Sy Jacobs

Sy Jacobs asked for a quantification of the financial impact of backwardation in the silver market on Gold.com's hedge losses in Q2 2025 compared to Q2 2024, and whether the swing back to contango would result in a positive number. He also inquired about other commercial opportunities arising from the Tether agreement beyond storage and capital, such as Gold.com acting as an agent, broker, or dealer for Tether's gold transactions.

Answer

Gold.com CEO Greg Roberts estimated a $10-$12 million year-over-year swing in Q2, from a roughly $6 million contango gain in Q2 2024 to a $5-$6 million loss in Q2 2025 due to backwardation, highlighting its material impact, especially during slower periods. He expressed satisfaction with the market swinging back towards positive contango, despite current silver market volatility. Roberts emphasized that the Tether relationship is a 'two-way street' with many discussed but unformalized opportunities, including utilizing Tether stablecoins on retail platforms and potential collaboration on the Gold.com credit card, seeing Tether as a great partner for Gold.com's growth in physical gold markets.

Sy Jacobs asked for a quantification of the financial impact of backwardation in the silver market during Q2 and whether a return to contango would result in a positive swing. He also inquired about other potential commercial opportunities with Tether beyond storage and liquidity.

Answer

CEO Greg Roberts estimated a $10-$12 million year-over-year swing from a contango gain in Q2 2024 to a backwardation loss in Q2 2025, expressing hope for a continued positive swing. He emphasized that the Tether relationship provides crucial liquidity to manage volatility. Roberts also highlighted numerous unformalized, mutually beneficial commercial opportunities with Tether, leveraging their large customer base and Gold.com's expertise.