions

6 Months Ended

Dec. 31, 2016

Related Party Transactions

RELATED PARTY TRANSACTIONS

Sales and Purchases Made to Affiliated Companies

During the three and six months ended December 31, 2016 and 2015, the Company made sales and purchases to various companies, which have been deemed to be related parties.



in thousands
	Three Months Ended								Six Months Ended
	December 31, 2016				December 31, 2015				December 31, 2016				December 31, 2015
	Sales		Purchases		Sales		Purchases		Sales		Purchases		Sales		Purchases
Former Parent	$	14,999	$	12,137	$	8,418	$	3,564	$	21,667	$	23,336	$	18,900	$	30,568
Equity method investee	137,460		408		157,087		1,114		266,536		497		403,956		4,425
Silvertowne	12,030		130		582		13,589		18,819		2,742		3,691		24,572
	$	164,489	$	12,675	$	166,087	$	18,267	$	307,022	$	26,575	$	426,547	$	59,565

Balances with Affiliated Companies

As of December 31, 2016 and June 30, 2016, the Company had related party receivables and payables balances as set forth below:



in thousands
	December 31, 2016					June 30, 2016
	Receivables		Payable			Receivables		Payable
Former Parent	$	3,017	$	—		$	1,913	$	138
Equity method investee	—		884			2,396		—
Silvertowne	—		2,107		⁽¹⁾	—		282
	$	3,017	$	2,991		$	4,309	$	420

_________________________________
1) Includes a short-term earn-out liability of $0.4 million (recorded in accrued liabilities) and a payable of $0.5 million (recorded as short-term notes payable) , and a long-term earn-out liability $1.1 million (recorded in other long-term liabilities).

Secured Loans Made to Affiliated Companies

On July 23, 2015, CFC entered into a loan agreement with Former Parent providing a secured line of credit, bearing interest at a competitive rate per annum. The loan is secured by numismatic and semi-numismatic products. As of December 31, 2016 and June 30, 2016, the aggregate carrying value of this loan was $2.8 million and $1.4 million, respectively, and is shown on the condensed consolidated balance sheets as a component "secured loans receivable" (see Note 5).

Interest Income Earned from Affiliated Companies

During the three and six months ended December 31, 2016 and 2015, the Company earned interest income related to loans made to Former Parent and related to financing products sold to affiliated companies, as set forth below:



in thousands
	Three Months Ended				Six Months Ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Interest income from loan receivables	$	22	$	11	$	32	$	32
Interest income from finance products	687		654		1,355		1,148
	$	709	$	665	$	1,387	$	1,180

Other Income Earned from Equity Method Investee

During the three months ended December 31, 2016 and 2015, the Company recorded its proportional share of its equity method investee's net income as other income that total $93,000 and $94,000, respectively. During the six months ended December 31, 2016 and 2015, the Company recorded its proportional share of its equity method investee's net income as other income that total $79,000 and $506,000, respectively. As of December 31, 2016 and June 30, 2016, the carrying balance of the equity method investment was $7.5 million and $7.4 million, respectively.

Income Tax Sharing Obligations

The amount receivable under the Company's income tax sharing obligation due from our Former Parent totaled $0.0 million, and $0.2 million as of December 31, 2016 and June 30, 2016 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, were approximately $1.5 million. WAR is entitled to a fee equal to 5.0% of the contract work.

Financing Agreements	6 Months Ended
Financing Agreements	Dec. 31, 2016
Debt Disclosure [Abstract]
Financing Agreements	FINANCING AGREEMENTS Lines of Credit The Company has a 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 and has 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 Trading Credit Facility has a one-year maturity. Currently, the Trading Credit Facility provides the Company with access up to $275.0 million, featuring a $225.0 million base with a $50.0 million accordion option. As of December 31, 2016, the Company incurred $0.9 million of loan costs in connection with the Trading Credit Facility, which was capitalized and is being amortized over the term of the Trading Credit Facility. As of December 31, 2016 and June 30, 2016, the balance of accumulated amortized loan cost was approximately $0.3 million and $0.6 million, respectively. 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 0.77% and 0.47% as of December 31, 2016 and June 30, 2016, respectively. Borrowings are due on demand and totaled $185.0 million and $212.0 million at December 31, 2016 and at June 30, 2016, 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 $81.4 million and $17.8 million as determined on the Friday before December 31, 2016 and June 30, 2016, respectively. The Trading Credit Facility has certain restrictive financial covenants, including one which requires the Company to maintain a minimum tangible net worth and one that has restrictions on dividend payments. As of December 31, 2016 the minimum tangible net worth financial covenant under the Trading Credit Facility was $38.9 million. The Company is in compliance with all restrictive financial covenants as of December 31, 2016. Interest expense related to the Company’s lines of credit totaled $1.6 million and $1.1 million, which represents 63.5% and 86.9% of the total interest expense recognized, for the three months ended December 31, 2016 and 2015, respectively. Our lines of credit carried a daily weighted average effective interest rate of 3.36% and 2.72%, respectively, for the three months ended December 31, 2016 and 2015. Interest expense related to the Company’s lines of credit totaled $3.0 million and $2.3 million, which represents 64.2% and 89.4% of the total interest expense recognized, for the six months ended December 31, 2016 and 2015, respectively. Our lines of credit carried a daily weighted average effective interest rate of 3.17% and 2.77%, respectively, for the six months ended December 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 $3.5 million and $4.4 million as of December 31, 2016 and June 30, 2016, respectively. Product Financing Arrangements The Company has agreements with financial institutions (third parties) that allows the Company to transfer its gold and silver inventory at a fixed price to these third parties. 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 party 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 as product financing arrangements. 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 $121.5 million and $59.4 million as of December 31, 2016 and June 30, 2016, respectively.

Commitments and Contingencies

6 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Refer to Note 15 of the Notes to Consolidated Financial Statements in the 2016 Annual Report for information relating to minimum rental payments under operating and capital leases, consulting and employment contracts, and other commitments. Other that the following items, the Company is not aware of any material changes to commitments or contingencies, as summarized in the 2016 Annual Report.

•

Pursuant to the Silvertowne transaction (see Note 1), AMST entered into an exclusive distribution agreement with the Company with respect to the silver products produced by AMST that sets weekly minimum order quantities by A-Mark. For the term of the agreement (3 years initially with two-year term renewals), the Company is required to order no less than 300,000 ounces of silver products per week on average during any consecutive four week period during the term of the agreement. The price paid per ounce is mutually determined by both parties, and is subject to adjustments every six months during the term.

•

Pursuant to the Silvertowne transaction (see Note 1), AMST entered into an exclusive supplier agreement with Asahi for refined silver, where A-Mark agreed to pay Asahi for the refined silver delivered to AMST (as AMST may acquire to produce the finished product) and pay AMST a premium for such services. The term of the agreement is initially for three years with a two-year term renewal, and the pricing terms are subject to adjustments every six months. After the close of Silvertowne transaction, AMST entered into an agreement to lease 100,000 ounces of refined silver from Asahi, where A-Mark provided a guarantee to Asahi for AMST's obligation related to value of refined silver leased from Asahi. The lease term is for one year with an automatic one year renew term, and the lease fees are subject to adjustments every six months.

Stockholders' Equity

6 Months Ended

Dec. 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

April 29, 2016

May 13, 2016

Cash

0.07

per common share

May 27, 2016

September 7, 2016

September 19, 2016

Cash

0.07

per common share

October 7, 2016

November 1, 2016

November 14, 2016

Cash

0.07

per common share

December 1, 2016

On January 26, 2017, the Board of Directors of the Company declared a quarterly cash dividend of $0.08 per common share to stockholders of record at the close of business on February 8, 2017, which is scheduled to be paid on or about February 24, 2017.

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 December 31, 2016, 165,800 shares were available for grant under the 2014 Plan.

Valuation and Significant Assumptions of Equity Awards Issued

The Company uses Black-Scholes option pricing model, which has various inputs such as the estimated common share price, the risk-free interest rate, volatility, expected life and dividend yield, all of which are estimates. The Company also records share-based compensation expense net of expected forfeitures.

Stock Options

During the three months ended December 31, 2016 and 2015, the Company incurred $228,973 and $38,670 of compensation expense related to stock options, respectively. During the six months ended December 31, 2016 and 2015, the Company incurred $420,433 and $77,341 of compensation expense related to stock options, respectively. As of December 31, 2016, there was total remaining compensation expense of $2.4 million related to employee stock options, which will be recorded over a weighted average period of approximately 2.8 years.

The following table summarizes the stock option activity for the six months ended December 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, 2016	581,527		$	17.55	$	1,466	$	6.32
Granted	100,000		$	19.22
Cancellations, expirations and forfeitures	(2,200	)	$	20.48
Outstanding at December 31, 2016	679,327		$	17.79	$	2,301	$	6.17

Exercisable at December 31, 2016	207,155		$	10.07	$	1,953	$	5.80

Following is a summary of the status of stock options outstanding at December 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	5.85	$	8.39	110,267	5.86	$	8.40
10.01		15.00		98,888	5.78	$	11.94	96,888	5.73	$	11.98
15.01		25.00		346,200	9.33	$	20.88	—	0.00	—
25.01		60.00		100,000	9.14	$	25.50	—	0.00	—
				679,327	8.09	$	17.79	207,155	5.80	$	10.07

Restricted Stock Units

During the three months ended December 31, 2016 and 2015, the Company incurred $0 and $14,804 of compensation expense related to Restricted Stock Units ("RSUs"), respectively. During the six months ended December 31, 2016 and 2015, the Company incurred $0 and $29,608 of compensation expense related to Restricted Stock Units ("RSUs"), respectively. There was no RSU activity during the six months ended December 31, 2016, and there are no RSU outstanding as December 31, 2016.

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 Concentrations

6 Months Ended

Dec. 31, 2016

Risks and Uncertainties [Abstract]

Customer and Supplier Concentrations

CUSTOMER AND SUPPLIER CONCENTRATIONS

Customer Concentration

Customers providing 10 percent or more of the Company's revenues for the three and six months ended December 31, 2016 are presented on a comparative basis in the table below:



in thousands
	Three Months Ended								Six Months Ended
	December 31, 2016				December 31, 2015				December 31, 2016				December 31, 2015
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Total revenue	$	2,126,361	100.0	%	$	1,529,143	100.0	%	$	3,932,014	100.0	%	$	3,536,079	100.0	%
Customer concentrations
HSBC Bank USA	$	467,688	22.0	%	$	281,473	18.4	%	$	974,475	24.8	%	$	615,026	17.4	%
US Mint	229,469		10.8		116,125		7.6		366,051		9.3		288,696		8.2
Mitsubishi Intl. Corp.	300,848		14.1		82,757		5.4		504,741		12.8		217,975		6.2
	$	998,005	46.9	%	$	480,355	31.4	%	$	1,845,267	46.9	%	$	1,121,697	31.8	%

Customers providing 10 percent or more of the Company's accounts receivable as of December 31, 2016 are presented on a comparative basis in the table below:



in thousands
	December 31, 2016				June 30, 2016

	Amount		Percent		Amount		Percent
Total accounts receivable, net	$	81,945	100.0	%	$	43,302	100.0	%
Customer concentrations
Customer A	$	65,278	79.7	%	$	—	—	%
	$	65,278	79.7	%	$	—	—	%

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

6 Months Ended

Dec. 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				Six Months Ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Revenue by geographic region:
United States	$	2,009,168	$	1,402,860	$	3,719,247	$	3,256,132
Europe	56,565		42,616		103,585		94,748
North America, excluding United States	55,247		73,860		100,050		160,645
Asia Pacific	4,039		8,999		6,574		22,265
Africa	—		18		—		63
Australia	1,342		790		2,558		2,194
South America	—		—		—		32
Total revenue	$	2,126,361	$	1,529,143	$	3,932,014	$	3,536,079



in thousands
	December 31, 2016		June 30, 2016
Inventories by geographic region:
United States	$	283,691	$	224,617
Europe	2,339		5,258
North America, excluding United States	4,068		12,691
Asia	825		2,491
Total inventories	$	290,923	$	245,057



in thousands
	December 31, 2016		June 30, 2016
Assets by geographic region:
United States	$	528,555	$	413,621
Europe	3,536		8,344
North America, excluding United States	4,068		12,691
Asia	825		2,491
Total assets	$	536,984	$	437,147



in thousands
	December 31, 2016		June 30, 2016
Long-term assets by geographic region:
United States	$	27,570	$	18,824
Europe	59		62
Total long-term assets	$	27,629	$	18,886

- 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=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 42
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Events

6 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events


	SUBSEQUENT EVENTS

Dividend Declaration

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 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 reportable segment for all periods presented. These condensed consolidated financial statements include the accounts of A-Mark, and its wholly owned subsidiaries, CFC, AMTAG,TDS, Logistics and its majority owned affiliate AMST (collectively the “Company”). All inter-company accounts and transactions have been eliminated in consolidation
Reclassifications	Reclassifications Certain previously reported amounts have been reclassified to conform to the current fiscal year's condensed consolidated financial statement presentation. In the previous reported periods, deferred tax assets and liabilities were classified as current and non-current on the consolidated balance sheets; these items are shown as non-current tax assets and liabilities. As a result of required change in accounting treatment from the cost method to the equity method related to the Company's increased ownership interest in our investment, the earnings from our equity method investment was retrospectively applied to the previous period, as shown in other income and provision for income taxes in the condensed consolidated statements of income.
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, allowances for doubtful accounts, impairment assessments of long-lived assets and intangible assets, valuation allowance 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 inventory. 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.
Business Combinations	Business Combinations The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. The Company accounts for business combinations by applying the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Net cash paid to acquire a business is classified as investing activities on the accompanying condensed consolidated statements of cash flow.
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 that 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.)
Plant, Property and Equipment and Depreciation	Plant, Property and Equipment and Depreciation Plant, 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 twenty-five years. Property and equipment not placed in service, which includes capitalized software and leasehold improvement costs, are not depreciated until the related assets are placed in service. Land is recorded at historical cost, and is not depreciated.
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 December 31, 2016 and June 30, 2016, management concluded that no impairment adjustments were required.
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 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 December 31, 2016 and June 30, 2016, the Company has not identified any 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.
Long-Term Investments	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). The carrying value of the investment is reduced by the amount of the dividends received from the equity-method investee, as they are considered 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	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 generally 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 secured loan 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 principal and then to any unrecognized interest income (see Note 5.) Also, the Company enters into financing agreements, whereby the Company agrees to deliver products at the prevailing spot price plus a premium, and then acquires 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	Interest Expense The Company incurs interest expense based on usage under its lines of credit recording interest expense using the effective interest method. The Company incurs financing fees (classified as interest expense) as a result of its product financing arrangements for the transfer and subsequent re-acquisition of gold and silver at a fixed price with a third party finance company. During the term of this type of financing agreement, a third party company finances 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. 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 for custodial storage facility charges related to the transferred collateral inventory; this collateral is classified as restricted inventory on our condensed consolidated balance sheets. 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 are 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 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 sheets at fair value. The Company records the change between fair 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.)
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 sheets principally within accrued liabilities. 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. 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. 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 receivable from Former Parent reflects the balance due from the Former Parent pursuant to a tax sharing agreement between the parties.
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 Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In August 2016 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective for the Company, on July 1, 2018 (for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years). The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable. We are currently evaluating the impact of our pending adoption of ASU 2016-15 on our consolidated financial position, results of operations or cash flows and related disclosures. In March 2016, FASB issued 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. This update is effective for the Company, on July 1, 2017. We are evaluating the new guidelines to see if they will have a significant impact on our consolidated financial position, results of operations or cash flows and related disclosures. 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. This update is effective for the Company, on July 1, 2019 (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, but we believe that its adoption will not have a material impact on our consolidated financial position, results of operations or cash flows and related disclosures, as the Company has minimal lease commitments. 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 March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”). The amendments in ASU 2016-10 clarify aspects relating to the identification of performance obligations and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in ASU 2016-12 address certain issues identified on assessing collectability, presentation of sales taxes, non-cash consideration, and completed contracts and contract modifications at transition. For all of the ASUs noted above, the effective date for Company is July 1, 2018(for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years) for annual and interim reporting periods. Either the retrospective or cumulative effect transition method is permitted. We have begun categorizing our various contract revenue streams in order to isolate those that will be significantly impacted. Once we have identified the impacted revenue streams, we can begin estimating the potential impact of the new standard as well as identify necessary control and process changes.

Description of Business (Tables)

6 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



Cash	$	300
Plant, property and equipment (tangible assets):
Plant equipment	1,802
Building	299
Land	36
Intangibles assets (identifiable):
Trade name	1,800
Existing customer relationships	700
Goodwill:
Excess of cost over fair value of assets acquired	2,738
	7,675
Goodwill:
Contingent earn-out consideration	1,523
	$	9,198

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule of earnings per share

A reconciliation of shares used in calculating basic and diluted earnings per common shares for the three and six months ended December 31, 2016 and 2015.



in thousands
	Three Months Ended		Six Months Ended
	December 31, 2016	December 31, 2015	December 31, 2016	December 31, 2015
Basic weighted average shares outstanding	7,023	6,974	7,027	6,974
Effect of common stock equivalents — stock issuable under outstanding equity awards	86	145	86	116
Diluted weighted average shares outstanding	7,109	7,119	7,113	7,090

Assets and Liabilities, at Fair Value (Tables)

6 Months Ended

Dec. 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 December 31, 2016 and June 30, 2016.



in thousands
	December 31, 2016				June 30, 2016
	Carrying Amount		Fair value		Carrying Amount		Fair value

Financial assets:
Cash	$	13,270	$	13,270	$	17,142	$	17,142
Receivables, net	81,945		81,945		43,302		43,302
Secured loans receivable	80,939		80,939		70,504		70,504
Derivative assets - open sale and purchase commitments, net	3,184		3,184		32,347		32,347
Derivative assets - futures contracts	19,531		19,531		—		—
Derivative assets - forward contracts	16,862		16,862		1,385		1,385
Income taxes receivables	1,429		1,429		7,318		7,318
Income taxes receivable from Former Parent	—		—		203		203
Financial liabilities:
Lines of credit	$	185,000	$	185,000	$	212,000	$	212,000
Liability on borrowed metals	3,471		3,471		4,352		4,352
Product financing arrangements	121,466		121,466		59,358		59,358
Derivative liabilities - liability on margin accounts	5,415		5,415		8,182		8,182
Derivative liabilities - open sale and purchase commitments, net	68,434		68,434		1,919		1,919
Derivative liabilities - futures contracts	470		470		13,914		13,914
Derivative liabilities - forward contracts	39		39		12,439		12,439
Accounts payable	65,845		65,845		46,769		46,769
Accrued liabilities	4,499		4,499		7,660		7,660
Income taxes payable	5,745		5,745		—		—
Note payable - related party	500		500		—		—

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



	December 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⁾	$	290,889	$	—	$	—	$	290,889
Derivative assets — open sale and purchase commitments, net	3,184		—		—		3,184
Derivative assets — futures contracts	19,531		—		—		19,531
Derivative assets — forward contracts	16,862		—		—		16,862
Total assets, valued at fair value	$	330,466	$	—	$	—	$	330,466
Liabilities:
Liability on borrowed metals	$	3,471	$	—	$	—	$	3,471
Product financing arrangements	121,466		—		—		121,466
Derivative liabilities — liability on margin accounts	5,415		—		—		5,415
Derivative liabilities — open sale and purchase commitments, net	68,434		—		—		68,434
Derivative liabilities — future contracts	470		—		—		470
Derivative liabilities — forward contracts	39		—		—		39
Total liabilities, valued at fair value	$	199,295	$	—	$	—	$	199,295

____________________

⁽¹⁾ Commemorative coin inventory totaling $34,000 is held at lower of cost or market and is thus excluded from this table.



	June 30, 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⁾	$	245,041	$	—	$	—	$	245,041
Derivative assets — open sale and purchase commitments, net	32,347		—		—		32,347
Derivative assets — forward contracts	1,385		—		—		1,385
Total assets, valued at fair value	$	278,773	$	—	$	—	$	278,773
Liabilities:
Liability on borrowed metals	$	4,352	$	—	$	—	$	4,352
Product financing arrangements	59,358		—		—		59,358
Derivative liabilities — liability on margin accounts	8,182		—		—		8,182
Derivative liabilities — open sale and purchase commitments, net	1,919		—		—		1,919
Derivative liabilities — futures contracts	13,914		—		—		13,914
Derivative liabilities — forward contracts	12,439		—		—		12,439
Total liabilities, valued at fair value	$	100,164	$	—	$	—	$	100,164

____________________

⁽¹⁾ Commemorative coin inventory totaling $16,000 is held at lower of cost or market and is thus excluded from this table.

Receivables (Tables)

6 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Schedule of receivables and secured loans

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



in thousands
	December 31, 2016			June 30, 2016

Customer trade receivables	$	3,475		$	4,001
Wholesale trade advances	74,044			11,860
Due from brokers	4,456			27,471
Subtotal	81,975			43,332
Less: allowance for doubtful accounts	(30		)	(30		)
Receivables, net	$	81,945		$	43,302

Schedule of allowance for doubtful accounts



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

Secured Loans Receivable (Tables)

6 Months Ended

Dec. 31, 2016

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

Schedule of receivables and secured loans

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



in thousands
	December 31, 2016			June 30, 2016

Customer trade receivables	$	3,475		$	4,001
Wholesale trade advances	74,044			11,860
Due from brokers	4,456			27,471
Subtotal	81,975			43,332
Less: allowance for doubtful accounts	(30		)	(30		)
Receivables, net	$	81,945		$	43,302

Schedule of classes for financing receivables

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



in thousands
	December 31, 2016				June 30, 2016
Bullion	$	51,850	64.1	%	$	35,168	49.9	%
Numismatic and semi numismatic	29,089		35.9		34,636		49.1
Subtotal	80,939		100.0		69,804		99.0
Other pledged assets⁽¹⁾	—		—		700		1.0
Total secured loans	$	80,939	100.0	%	$	70,504	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
	December 31, 2016				June 30, 2016
Loan-to-value of 75% or more ⁽¹⁾	$	43,638	53.9	%	$	10,231	14.7	%
Loan-to-value of less than 75% ⁽¹⁾	37,301		46.1		59,573		85.3
Secured loans collateralized by precious metal products⁽¹⁾	$	80,939	100.0	%	$	69,804	100.0	%



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

Financing Receivable

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 December 31, 2016 and June 30, 2016:



in thousands
	December 31, 2016			June 30, 2016

Secured loans originated	$	28,933		$	36,280
Secured loans originated - with a related party	2,823			1,370
	31,756			37,650
Secured loans acquired	49,183		⁽¹⁾	32,854		⁽²⁾
Secured loans (current and long-term)	$	80,939		$	70,504

_________________________________

(1) Includes $72,000 of amortized loan premium as of December 31, 2016.

(2) Includes $86,000 of amortized loan premium as of June 30, 2016.

Inventories (Tables)

6 Months Ended

Dec. 31, 2016

Inventory Disclosure [Abstract]

Schedule of Inventory



in thousands
	December 31, 2016		June 30, 2016
Inventory held for sale	$	69,054	$	81,006
Repurchase arrangements with customers	91,034		92,283
Consignment arrangements with customers	5,864		8,042
Commemorative coins, held at lower of cost or market	34		16
Borrowed precious metals from suppliers	3,471		4,352
Product financing arrangement, restricted	121,466		59,358
	$	290,923	$	245,057

Plant, Property and Equipment (Tables)

6 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Schedule of Plant, Property and Equipment

Plant, property and equipment consists of the following at December 31, 2016 and June 30, 2016:



in thousands
	December 31, 2016			June 30, 2016
Office furniture, and fixtures	$	1,378		$	1,107
Computer equipment	415			407
Computer software	2,386			2,386
Plant equipment	1,919			—
Building	306			—
Leasehold improvements	1,947			1,661
Total depreciable assets	8,351			5,561
Less: accumulated depreciation	(3,543		)	(3,043		)
Property and equipment not placed in service	1,219			964
Land	36			—
Plant, property and equipment, net	$	6,063		$	3,482

Goodwill and Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of other purchased intangible assets

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



dollar amounts in thousands
		December 31, 2016							June 30, 2016
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Identifiable intangible Assets:
Existing customer relationships	5 - 15	6,447		(4,421		)	2,026		5,747		(4,214		)	1,533
Non-compete and other	4	2,000		(2,000		)	—		2,000		(2,000		)	—
Employment agreement	3	195		(195		)	—		195		(195		)	—
Intangibles subject to amortization		8,642		(6,616		)	2,026		7,942		(6,409		)	1,533
Trade Name	Indefinite	$	2,254	$	—		$	2,254	$	454	$	—		$	454
		$	10,896	$	(6,616	)	$	4,280	$	8,396	$	(6,409	)	$	1,987

Goodwill	Indefinite	$	8,881	$	—		$	8,881	$	4,620	$	—		$	4,620

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
2017 (six months remaining)	$	236
2018	455
2019	455
2020	448
2021	70
Thereafter	362
Total	$	2,026

Accounts Payable (Tables)

6 Months Ended

Dec. 31, 2016

Accounts Payable, Current [Abstract]

Accounts payable

Accounts payable consists of the following:



in thousands
	December 31, 2016		June 30, 2016
Trade payable to customers	$	5,471	$	603
Advances from customers	45,850		36,369
Liability on deferred revenue	4,086		6,546
Due to brokers	7,866		1,250
Other accounts payable	2,572		2,001
	$	65,845	$	46,769

Derivative Instrument and Hedging Transactions (Tables)

6 Months Ended

Dec. 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 December 31, 2016 and June 30, 2016.



	December 31, 2016											June 30, 2016

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	$	4,787		$	(1,603	)	$	—		$	3,184	$	37,378	$	(5,031	)	$	—		$	32,347
Future contracts	11,665			—			7,866			19,531		—		—			—			—
Forward contracts	17,307			(445		)	—			16,862		1,385		—			—			1,385
	$	33,759		$	(2,048	)	$	7,866		$	39,577	$	38,763	$	(5,031	)	$	—		$	33,732
Nettable derivative liabilities:
Open sale and purchase commitments	$	69,692		$	(1,258	)	$	—		$	68,434	$	2,938	$	(1,019	)	$	—		$	1,919
Margin accounts	9,971			—			(4,556		)	5,415		12,439		—			(4,257		)	8,182
Future contracts	(3,986		)	—			4,456			470		13,914		—			—			13,914
Forward contracts	39			—			—			39		14,579		(2,140		)	—			12,439
	$	75,716		$	(1,258	)	$	(100	)	$	74,358	$	43,870	$	(3,159	)	$	(4,257	)	$	36,454

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 December 31, 2016 and June 30, 2016.



	December 31, 2016											June 30, 2016

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	$	4,787		$	(1,603	)	$	—		$	3,184	$	37,378	$	(5,031	)	$	—		$	32,347
Future contracts	11,665			—			7,866			19,531		—		—			—			—
Forward contracts	17,307			(445		)	—			16,862		1,385		—			—			1,385
	$	33,759		$	(2,048	)	$	7,866		$	39,577	$	38,763	$	(5,031	)	$	—		$	33,732
Nettable derivative liabilities:
Open sale and purchase commitments	$	69,692		$	(1,258	)	$	—		$	68,434	$	2,938	$	(1,019	)	$	—		$	1,919
Margin accounts	9,971			—			(4,556		)	5,415		12,439		—			(4,257		)	8,182
Future contracts	(3,986		)	—			4,456			470		13,914		—			—			13,914
Forward contracts	39			—			—			39		14,579		(2,140		)	—			12,439
	$	75,716		$	(1,258	)	$	(100	)	$	74,358	$	43,870	$	(3,159	)	$	(4,257	)	$	36,454

Summary of net gains (losses) on derivative instruments

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



in thousands
	Three Months Ended						Six Months Ended
	December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Gains (losses) on derivative instruments:
Unrealized (losses) gains on open future commodity and forward contracts and open sale and purchase commitments, net	$	(52,983	)	$	(596	)	$	(34,833	)	$	3,220
Realized gains (losses) on future commodity contracts, net	30,083			3,197			15,824			13,788
	$	(22,900	)	$	2,601		$	(19,009	)	$	17,008

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 December 31, 2016 and at June 30, 2016.



in thousands
	December 31, 2016			June 30, 2016
Inventory	$	290,923		$	245,057
Less unhedgable inventory:
Commemorative coin inventory, held at lower of cost or market	(34		)	(16		)
Premium on metals position	(5,718		)	(4,627		)
Inventory value not hedged	(5,752		)	(4,643		)

Subtotal	285,171			240,414
Commitments at market:
Open inventory purchase commitments	654,274			550,810
Open inventory sales commitments	(254,251		)	(237,325		)
Margin sale commitments	(9,971		)	(12,439		)
In-transit inventory no longer subject to market risk	(5,079		)	(7,363		)
Unhedgable premiums on open commitment positions	2,972			400
Inventory borrowed from suppliers	(3,471		)	(4,352		)
Product financing arrangements	(121,466		)	(59,358		)
Advances on industrial metals	2,680			4,521
Inventory subject to price risk	550,859			475,308

Inventory subject to derivative financial instruments:
Precious metals forward contracts at market values	371,612			188,530
Precious metals futures contracts at market values	178,463			286,449
Total market value of derivative financial instruments	550,075			474,979

Net inventory subject to commodity price risk	$	784		$	329

Schedule of outstanding commitments

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



in thousands
	December 31, 2016			June 30, 2016
Purchase commitments	$	654,274		$	550,810
Sales commitments	(254,251		)	(237,325		)
Margin sales commitments	(9,971		)	(12,439		)
Open forward contracts	371,612			188,530
Open futures contracts	178,463			286,449

- 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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&loc=SL5624171-113959

Reference 8: 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=64837297&loc=SL5579240-113959

Reference 9: 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=64837297&loc=d3e41620-113959

Reference 10: 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

Income Taxes (Tables)

6 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)



in thousands
	Three Months Ended				Six Months Ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Provision for income taxes	$	1,590	$	863	$	2,649	$	4,332

Schedule of effective income tax rate

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



in thousands
	Three Months Ended				Six Months Ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Effective tax rate	36.7	%	38.3	%	36.1	%	38.2	%

Related Party Transactions (Tables)

6 Months Ended

Dec. 31, 2016

Schedule of Related Party Transactions

During the three and six months ended December 31, 2016 and 2015, the Company made sales and purchases to various companies, which have been deemed to be related parties.



in thousands
	Three Months Ended								Six Months Ended
	December 31, 2016				December 31, 2015				December 31, 2016				December 31, 2015
	Sales		Purchases		Sales		Purchases		Sales		Purchases		Sales		Purchases
Former Parent	$	14,999	$	12,137	$	8,418	$	3,564	$	21,667	$	23,336	$	18,900	$	30,568
Equity method investee	137,460		408		157,087		1,114		266,536		497		403,956		4,425
Silvertowne	12,030		130		582		13,589		18,819		2,742		3,691		24,572
	$	164,489	$	12,675	$	166,087	$	18,267	$	307,022	$	26,575	$	426,547	$	59,565

Balances with Affiliated Companies

As of December 31, 2016 and June 30, 2016, the Company had related party receivables and payables balances as set forth below:



in thousands
	December 31, 2016					June 30, 2016
	Receivables		Payable			Receivables		Payable
Former Parent	$	3,017	$	—		$	1,913	$	138
Equity method investee	—		884			2,396		—
Silvertowne	—		2,107		⁽¹⁾	—		282
	$	3,017	$	2,991		$	4,309	$	420

_________________________________
1) Includes a short-term earn-out liability of $0.4 million (recorded in accrued liabilities) and a payable of $0.5 million (recorded as short-term notes payable) , and a long-term earn-out liability $1.1 million (recorded in other long-term liabilities).



in thousands
	Three Months Ended				Six Months Ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Interest income from loan receivables	$	22	$	11	$	32	$	32
Interest income from finance products	687		654		1,355		1,148
	$	709	$	665	$	1,387	$	1,180

Stockholders' Equity (Tables)

6 Months Ended

Dec. 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

April 29, 2016

May 13, 2016

Cash

0.07

per common share

May 27, 2016

September 7, 2016

September 19, 2016

Cash

0.07

per common share

October 7, 2016

November 1, 2016

November 14, 2016

Cash

0.07

per common share

December 1, 2016

Schedule of share-based compensation, stock option activity

The following table summarizes the stock option activity for the six months ended December 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, 2016	581,527		$	17.55	$	1,466	$	6.32
Granted	100,000		$	19.22
Cancellations, expirations and forfeitures	(2,200	)	$	20.48
Outstanding at December 31, 2016	679,327		$	17.79	$	2,301	$	6.17

Exercisable at December 31, 2016	207,155		$	10.07	$	1,953	$	5.80

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

Following is a summary of the status of stock options outstanding at December 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	5.85	$	8.39	110,267	5.86	$	8.40
10.01		15.00		98,888	5.78	$	11.94	96,888	5.73	$	11.98
15.01		25.00		346,200	9.33	$	20.88	—	0.00	—
25.01		60.00		100,000	9.14	$	25.50	—	0.00	—
				679,327	8.09	$	17.79	207,155	5.80	$	10.07

Customer and Supplier Concentrations (Tables)

6 Months Ended

Dec. 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 six months ended December 31, 2016 are presented on a comparative basis in the table below:



in thousands
	Three Months Ended								Six Months Ended
	December 31, 2016				December 31, 2015				December 31, 2016				December 31, 2015
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Total revenue	$	2,126,361	100.0	%	$	1,529,143	100.0	%	$	3,932,014	100.0	%	$	3,536,079	100.0	%
Customer concentrations
HSBC Bank USA	$	467,688	22.0	%	$	281,473	18.4	%	$	974,475	24.8	%	$	615,026	17.4	%
US Mint	229,469		10.8		116,125		7.6		366,051		9.3		288,696		8.2
Mitsubishi Intl. Corp.	300,848		14.1		82,757		5.4		504,741		12.8		217,975		6.2
	$	998,005	46.9	%	$	480,355	31.4	%	$	1,845,267	46.9	%	$	1,121,697	31.8	%

Customers providing 10 percent or more of the Company's accounts receivable as of December 31, 2016 are presented on a comparative basis in the table below:



in thousands
	December 31, 2016				June 30, 2016

	Amount		Percent		Amount		Percent
Total accounts receivable, net	$	81,945	100.0	%	$	43,302	100.0	%
Customer concentrations
Customer A	$	65,278	79.7	%	$	—	—	%
	$	65,278	79.7	%	$	—	—	%

Geographic Information (Tables)

6 Months Ended

Dec. 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				Six Months Ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Revenue by geographic region:
United States	$	2,009,168	$	1,402,860	$	3,719,247	$	3,256,132
Europe	56,565		42,616		103,585		94,748
North America, excluding United States	55,247		73,860		100,050		160,645
Asia Pacific	4,039		8,999		6,574		22,265
Africa	—		18		—		63
Australia	1,342		790		2,558		2,194
South America	—		—		—		32
Total revenue	$	2,126,361	$	1,529,143	$	3,932,014	$	3,536,079



in thousands
	December 31, 2016		June 30, 2016
Inventories by geographic region:
United States	$	283,691	$	224,617
Europe	2,339		5,258
North America, excluding United States	4,068		12,691
Asia	825		2,491
Total inventories	$	290,923	$	245,057



in thousands
	December 31, 2016		June 30, 2016
Assets by geographic region:
United States	$	528,555	$	413,621
Europe	3,536		8,344
North America, excluding United States	4,068		12,691
Asia	825		2,491
Total assets	$	536,984	$	437,147



in thousands
	December 31, 2016		June 30, 2016
Long-term assets by geographic region:
United States	$	27,570	$	18,824
Europe	59		62
Total long-term assets	$	27,629	$	18,886

Description of Business - Joint Venture and Acquisition (Details) - USD ($)		1 Months Ended
	Aug. 31, 2016	Aug. 31, 2017	Dec. 31, 2016
Silvertowne
Business Acquisition [Line Items]
Payments to acquire interest in JV	$ 3,453,750
A-MARK PRECIOUS METALS, INC
Business Acquisition [Line Items]
Payments to acquire interest in JV	3,721,250
Scenario, Forecast \| Silvertowne
Business Acquisition [Line Items]
Ownership percentage (percentage)		45.00%
Scenario, Forecast \| A-MARK PRECIOUS METALS, INC
Business Acquisition [Line Items]
Payments to acquire interest in JV		$ 500,000
Ownership percentage (percentage)		55.00%
SilverTowne Mint
Business Acquisition [Line Items]
Payments to acquire assets	3,171,250
Working capital acquired	300,000
Purchase price	3,671,250
Payment towards the acquisition	$ 3,171,250
Earn-out Period (years)	3 years
Contingent liability	$ 1,000,000.0
Fair value of the assets acquired	7,675,000
Contingent earn-out consideration	$ 1,523,000
SilverTowne Mint \| AM&ST Associates, LLC
Business Acquisition [Line Items]
Asset contributed (percentage)	48.47%
Remaining assets purchased (percentage)	51.53%
Land and Building \| SilverTowne Mint
Business Acquisition [Line Items]
Payments to acquire assets	$ 250,000
Asahi Refining USA, Inc
Business Acquisition [Line Items]
Option to purchase investment			10.00%
Commercial Paper \| SilverTowne Mint
Business Acquisition [Line Items]
Liabilities incurred for the acquisition	$ 500,000
Debt instrument, term (years)	1 year

Description of Business - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Dec. 31, 2016	Jun. 30, 2016
Intangibles assets (identifiable):
Excess of cost over fair value of assets acquired		$ 8,881	$ 4,620
SilverTowne Mint
Business Acquisition [Line Items]
Cash	$ 300
Plant equipment	1,802
Building	299
Land	36
Intangibles assets (identifiable):
Trade name	1,800
Existing customer relationships	700
Excess of cost over fair value of assets acquired	2,738
Subtotal	7,675
Contingent earn-out consideration	1,523
Total Consideration	$ 9,198

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) Segment	Dec. 31, 2015 USD ($)
Property, Plant and Equipment [Line Items]
Number of reportable segments \| Segment			1
Advertising expense	$ 199	$ 153	$ 366	$ 326
Shipping, handling costs	$ 1,200	$ 1,800	$ 2,300	$ 4,100
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			25 years
Estimated useful lives of intangibles			15 years

Summary of Significant Accounting Policies (Earnings per Share) (Details) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Basic weighted average shares outstanding	7,023,300	6,973,500	7,027,400	6,973,500
Effect of common stock equivalents — stock issuable under outstanding equity awards	86,000	145,000	86,000	116,000
Diluted weighted average shares outstanding	7,108,900	7,119,000	7,112,800	7,089,700

Assets and Liabilities, at Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Financial assets:
Derivative assets	$ 39,577	$ 33,732
Financial liabilities:
Liability on borrowed metals	3,471	4,352
Product financing arrangements	121,466	59,358
Derivative liabilities	74,358	36,454
Accrued liabilities	4,499	7,660
Carrying Amount
Financial assets:
Cash	13,270	17,142
Receivables, net	81,945	43,302
Secured loans receivable	80,939	70,504
Income tax receivables	1,429	7,318
Financial liabilities:
Lines of credit	185,000	212,000
Liability on borrowed metals	3,471	4,352
Product financing arrangements	121,466	59,358
Accounts payable	65,845	46,769
Accrued liabilities	4,499	7,660
Income taxes payable	5,745	0
Note payable - related party	500	0
Fair value
Financial assets:
Cash	13,270	17,142
Receivables, net	81,945	43,302
Secured loans receivable	80,939	70,504
Income tax receivables	1,429	7,318
Financial liabilities:
Lines of credit	185,000	212,000
Liability on borrowed metals	3,471	4,352
Product financing arrangements	121,466	59,358
Accounts payable	65,845	46,769
Accrued liabilities	4,499	7,660
Income taxes payable	5,745	0
Note payable - related party	500	0
Open sale and purchase commitments \| Carrying Amount
Financial liabilities:
Derivative liabilities	68,434	1,919
Open sale and purchase commitments \| Fair value
Financial liabilities:
Derivative liabilities	68,434	1,919
Future contracts \| Carrying Amount
Financial liabilities:
Derivative liabilities	470	13,914
Future contracts \| Fair value
Financial liabilities:
Derivative liabilities	470	13,914
Forward contracts \| Carrying Amount
Financial liabilities:
Derivative liabilities	39	12,439
Forward contracts \| Fair value
Financial liabilities:
Derivative liabilities	39	12,439
Liability on margin accounts \| Carrying Amount
Financial liabilities:
Derivative liabilities	5,415	8,182
Liability on margin accounts \| Fair value
Financial liabilities:
Derivative liabilities	5,415	8,182
Open sale and purchase commitments \| Carrying Amount
Financial assets:
Derivative assets	3,184	32,347
Open sale and purchase commitments \| Fair value
Financial assets:
Derivative assets	3,184	32,347
Future contracts \| Carrying Amount
Financial assets:
Derivative assets	19,531	0
Future contracts \| Fair value
Financial assets:
Derivative assets	19,531	0
Forward contracts \| Carrying Amount
Financial assets:
Derivative assets	16,862	1,385
Forward contracts \| Fair value
Financial assets:
Derivative assets	16,862	1,385
Former Parent \| Carrying Amount
Financial assets:
Income tax receivables	0	203
Former Parent \| Fair value
Financial assets:
Income tax receivables	$ 0	$ 203

Assets and Liabilities, at Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - future and forward contracts	$ 33,759	$ 38,763
Derivative liabilities	74,358	36,454
Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory	290,889	245,041
Total assets valued at fair value	330,466	278,773
Liability on borrowed metals	3,471	4,352
Product financing arrangement	121,466	59,358
Total liabilities, valued at fair value	199,295	100,164
Fair Value on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory	290,889	245,041
Total assets valued at fair value	330,466	278,773
Liability on borrowed metals	3,471	4,352
Product financing arrangement	121,466	59,358
Total liabilities, valued at fair value	199,295	100,164
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
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
Total liabilities, valued at fair value	0	0
Liability on margin accounts \| Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	5,415	8,182
Liability on margin accounts \| Fair Value on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	5,415	8,182
Liability on margin accounts \| 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
Liability on margin accounts \| 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
Open sale and purchase commitments \| Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	68,434	1,919
Open sale 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	68,434	1,919
Open sale 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 sale 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	470	13,914
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	470	13,914
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	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	0
Forward contracts \| Fair Value on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	39	12,439
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	39	12,439
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	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	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	3,184	32,347
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	3,184	32,347
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	19,531
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	19,531
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
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
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	16,862	1,385
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	16,862	1,385
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

Assets and Liabilities, at Fair Value (Narrative) (Details) $ in Thousands	Dec. 31, 2016 USD ($) investment	Jun. 30, 2016 USD ($)
Fair Value Disclosures [Abstract]
Commemorative coins, held at lower of cost or market	$ 34	$ 16
Number of investments \| investment	2
Equity and cost method investment	$ 7,952	$ 7,873

Receivables (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2016	Jun. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross			$ 81,975	$ 43,332
Less: allowance for doubtful accounts	$ (30)	$ (30)	(30)	(30)
Receivables, net			81,945	43,302
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			3,475	4,001
Wholesale trade advances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross			74,044	11,860
Due from brokers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross			$ 4,456	$ 27,471

Secured Loans Receivable (Summary of Carrying-value of Secured Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	$ 80,939	$ 70,504
Secured loans originated by company and with related party [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	31,756	37,650
Secured loans originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	28,933	36,280
Secured loans originated - with a related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	2,823	1,370
Secured loans acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current and long-term)	$ 49,183	$ 32,854

Secured Loans Receivable (Loans Receivable and Credit Quality Indicators) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Jun. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan		$ 80,939	$ 70,504
Secured loan, percentage		100.00%	100.00%
Secured loans (current)		$ 80,939	$ 70,004
Bullion and Numismatic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan		$ 80,939	$ 69,804
Secured loan, percentage		100.00%	99.00%
Secured loans (current)		$ 80,939	$ 69,804
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)		$ 43,638	$ 10,231
Secured loans (current), percentage		53.90%	14.70%
Bullion and Numismatic \| Loan-to-value of less than 75%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans (current)		$ 37,301	$ 59,573
Secured loans (current), percentage		46.10%	85.30%
Bullion
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan		$ 51,850	$ 35,168
Secured loan, percentage		64.10%	49.90%
Numismatic and semi numismatic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan		$ 29,089	$ 34,636
Secured loan, percentage		35.90%	49.10%
Other pledged assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan		$ 0	$ 700
Secured loan, percentage		0.00%	1.00%
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit quality indicator Loan-to-value threshold percentage	75.00%

Secured Loans Receivable (Narrative) (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2016 USD ($) class loan	Dec. 31, 2015	Jun. 30, 2016 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized loan commitment and origination fees and unamortized discounts or premiums \| $	$ 72		$ 86
Loans receivable average effective rate of interest (percentage)	9.00%	8.70%
Classes of receivables \| class	3
Loans receivable payment terms for interest	30 days
Delinquent period	30 days
Loan receivable liquidation period post default	90 days
Number of loans \| loan	0		0
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%

Inventories (Summary of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Inventory [Line Items]
Inventories	$ 169,457	$ 185,699
Restricted inventories	121,466	59,358
Restricted and Nonrestricted Inventory, Net	290,923	245,057
Inventory held for sale
Inventory [Line Items]
Inventories	69,054	81,006
Repurchase arrangements with customers
Inventory [Line Items]
Inventories	91,034	92,283
Consignment arrangements with customers
Inventory [Line Items]
Inventories	5,864	8,042
Commemorative coins, held at lower of cost or market
Inventory [Line Items]
Inventories	34	16
Borrowed precious metals from suppliers
Inventory [Line Items]
Inventories	3,471	4,352
Product financing arrangement, restricted
Inventory [Line Items]
Restricted inventories	$ 121,466	$ 59,358

Inventories (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Inventories (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Inventory [Line Items]
Inventory held for sale	$ 169,457	$ 185,699
Repurchase arrangements with customers	91,000	92,300
Consignment arrangements with customers	5,900	8,000
Commemorative coins, held at lower of cost or market	34	16
Borrowed precious metals from suppliers	3,500	4,400
Product financing arrangement, restricted	121,500	59,400
Unrealized gains (losses) included in inventory balance	(8,400)	12,700
Premium on metals position	5,718	4,627
Inventory held for sale
Inventory [Line Items]
Inventory held for sale	$ 69,054	$ 81,006

Plant, Property and Equipment (Summary of PPE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,351		$ 8,351		$ 5,561
Less: accumulated depreciation	(3,543)		(3,543)		(3,043)
Plant, property and equipment, net	6,063		6,063		3,482
Depreciation	275	$ 209	500	$ 415
Office furniture, and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,378		1,378		1,107
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	415		415		407
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,386		2,386		2,386
Plant equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,919		1,919		0
Building
Property, Plant and Equipment [Line Items]
Property and equipment, gross	306		306		0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,947		1,947		1,661
Property and equipment not placed in service
Property, Plant and Equipment [Line Items]
Plant, property and equipment, net	1,219		1,219		964
Land
Property, Plant and Equipment [Line Items]
Plant, property and equipment, net	$ 36		$ 36		$ 0

Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount - finite lived intangible	$ 10,896	$ 8,396
Accumulated Amortization	(6,616)	(6,409)
Net book value - finite lived intangible	4,280	1,987
Goodwill	8,881	4,620
Existing customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount - finite lived intangible	6,447	5,747
Accumulated Amortization	(4,421)	(4,214)
Net book value - finite lived intangible	$ 2,026	1,533
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
Intangibles subject to amortization
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount - finite lived intangible	8,642	7,942
Accumulated Amortization	(6,616)	(6,409)
Net book value - finite lived intangible	2,026	1,533
Trade Name
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,254	$ 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	Dec. 31, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2017 (six months remaining)	$ 236
2018	455
2019	455
2020	448
2021	70
Thereafter	362
Total	$ 2,026

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2012	Jul. 01, 2005
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to intangible assets		$ 111	$ 95	$ 207	$ 191
SilverTowne Mint
Finite-Lived Intangible Assets [Line Items]
Intangibles acquired	$ 2,500
Goodwill acquired	$ 4,300
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangibles				3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangibles				15 years
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%

Long-Term Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
Long-Term Investments (Details) $ in Thousands	Dec. 31, 2016 USD ($) investment	Dec. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) investment	Dec. 31, 2015 USD ($)	Jun. 30, 2016 USD ($)
Equity Method Investments and Cost Method Investments [Abstract]
Number of investments \| investment	2		2
Equity method investment	$ 7,452		$ 7,452		$ 7,373
Cost method investment	500		500		500
Equity and cost method investment	$ 7,952		$ 7,952		$ 7,873
Ownership percentage, 2nd investment	20.00%		20.00%
Income (loss) from equity method investment	$ 93	$ 94	$ 79	$ 506
Ownership percentage, 1st investment	2.50%		2.50%		2.50%

Accounts Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Accounts Payable, Current [Abstract]
Trade payable to customers	$ 5,471	$ 603
Advances from customers	45,850	36,369
Liability on deferred revenue	4,086	6,546
Due to brokers	7,866	1,250
Other accounts payable	2,572	2,001
Accounts payable	$ 65,845	$ 46,769

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

Derivative Instrument and Hedging Transactions (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Nettable derivative assets:
Gross derivative receivable	$ 33,759	$ 38,763
Amounts Netted	(2,048)	(5,031)
Cash Collateral Pledge	7,866	0
Net derivative receivable	39,577	33,732
Nettable derivative liabilities:
Gross derivative payable	75,716	43,870
Amounts Netted	(1,258)	(3,159)
Cash Collateral Pledge	(100)	(4,257)
Net derivative payables	74,358	36,454
Open sale and purchase commitments
Nettable derivative assets:
Gross derivative receivable	4,787	37,378
Amounts Netted	(1,603)	(5,031)
Cash Collateral Pledge	0	0
Net derivative receivable	3,184	32,347
Nettable derivative liabilities:
Gross derivative payable	69,692	2,938
Amounts Netted	(1,258)	(1,019)
Cash Collateral Pledge	0	0
Net derivative payables	68,434	1,919
Margin accounts
Nettable derivative liabilities:
Gross derivative payable	9,971	12,439
Amounts Netted	0	0
Cash Collateral Pledge	(4,556)	(4,257)
Net derivative payables	5,415	8,182
Future contracts
Nettable derivative assets:
Gross derivative receivable	11,665	0
Amounts Netted	0	0
Cash Collateral Pledge	7,866	0
Net derivative receivable	19,531	0
Nettable derivative liabilities:
Gross derivative payable	(3,986)	13,914
Amounts Netted	0	0
Cash Collateral Pledge	4,456	0
Net derivative payables	470	13,914
Forward contracts
Nettable derivative assets:
Gross derivative receivable	17,307	1,385
Amounts Netted	(445)	0
Cash Collateral Pledge	0	0
Net derivative receivable	16,862	1,385
Nettable derivative liabilities:
Gross derivative payable	39	14,579
Amounts Netted	0	(2,140)
Cash Collateral Pledge	0	0
Net derivative payables	$ 39	$ 12,439

Derivative Instrument and Hedging Transactions (Realized Gain (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Gains (losses) on derivative instruments:	$ (22,900)	$ 2,601	$ (19,009)	$ 17,008
Futures Commodity And Forwards Contracts And Open Purchase And Sale Commitments
Derivative [Line Items]
Unrealized (losses) gains on open future commodity and forward contracts and open sale and purchase commitments, net	(52,983)	(596)	(34,833)	3,220
Commodity Contract
Derivative [Line Items]
Realized gains (losses) on future commodity contracts, net	$ 30,083	$ 3,197	$ 15,824	$ 13,788

Derivative Instrument and Hedging Transactions (Hedging of Precious Metals Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Derivatives, Fair Value [Line Items]
Inventory	$ 290,923	$ 245,057
Commemorative coin inventory, held at lower of cost or market	(34)	(16)
Premium on metals position	(5,718)	(4,627)
Inventory value not hedged	(5,752)	(4,643)
Subtotal	285,171	240,414
Commitments at market:
Open inventory purchase commitments	654,274	550,810
Open inventory sales commitments	(254,251)	(237,325)
Margin sale commitments	(9,971)	(12,439)
In-transit inventory no longer subject to market risk	(5,079)	(7,363)
Unhedgable premiums on open commitment positions	2,972	400
Inventory borrowed from suppliers	(3,471)	(4,352)
Product financing arrangements	(121,466)	(59,358)
Advances on industrial metals	2,680	4,521
Inventory subject to price risk	550,859	475,308
Inventory subject to derivative financial instruments:
Market value of derivative financial instruments	550,075	474,979
Net inventory subject to commodity price risk	784	329
Precious metals forward contracts at market values
Inventory subject to derivative financial instruments:
Market value of derivative financial instruments	371,612	188,530
Precious metals futures contracts at market values
Inventory subject to derivative financial instruments:
Market value of derivative financial instruments	$ 178,463	$ 286,449

Derivative Instrument and Hedging Transactions (Outstanding Commitments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Derivative [Line Items]
Purchase commitments	$ 654,274	$ 550,810
Sales commitments	(254,251)	(237,325)
Margin sales commitments	(9,971)	(12,439)
Open derivative contracts	550,075	474,979
Forward contracts
Derivative [Line Items]
Open derivative contracts	371,612	188,530
Future contracts
Derivative [Line Items]
Open derivative contracts	$ 178,463	$ 286,449

Derivative Instrument and Hedging Transactions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Derivative [Line Items]
Derivative open positions expected settlement period			30 days
Unrealized (loss) gain on foreign exchange	$ (3)	$ 150	$ (9)	$ 111
Foreign Exchange
Derivative [Line Items]
Open inventory sale commitments	2,100		2,100		$ 2,000
Forward contracts
Derivative [Line Items]
Open inventory sale commitments	$ 5,200		$ 5,200		$ 4,400

Income Taxes (Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,590	$ 863	$ 2,649	$ 4,332
Effective tax rate (percentage)	36.70%	38.30%	36.10%	38.20%

Income Taxes (Income from Operations Before Provision and Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Operating Loss Carryforwards [Line Items]
Income taxes receivable from Former Parent	$ 0	$ 203
Income taxes receivable	1,429	7,318
Income taxes payable	5,745	0
Deferred tax assets - non-current	453	424
Deferred tax liabilities - non-current	3,933	7,245
U.S.
Operating Loss Carryforwards [Line Items]
Valuation allowance	(44)	(44)
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	13,500	16,600
Operating loss carryforward, tax effected	$ 1,200	$ 900

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Feb. 28, 2015
Related Party Transaction [Line Items]
Sales	$ 164,489	$ 166,087	$ 307,022	$ 426,547
Purchases	12,675	18,267	26,575	59,565
Receivable	3,017		3,017		$ 4,309
Payables	2,991		2,991		420
Income (loss) from equity method investment	93	94	79	506
Equity method investment	7,452		7,452		7,373
Income taxes receivable from Former Parent	0		0		203
Former Parent
Related Party Transaction [Line Items]
Sales	14,999	8,418	21,667	18,900
Purchases	12,137	3,564	23,336	30,568
Receivable	3,017		3,017		1,913
Payables	0		0		138
Former Parent \| July 23, 2015 Loan Agreement
Related Party Transaction [Line Items]
Short term loan receivable	2,800		2,800		1,400
Equity method investee
Related Party Transaction [Line Items]
Sales	137,460	157,087	266,536	403,956
Purchases	408	1,114	497	4,425
Receivable	0		0		2,396
Payables	884		884		0
Silvertowne
Related Party Transaction [Line Items]
Sales	12,030	582	18,819	3,691
Purchases	130	13,589	2,742	24,572
Receivable	0		0		0
Payables	2,107		2,107		$ 282
Short term earn out liability	400		400
Long term earn out liability	1,100		1,100
Short term notes payable	500		500
Affiliated entities
Related Party Transaction [Line Items]
Interest income	709	665	1,387	1,180
Affiliated entities \| Interest Income from Loan Receivable
Related Party Transaction [Line Items]
Interest income	22	11	32	32
Affiliated entities \| Interest Income from Finance Products
Related Party Transaction [Line Items]
Interest income	$ 687	$ 654	$ 1,355	$ 1,148
W.A.Richardson Builders, LLC (WAR)
Related Party Transaction [Line Items]
Contractual obligation						$ 1,500
Fees payable, percentage						5.00%

Financing Agreements (Details) - USD ($)	3 Months Ended		6 Months Ended
Financing Agreements (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Mar. 31, 2016
Schedule Of Financing Arrangements [Line Items]
Liability on borrowed metals	$ 3,471,000		$ 3,471,000		$ 4,352,000
Product financing obligation	121,466,000		121,466,000		59,358,000
Line of Credit \| Trading credit facility
Schedule Of Financing Arrangements [Line Items]
Interest expense, notes payable	$ 1,600,000	$ 1,100,000	$ 3,000,000	$ 2,300,000
Percentage of total expense recognized	63.50%	86.90%	64.20%	89.40%
Effective rate of interest	3.36%	2.72%	3.17%	2.77%
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
Line of credit, current borrowing capacity						225,000,000
Line of credit, accordion option						$ 50,000,000
Payments of financing costs			$ 900,000
Accumulated amortization of loan cost	$ 300,000		$ 300,000		$ 600,000
Variable rate basis			one-month LIBOR
Credit facility, interest rate at period end	0.77%		0.77%		0.47%
Borrowings due on demand	$ 185,000,000		$ 185,000,000		$ 212,000,000
Credit facility, remaining borrowing capacity	$ 81,400,000		81,400,000		$ 17,800,000
Credit facility, minimum required tangible net worth			$ 38,900,000
LIBOR \| Line of Credit \| Revolving Credit Facility
Schedule Of Financing Arrangements [Line Items]
Variable rate			2.50%
LIBOR \| Line of Credit \| Bridge Loan
Schedule Of Financing Arrangements [Line Items]
Variable rate			4.50%

Commitments and Contingencies Commitment and Contingencies (Details)	Aug. 31, 2016 ounce
Asahi Refining USA, Inc
Long-term Purchase Commitment [Line Items]
Operating leases, term of contract	1 year
Operating leases, renewal term	1 year
Lease fees, subject to adjustment	6 months
Supply Commitment \| Asahi Refining USA, Inc
Long-term Purchase Commitment [Line Items]
Supply commitment, term	3 years
Supply commitment, renewal term	2 years
Price subject to adjustment, period	6 months
Silver Products \| AM&ST Associates, LLC
Long-term Purchase Commitment [Line Items]
Purchase commitment, period	3 years
Purchase commitment, renewal term	2 years
Minimum quantity required (in ounces)	300,000
Price subject to adjustment, period	6 months
Guarantor Subsidiaries \| Asahi Refining USA, Inc
Long-term Purchase Commitment [Line Items]
Agreement to lease (in ounces)	100,000

Stockholders' Equity (Dividends and Narrative) (Details) - USD ($)										3 Months Ended		6 Months Ended
	Jan. 26, 2017	Dec. 01, 2016	Oct. 07, 2016	May 27, 2016	Feb. 29, 2016	Nov. 25, 2015	Oct. 05, 2015	May 25, 2015	Mar. 20, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends paid (usd per share)		$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Share-based compensation expense										$ 228,973	$ 38,670	$ 420,433	$ 77,341
Compensation expense not yet recognized										2,400,000		$ 2,400,000
Compensation expense not yet recognized, period for recognition												2 years 9 months 2 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense										$ 0	$ 14,804	$ 0	$ 29,608
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period												10 years
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										165,800		165,800
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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend declared (usd per share)	$ 0.08

Stockholders' Equity (Option Activity Rollforward) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Options
Options, beginning balance (shares)	581,527
Granted through stock option plan (shares)	100,000
Cancellations, expirations and forfeitures (shares)	(2,200)
Options, ending balance (shares)	679,327
Shares exercisable at end of the period	207,155
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 17.55
Granted through stock option plan (in dollars per share)	19.22
Cancellations, expirations and forfeitures (usd per share)	20.48
Ending balance (in dollars per share)	17.79
Shares exercisable at end of period (in dollars per share)	$ 10.07
Intrinsic value, balance	$ 2,301	$ 1,466
Intrinsic Value, Shares exercisable at end of period	$ 1,953
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share)	$ 6.17	$ 6.32
Shares exercisable at end of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 5.80

Stockholders' Equity (Options Outstanding, Range of Exercise Prices and Other Details) (Details) - $ / shares	6 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options outstanding, Number of Shares Outstanding (shares)	679,327	581,527
Stock options outstanding, Weighted Average Remaining Contractual Life	8 years 1 month 4 days
Stock options outstanding, Weighted Average Exercise Price (in dollars per share)	$ 17.79	$ 17.55
Stock options exercisable, Number of Shares Exercisable (shares)	207,155
Stock options exercisable, Weighted Average Remaining Contractual Life	5 years 9 months 17 days
Stock options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 10.07
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	5 years 10 months 6 days
Stock options outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.39
Stock options exercisable, Number of Shares Exercisable (shares)	110,267
Stock options exercisable, Weighted Average Remaining Contractual Life	5 years 10 months 8 days
Stock options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.40
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	5 years 9 months 11 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	5 years 8 months 22 days
Stock options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 11.98
Price Range $15.01 - $25.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Ranges, lower range limit (in dollars per share)	15.01
Exercise Price Ranges, upper range limit (in dollars per share)	$ 25
Stock options outstanding, Number of Shares Outstanding (shares)	346,200
Stock options outstanding, Weighted Average Remaining Contractual Life	9 years 3 months 28 days
Stock options outstanding, Weighted Average Exercise Price (in dollars per share)	$ 20.88
Stock options exercisable, Number of Shares Exercisable (shares)	0
Stock options exercisable, Weighted Average Remaining Contractual Life	0 days
Stock options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0.00
Price Range $25.01 - 60.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Ranges, lower range limit (in dollars per share)	25.01
Exercise Price Ranges, upper range limit (in dollars per share)	$ 60
Stock options outstanding, Number of Shares Outstanding (shares)	100,000
Stock options outstanding, Weighted Average Remaining Contractual Life	9 years 1 month 22 days
Stock options outstanding, Weighted Average Exercise Price (in dollars per share)	$ 25.50
Stock options exercisable, Number of Shares Exercisable (shares)	0
Stock options exercisable, Weighted Average Remaining Contractual Life	0 days
Stock options exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0.00

Customer and Supplier Concentrations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Concentration Risk [Line Items]
Revenues	$ 2,126,361	$ 1,529,143	$ 3,932,014	$ 3,536,079
Receivables, net	81,945		81,945		$ 43,302
Customer concentrations
Concentration Risk [Line Items]
Revenues	2,126,361	$ 1,529,143	3,932,014	$ 3,536,079
Receivables, net	$ 81,945		$ 81,945		$ 43,302
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%	100.00%
Revenue \| Customer concentrations
Concentration Risk [Line Items]
Revenues	$ 998,005	$ 480,355	$ 1,845,267	$ 1,121,697
Concentration risk, percentage	46.90%	31.40%	46.90%	31.80%
Account Receivable \| Customer concentrations
Concentration Risk [Line Items]
Receivables, net	$ 65,278		$ 65,278		$ 0
Concentration risk, percentage			79.70%		0.00%
HSBC Bank USA \| Revenue \| Customer concentrations
Concentration Risk [Line Items]
Revenues	$ 467,688	$ 281,473	$ 974,475	$ 615,026
Concentration risk, percentage	22.00%	18.40%	24.80%	17.40%
Mitsubishi Intl. Corp. \| Revenue \| Customer concentrations
Concentration Risk [Line Items]
Revenues	$ 300,848	$ 82,757	$ 504,741	$ 217,975
Concentration risk, percentage	14.10%	5.40%	12.80%	6.20%
US Mint \| Revenue \| Customer concentrations
Concentration Risk [Line Items]
Revenues	$ 229,469	$ 116,125	$ 366,051	$ 288,696
Concentration risk, percentage	10.80%	7.60%	9.30%	8.20%
Customer A \| Account Receivable \| Customer concentrations
Concentration Risk [Line Items]
Receivables, net	$ 65,278		$ 65,278		$ 0
Concentration risk, percentage			79.70%		0.00%

Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Geographic Information (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 2,126,361	$ 1,529,143	$ 3,932,014	$ 3,536,079
Total inventories	290,923		290,923		$ 245,057
Assets	536,984		536,984		437,147
Long term assets	27,629		27,629		18,886
United States
Segment Reporting Information [Line Items]
Revenues	2,009,168	1,402,860	3,719,247	3,256,132
Total inventories	283,691		283,691		224,617
Assets	528,555		528,555		413,621
Long term assets	27,570		27,570		18,824
Europe
Segment Reporting Information [Line Items]
Revenues	56,565	42,616	103,585	94,748
Total inventories	2,339		2,339		5,258
Assets	3,536		3,536		8,344
Long term assets	59		59		62
North America, excluding United States
Segment Reporting Information [Line Items]
Revenues	55,247	73,860	100,050	160,645
Total inventories	4,068		4,068		12,691
Assets	4,068		4,068		12,691
Asia Pacific
Segment Reporting Information [Line Items]
Revenues	4,039	8,999	6,574	22,265
Africa
Segment Reporting Information [Line Items]
Revenues	0	18	0	63
Australia
Segment Reporting Information [Line Items]
Revenues	1,342	790	2,558	2,194
South America
Segment Reporting Information [Line Items]
Revenues	0	$ 0	0	$ 32
Asia
Segment Reporting Information [Line Items]
Total inventories	825		825		2,491
Assets	$ 825		$ 825		$ 2,491

Subsequent Events (Details)	Jan. 26, 2017 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (usd per share)	$ 0.08