Good afternoon, and welcome to A-Mark Precious Metals Conference Call for the fiscal fourth quarter and full year ended June 30, 2018. My name is Jeremy, and I will be your operator this afternoon. Before this call, A-Mark issued its results for the fiscal fourth quarter and full year 2018 in a press release, which is available in the Investor Relations section of the company's website at www.amark.com. You can find the link to the Investor Relations section at the bottom of the homepage. Joining us for today's call are A-Mark's CEO, Greg Roberts; President, Thor Gjerdrum; and CFO, Cary Dickson. Following their remarks, we will open the call to your questions. Then, before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of A-Mark's website. Now would like to turn the call over to A-Mark's CEO, Mr. Greg Roberts. Sir, please proceed.

Thank you, Jeremy and welcome everyone. Good afternoon, and thank you for joining us again on our quarterly conference call. Throughout fiscal 2018, we continued to execute on our long-term strategic plan to expand our platform of products and services and increase our market share in the global precious metals trading and finance markets. The major initiatives of this plan include introducing several new customer-facing products, including a customer repository business to monetize the assets we acquired in our Goldline purchase. In addition, we also implemented various programs to drive growth and profitability in our Wholesale Trading & Ancillary Services segment. While our financial results for the fourth quarter and full year did not meet our expectations, primarily due to our Direct Sales segment/Goldline and low levels of activity in the precious metals market, we did further diversify our business model to create additional and more predictable sources of income and to enhance our capabilities and profitability. One of our most effective changes involved building our Secured Lending segment through our CFC subsidiary, which continued to generate impressive results. In fact, this segment of our business grew meaningfully in fiscal 2008. The number of secured loans increased 48%, which helped drive $9.6 million of interest income for CFC and contributed to the record $16.1 million of interest income for the company. And due to CFC's impressive growth, scale and other factors, CFC will now be reported as a separate segment beginning with our fiscal 2018 10-K, which will be filed shortly. Now before I continue, I'd like to invite our CFO, Cary Dickson, to walk us through the financial details for the fiscal fourth quarter and full year 2018. Then our President, Thor Gjerdrum, will discuss our key operational metrics for these periods. After that, I will return to talk more about our operational progress, initiatives, and outlooks and take any questions you may have.

Thank you, Greg and good afternoon everybody. Turning to our financial results for the fiscal fourth quarter and full year ended June 30, 2018. Our revenues for fiscal Q4 2018 increased 33% to $1.77 billion from $1.33 billion in the same year-ago quarter. For the full year, our revenues increased 9% to $7.61 billion from $6.99 billion in the same period last year. The increase in revenues for Q4 was due to an increase in gold ounces sold, gold prices and forward sales, offset by lower silver ounces sold and lower silver prices. For the full year, the increase in revenues was due to higher gold prices and forward sales, offset by a decrease in total amount of gold and silver ounces sold and silver prices. Gross profit: Gross profit for the fiscal fourth quarter of 2018 decreased 5% to $5.8 million, or 0.33% of revenue, from $6.1 million, or 0.46% of revenue in Q4 last year. The decrease in gross profit was primarily due to lower silver ounces sold, margins and trading profits compared to the same year-ago quarter, offset by gross profits from our Direct Sales segment, Goldline. For fiscal year 2018, the gross profit decreased 6% to $29.4 million, or 0.39% of revenue, from $31.3 million, or 0.45% of revenue, in fiscal 2017. The decrease in gross profit was primarily due to lower silver ounces sold, margins and trading profits compared to the prior fiscal year, offset by the gross profit from our Direct Sales segment. Turning to our expenses: Selling, general and administrative expenses increased 38% to $7.7 million from $5.6 million in the same year-ago quarter. The increase was primarily due to SG&A related to our Direct Sales segment of $2.2 million as well as legal and consulting costs of $0.3 million, partially offset by…

Thanks, Cary. Turning to our key operational metrics for the fourth quarter and full year fiscal 2018, our first key metric, gold and silver ounces sold represents the ounces of metal we sell and deliver to customers, excluding any ounces recorded on forward contracts. This metric reflects the volume of physical business we are transacting without regard to changes in commodity pricing, which figure into revenue and can mask underlying business trends. During the fourth quarter, we sold 586,000 ounces of gold, which is down 5% from the prior quarter and up 98% from fiscal Q4 of last year. For the full year period, we sold 1.9 million ounces of gold, which is down 12% compared to last year. Turning to silver, during Q4, we sold 8.6 million ounces of silver, which is down 24% from the prior quarter and down 39% from Q4 of last year. For the full year period, we sold 46.5 million ounces of silver, which is down 42% compared to last year. The second key metric we track is wholesale trading ticket volume, which is the total number of orders processed by our trading desk in Europe and in the U.S. In periods of high volatility, there's generally increased trading in the commodity markets and increased demand for our products, which translates into higher business volumes. During fiscal Q4, our wholesale trading ticket volume decreased 10% to 25,919 tickets from the prior quarter and decreased 8% from Q4 of last year. For the full year period, our trading ticket volume increased 2% to 114,935 tickets compared to the same period last year. The increase in our trading ticket volume is primarily the result of increase in customer usage of our online portal, which now offers 24/7 trading. The third key metric we evaluate is inventory…

Thanks, Thor. Building on my earlier remarks, we continue to focus our efforts around strategic initiatives that will diversify and strengthen our platform. As I have alluded to in previous calls, the activity in the precious metals market, both in terms of demand and volatility, have remained at unprecedented low levels since the 2016 election. These trends have affected everybody in our industry, including the U.S. Mint, where sales of both gold and silver were at multi-year lows. In fact, mint sales of silver were down 66% sequentially and 60% year-over-year in the fourth quarter. That being said, we have seen significant improvement in the reported mint numbers in Q1. In fact, the last three weeks, the numbers reported by the mint have increased significantly. This appears to be a reflection of increased demand due to lower gold and silver prices as well as other macroeconomic issues. Throughout fiscal 2018, we focused our time and resources on various initiatives to drive growth and profitability in our wholesale trading unit, which is A-Mark's legacy business. We have created a solid foundation and a stable base of institution -- institutional, industrial and wholesale customers. This translate into unique consignment offerings, developing innovative volume products through our sovereign mint relationships and producing customer-branded products through our SilverTowne Mint, all of which continue to differentiate the A-Mark brand within the industry. In addition, we introduced several new customer-facing tools and products, including a 24/5 online trading portal in Q3 followed by our 24/7 online trading portal in Q4. Our team is actively marketing the portals to customers who have provided positive feedback and update. Another key component of our Wholesale Trading & Ancillary Services segment is our minting operations through our majority ownership of SilverTowne Mint. The mint continues to meet expectations and provides…

[Operator Instructions].

No questions.

Seems there are no questions at this time and I would like to turn the call back to Mr. Roberts for closing remarks.

Thank you, Jeremy. Thank you all for joining us today. We appreciate your continued support, and we look forward to updating you on our next call.