Gold.com stock has pulled back after a yearlong rally, creating an entry opportunity. The stock is a buy. By Dan Victor
The bull market in precious metals isn't confined to companies digging ore from the ground.
The sharp rise in gold and silver prices has been a boon for an entire industry, including often overlooked businesses such as retail sales, wholesale trading, and metals financing. Gold.com aims to dominate these categories.
The company is involved in the entire downstream precious-metal supply chain -- from refinery operations, the minting of investment-grade numismatic bullion, worldwide transportation, and storage services to online precious-metals retail. That closed loop -- a compelling business in the current environment -- appears undervalued, with Gold.com sporting a $1.3 billion market capitalization and trading at just 13 times earnings.
The stock has more than doubled over the past year, helped by record transaction volume. After a 33% pullback in recent months, the pieces are in place for Gold.com to shine again. We recommend buying the dip in this category leader, positioned to rebound back to $66 from its Wednesday close of $44.99, corresponding to a potential return of nearly 50%.
According to the World Gold Council, total gold demand " smashed records" in 2025, exceeding 5,000 metric tons for the first time, driven by investment flows. Purchases of physical bars and coins grew 30% year over year in the fourth quarter, supplying a tailwind for Gold.com's business. In the company's latest fiscal second quarter, revenue surged by 136% year over year to $6.5 billion, while net income of $11.7 million was up from $6.6 million in the prior year.
Unlike miners, whose growth is tied to commodity pricing, Gold.com's core earnings are driven by the spread it captures on each transaction -- the difference between what customers pay and the metal's spot price.
In a report this month, D.A. Davidson analyst Michael Baker wrote that "market volatility, including for precious-metals pricing, is continuing to lead to wider spreads," a setup that should drive strong profit growth and carry Gold.com stock higher. Baker maintains a Buy rating on the stock with a $60 price target, implying 33% upside from the recent levels.
Formerly known as A-Mark Precious Metals, the Costa Mesa, Calif.--based company rebranded after acquiring the flagship website domain and relisted on the NYSE last year. The move unifies a portfolio of more than 20 brands that has expanded as part of a continuing roll-up of smaller competitors.
Gold.com now provides a home for leading online dealers such as JM Bullion, GovMint, Stack's Bowers, Pinehurst Coins, and Monex, together commanding an estimated 30% share of the online North American precious-metals retail market. The company also has a major presence in Asia and exposure to Europe. It also owns Silver.com.
With each brand pulling in a loyal following, Gold.com now counts 4.4 million direct-to-consumer customers, including 96,100 more this past quarter. Within that customer base, the company served 229,100 active customers during the quarter compared with 147,300 in the period last year, though the increase includes new customers added through acquired brands. The expectation is that all customers will continue to log return visits at regular intervals.
Central to Gold.com's leadership is its status as an authorized distributor for high-profile sovereign mint products, such as American Silver Eagles and Canadian Gold Maple Leafs -- government-backed coins that routinely sell out during limited production runs. That dynamic is not a problem. As CEO Greg Roberts pointed out on the most recent earnings call, "When Silver Eagles go on allocation and become scarce, customers tend to buy our other private mint products."
These proprietary bars and coins, valued for their metal content and collection appeal, represent a higher-margin engine for the business. Gold.com is attempting to capitalize on this segment by completing a takeover of Sunshine Minting this month, making it the sole owner of one of North America's largest private mints. This move expands the company's finished product capacity to more than three million ounces a week, allowing it to reach more customers and shift the product mix toward higher-margin branded bullion.
What ties the consumer-facing businesses together are two less visible, if high economic moat, divisions. A-M Global Logistics operates a network of distribution hubs and secure depositories, capable of moving physical bullion at scale. Its Collateral Finance subsidiary offers commercial loans secured by precious metals. By generating interest and fee income, the services arms, which contributed approximately 40% of the company's gross profit last fiscal year, represents an important source of cash-flow stability independent of the commodity price.
Gold.com has also taken steps to broaden into financial technology. In February, the company received a $150 million strategic investment from stablecoin issuer Tether, establishing a gold-leasing facility to handle the logistical infrastructure for Tether's gold-backed stablecoin offering. The two companies plan to collaborate on tokenized real-world assets, representing an ownership stake in physical bullion traded on Tether's blockchain technology that leverages Gold.com's existing CyberMetals digital investing accounts network. This category is seen as a growth driver for the company aiming to bring in younger, digitally native customers.
Gold.com is scaling up and doing so profitably. The consensus among Wall Street analysts is for the company to achieve organic top-line momentum and double-digit earnings growth through 2027. Reinforcing its strong fundamentals, it recently expanded its share-repurchase authorization, which now represents a potential buyback yield of 7.1%. Separately, Gold.com pays a regular quarterly dividend yielding 1.8%.
Without a directly comparable publicly traded competitor that matches Gold.com's positioning, the company stands out as a high-growth retailer, commodity trader, and fintech innovator. Shares should command a much higher valuation premium than its current multiple, returning to a price/earnings ratio that peaked above 20 times in 2021 as the market begins to recognize the platform's potential. For now, the stock looks like a bargain, and for investors who already own mining stocks, a Gold.com holding can act as a portfolio diversifier that could outperform to the upside.
The main risk isn't so much its direct exposure to precious-metals prices, but how sharply lower gold or silver prices might limit sentiment toward the asset class and hold back transaction volumes, affecting earnings. Historically, gold has been sensitive to interest rates, and a scenario of sharply rising real yields limiting the appeal of nonyielding assets could also pressure shares. As a small-cap stock, wide swings of volatility can be expected , as was the case at the start of this year .
Ultimately, the bet is that precious metals remain a trusted store of value and a global monetary anchor, fueling demand in the physical bullion that Gold.com manages. It's a coin worth stacking.
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(END) Dow Jones Newswires
April 17, 2026 21:31 ET (01:31 GMT)
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