So I think this LPM transaction is the right size for A-Mark at the moment, but I think we thought long and hard about this deal. And I think A-Mark is very focused on being able to continue everything that we’ve talked about and everything we’ve been able to do in the past, we want to make sure that everything is sized properly, so that we can look at things from a risk to reward standpoint without having to be tight. And I think the key components for us are continuing our dividends, continuing to buy back stock when we believe that the stock is undervalued and returning shareholder value that way, as well as being able to take the advantage of opportune inventory, times and things that we can buy and add to our inventory, as well as taking advantage of M&A opportunities when we are able to look at results of targets and be able to negotiate from a little bit more from strength.
The results from targets we’re looking at aren’t going to be as robust as maybe they would have been two years ago. So I think the company is very well positioned, and we’re very thoughtful in all of these sizing and the transactions we’re looking at and feel very good that we’re in this for the long haul and we can make very good decisions and take advantage of all of these opportunities as they present themselves.
Operator: The next question is coming from Andrew Scutt from ROTH MKM.
Andrew Scutt: First, I’d just like to ask a few follow-ups on LPM, just maybe ask a little bit differently. So you mentioned in the prepared remarks that you see opportunities in leveraging your own inventory to help LPM secure larger orders. So I was just kind of wondering how many SKUs or products whatnot you’ll be able to provide to LPM? And then kind of secondly on that, Asian consumers, I guess, you could say have a higher propensity to invest their personal wealth in precious metals than Western consumers, so do you kind of see — like you said, maybe expanding into Singapore, but just further growth opportunities there?
Greg Roberts: Absolutely. So as the prepared remarks illustrated, LPM has operated over the last 10 years with a balance sheet that has more likely than not restricted a little bit the amount of inventory in precious metals that they are able to buy and hold. I think that one of the great, you could call it a synergy or you can call it an opportunity is that, it gives LPM the opportunity to work out of A-Mark’s inventory. So as we take these opportunities to buy new inventory at favorable premiums or prices, we will start to take into consideration what LPM believes they can sell. And when we talk about larger purchases in the marketplace, the more you buy the cheaper the price. So as LPM can identify products they can sell and take advantage of A-Mark’s balance sheet to help purchase more and hopefully get a discount, that will be a synergy that LPM will be able to take advantage of.
It will also be helpful for our own wholesale and retail business in North America that if we can get a bigger price and LPM helps us sell through 30%, 40% of what we’re buying, it’s going to make A-Mark stronger and have better negotiating power when we look to buy products, if that makes sense and answers your question.
Andrew Scutt: And then just one more follow-up. So kind of in the last 12 months, you guys have acquired a handful of additional businesses, entered a few new geographies. Meanwhile, the mints, owned mints have been running at near or at full capacity. I know there’s kind of oversupply in the market right now, but maybe over the medium term, could you share any thoughts around the mint capacity expansion?
Greg Roberts: I mean, at the moment, we’re not looking too much for expansion. We’re comfortably at the moment managing the production out of the SilverTowne Mint. We have been fortunate enough that the SilverTowne Mint does a great job at pivoting and being very nimble when it comes to what they produce. So whether it’s 1 ounce rounds or 100 ounce bars or specialty products, whatever it is, we’re able to keep them busy with altering or adjusting what product they’re making every week. So this is just a balance and production discussion that we go through once or twice a week on what we want them to manufacture. At the moment I don’t see a situation where we need to grow the production ounce numbers at either Sunshine or SilverTowne.
But as the premiums tend to contract, there is a fixed cost to manufacturing this product, and I do believe that we could see opportunity if we get a prolonged lower premium environment, we could find a situation where a smaller mint just can’t make money at the prices that we can produce at and that may give us an opportunity to acquire some equipment or to do an M&A type activity as it relates to minting. I think there will be opportunities down the road, but nothing that we’re focused on at the moment.
Andrew Scutt: And last very quick one for me. You’ve been mentioning being opportunistic in acquiring inventory. Do you guys, just kind of with the potential volatile election year coming up, do you guys have an optimal inventory level in mind or are you guys thinking of that as you’re acquiring additional inventory?
