Greg Roberts: Yes. I mean I think we indicated a little bit on our last call that the quarter — our Q4 that just — that we’re reporting on here, had a very strong April and May. We carried a really big number in that period, with a good portion of the success and the profits coming in April and May. June did start to slow down a little bit. And I would say July, in general, had a number of things that, I guess, I would call light headwinds. We had, as you pointed out, July is usually our slowest month, so we had some seasonality. I think that the risk off atmosphere in the overall market, in July, you saw a complete change in sentiment as it relates to what’s going on in the global equity market. And I think that risk off, as we have said in the past, does cause a bit of a slowdown on the demand side.
At the same time, we saw a bit more supply. And we had a bit more product coming into the marketplace. A lot of that, we created ourselves. We have a bit more capacity right now. So I think the combination of those things, particularly the last couple of weeks of June and throughout July, caused some, what I call, premium compression. And as a lot of people that follow our business knows, if they look around Silver Eagles in particular, are cheaper today than they were in May or in April as it relates to premium. So you’ve seen, like I said, a bit of compression there. And that can trickle down a little bit into our proprietary products and some of the other products that we sell. As I said in the prepared remarks, we have seen some improvement, which is good in August.
I think it coincides a bit with a change in sentiment in the overall market. I note that on August 1, it just felt completely different in the equities markets than it did in July. And I think we’re seeing some customer response to that. In particular, the last couple of weeks of August, we’ve seen a significant increase in demand. Premiums still are fairly low, but it doesn’t take a lot for us on the demand side to really take care of any excess inventory we may have. So not surprising to me after such a strong April and May that we would hit a little bit of a slowdown in June and July, but like I said, I think we’re still very happy with the performance, and I think the overall business of A-Mark in total is operating as I would expect it to in this environment.
So hopefully, that answers the question.
Lucas Pipes: Very, very helpful. And — and what I’m hearing is that premiums are maybe somewhat weaker, but volumes are stronger. Is that fair to say? And if so, is there any way to put some numbers around that?
Greg Roberts: Again, that’s a specific question. It’s a challenge to answer without a bit more context. We have been fortunate enough over the last 60 days to sell a tremendous amount of ounces in 100-ounce silver bars that we produce at SilverTowne. That demand has been very good, and the premiums have maintained. I think the one area that is out there, you can identify the information. It’s public on the U.S. Mint’s website is the United States Mint in July has been able to produce a few — a significantly larger amount of Silver Eagles that it had in April and May. So you have had a little combination of a drop in demand, but you’ve had a little bit of extra supply on Silver Eagles. Now, we have been very active in the last couple of weeks, two weeks in particular that we have been testing the market on a number of products.
