Greg Roberts : I think first and foremost, as I look at our numbers for this quarter and I look at our premiums that we’re dealing with. I think that the new customer acquisition funnel that we get across all of the platforms are robust. I think our new client acquisition and our ability to take customers from our competitors and our ability to just onboard new customer’s I thought it was a great month for that considering the environment. We did test on a number of occasions at JM Bullion in the last 90 days. We’ve tested really what price we need to sell product at. And we set goals for ourselves as to how many ounces we might be able to sell. If we were to test some lower premiums and some lower sale prices, I believe that was only possible in the current environment.
And I will say that our customer base reacted better than I expected. We had a number of promotions in the last 90 days where I set what I thought were some very high end goals for what would be expected results And I think the team, at JM. Bullion and in the DTC segment, they performed very well. So I was very pleased with what we were able to gain as it relates to knowledge and what I believe we gained as it relates to new customers and taking market share from our competitors. So I was very pleased with that. I think that JM Bullion in particular is the lead bowl in our DTC segment, their results have been astronomical in previous quarters. As you can see, they at times contributed 60% of our gross profit. So JM Bullion, in particular, it was a very high bar for them to match or to keep up with.
And we are we did see a slower result in this quarter, which we will report. I think that a couple of things on the positive note. Some of the smaller platforms and brands that we acquired over the last 12 months to 18 months. Bullion Max, in particular, we saw some — some increased demand at very high average order value this last quarter from customers on that platform, numbers that we really hadn’t seen in the diligence before we bought them. And I attribute that to Rob and his team at JM Bullion as it relates to their marketing and their taking over of that website. So definitely a positive on that particular platform from what we’re seeing. We’ve also seen a shift to a number of orders that are very large, from a dollar perspective and are concentrated in gold over the last 90 days.
And we have seen a bit of a shift in our market mix, our product mix moving over to gold from silver, which is reflected in our results and that that gold is usually slightly lower margin for us than silver and we attribute that and those orders, those very large orders, we think that is very healthy in that it relates to some large customers that are placing big orders. So, overall, I thought all of our platforms did very well. I think JM had a very high bar so in looking at the results it feels like maybe they underperformed, but in the environment we’re in I feel like all of our DTC brands did very well considering the environment.
Andrew Scutt: That’s great to hear you’re finding ways to navigate the weaker environment. My second one for me is just on the two mints. Could you just comment on the production out of the mints in the quarter and maybe if the waning demand would change your thought process on production rates moving forward?
Greg Roberts : Yes. I think that the mints have done very well. The mints have navigated managing expectations and what can be expected in the current environment. I can say that I think they have really outperformed and have been very nimble and flexible in what they produce, and I think one of the beauties and positive takeaways that I see in our business for the next 10 years is our ability to shift production in a week to the products that we can sell. And I think we have been very fortunate that Jamie at SilverTowne and Tom Power at the Sunshine Mint and Jason at Sunshine that runs things for Tom, they’ve been very, very good at shifting products daily, and we’re able to pivot to whatever we can sell and we’ve been very fortunate over the last three to four months that we’ve had a very good demand for larger size silver bars and we’ve been able to pick up our production and shift it to that product that we can sell, which just again keeps us nimble and keeps us ready to take advantage of when and if we need to shift back to one ounce silver products that that maybe are a little less in favor at the moment.
But I can’t say enough about the employees, management at the mints keeping everybody busy, managing the production, and cutting back on overtime and watching their expenses and it’s just — it was a very good job this quarter by our mints.
Andrew Scutt: Great. Well, appreciate the detail, and thanks again for taking my questions.
Greg Roberts : Sure. Thank you
Operator: Thank you. Your next question is coming from Greg Gibas of Northland Securities. Greg, your line is live.
Greg Gibas: Hi. Good afternoon, Greg, Thor and Kathleen. Thanks for taking the questions. I think apologies if I missed it, but did you kind of — did you see more or less margin compression with the wholesale business versus DTC wonder if you could just kind of speak to that?
