We'll go ahead and get started with the next presenter. Presenting would be Thor Gjerdrum with A-Mark Precious Metals. Thor, take it away.
Good afternoon. I'm Thor Gjerdrum. I'm the President of A-Mark Precious Metals. I'm joined today by our CEO, Greg Roberts, our CFO, Cary Dickson. Let's get started. A quick look at cautionary statements. Let's get right into our metrics. Just a quick overview of some key metrics on A-Mark. I think we closed at about $15.75 today. Our average volume is only about 13,000 shares a day, and our total shares out there are only about 7 million. We don't see a lot of volume in our shares because about 44% is owned by management and the board. We have a reasonably high amount of institutional holdings as well. Our market cap is around $110 million today. Our book share, we talk about book share by the way, as I get into our business, you'll understand this a little better.
The $8.30 a share is actually you could liquidate our business in a matter of a few days, and you'd have over $8 a share in cash in the bank. We've been around since 1965, over 50 years. We have 83 employees, and if that number is correct, our revenue is $7.4 billion. I think we'll actually end our current fiscal year probably in the 6 billion range. Our total assets are over half a billion dollars, and our operating lines of credit, $275 million it says there. That includes an accordion that's not currently exercised on a day-to-day basis. We use $225 million currently, and we do pay a dividend of $0.08 a share per quarter. What does A-Mark do? A-Mark is a full service dealer of precious metals, including gold and silver bullion. We're North America's largest physical metal merchant.
We are official distributors for all of the sovereign mints, the largest mint being the United States Mint and the Royal Canadian Mint. We're also distributors for The Royal Mint in the U.K., mints such as the Austrian Mint, which makes the Philharmonic product, and the Rand Refinery that makes the Krugerrand. We have a series of value-added products which are key components to our business that we'll go through. In those products and services, we offer custom coin programs, financing and liquidity vehicles for our customers, commercial counterpart hedging, and full service storage and logistics, which is a big part of our business today. Most recently, full service minting. We acquired a majority stake in SilverTowne Mint in Indiana, and we manufacture SilverTowne branded products at that facility as well as products for our customers. Quick history, I'm going to start with 2009.
During the financial crisis, we saw significant expansion in the precious metals business. We opened a desk in Vienna. It says 17 hours a day there, we actually recently have increased and are open 22 hours a day, five days a week. We were spun off into a standalone public company. We were previously a subsidiary of a public company, and we spun off and became a standalone company in March of 2014. We opened our own logistics center in July of 2015. As I mentioned, not only do we pay a dividend, we recently increased that dividend to $0.08 a share per quarter. Let's talk about our products and what we do. A-Mark makes a two-way market in gold, silver, platinum, and palladium coins.
Our primary products are the sovereign mint products such as a United States Silver Eagle, United States Gold Eagle, Royal Canadian Maple Leafs. We offer a variety of bars for investment and industrial use. We're one of only 11 authorized purchasers for the United States Mint in all of their products, their gold, silver, and platinum products. We develop a series of custom coin programs for a specific group of our customers, which I'll go over. We supply to industrial manufacturers, which, for example, would include a sovereign mint buying grain or large bars, melting that down, and striking that into coins for sale to the retail and investment public. We mint products as well, both to sell through our wholesale arm as a product for our retail customers.
The physical side of our business, the buying and selling of coins, was the primary business of A-Mark for most of its existence. Subsequent to the crisis, when the business really grew, it became clear to us as the market changed that we really had to develop a series of complementary services to expand and to take more market share in our industry. Some of the key services that we've established are CFC. We're a licensed California Finance Lender. We have about a $90 million book today of loans where we're holding the metal in our control. We make an advance to the customer for about 80% of the underlying spot value of the metal. We charge them a rate. They pay interest in arrears. The tenor of the loans are all short-term.
They're anywhere from demand to six-month loans. We've seen significant demand for that product in the last year. I think even three years ago, it was a $35 million portfolio. Last year, $70 million, we're now over $90 million in loans in that portfolio. We offer storage services for our customers. I'll talk about that with the logistics piece, but that's a critical piece. Offering storage to your customers really allows you to create a captive customer. Once you have their metal in your facility, they just tend to do more business, whether they buy more from you, sell it back to you, or are adding to the position. The fees you earn on storage are not a huge number, but it's a key component to growing your relationship with your customer.
Logistics services, I'm going to talk about that when I go through the internet retail piece in particular, but that is a key full cycle business we offer to the internet side of the market. Minting we talked about a little bit. I do want to say about the mint, because the mint which we closed in September, is now producing about 1 million ounces a month of silver product. It has the capacity to easily double that amount in an active market. We've been very happy with how they've performed to date, but we are developing a series of products such as our stackable product, which is a new style of silver product for our customer base, and we just recently struck our first sovereign mint product or a turtle coin, which we're starting to see demand for in Europe.
The point being that in addition to making product for ourselves, making product for our customers, making custom products for our customers, where we historically have utilized third-party mints to manufacture that stuff for us, we now have capacity to produce our own product in tighter markets and to make higher premiums and capture more profit in that process when we create specialty coins for our customers. Historically, A-Mark utilized third parties such as Brink's for all of our logistics services. When we talk about being a physical metal merchant, we talk about our $6 billion-$7 billion in revenue. We are physically delivering $6 billion-$7 billion in product to our customer base. We historically utilized Brink's and paid them man-hour fees and storage fees to operate and manage our product and ship it to our customers.
We've now centralized all of that in our facility in Las Vegas. Not only is it a large single center for our primary wholesale business, which saved us a half a million dollars to $1 million a year in annual logistics costs, it also created a platform for us to market to the ever-growing internet base of business today. 10 years ago, the retail business, which has gone from maybe a third to almost half of our business today, was TV, radio, people walking into stores. The internet is a multi-billion dollar business.
By having this facility and by signing exclusive supplier agreements, having inventory available, hedging for the customer, providing liquidity to the customer, having them transmit their orders to our facility and shipping thousands of orders per day by UPS and FedEx directly to their homes, we have been able to expand our market and offer a platform that allows us to gather more customers into our facility. Really, this facility provides us with quite a base going forward, whether it be the long-term cost savings of our wholesale operations and being able to offer services to existing customers and new customers. We also now have IRA custody storage in that location. We continue to see interest and growth in that facility, and it was really a fundamental shift in what we do, where we have complete control and a complete full-cycle product for our customers.
I talked a little about the finance book, so here's some more specific statistics. As you can see, really from the second quarter, our year end is June, by the way, so Q2 of 2016 is actually December of 2016, excuse me, December of 2015, and you've seen our book growing from $63 million at that time to $91 million as of our most recent quarter and a significant increase in the number of loans that we offer. These are all bullion-based loans that are backed by gold and silver, as I mentioned. I did also want to mention on this slide, when you look at our financial statements, you will see we talk about our finance book. On the face of our financials, the secured loan business is exactly this portfolio we're referring to.
For our wholesale side of our business, which is equally important, we provide financing to the dealers and a variety of customers that trade with us, and we call that our repo product. That book is even higher than this number, and we earn a finance spread on that as well. When you look at our financials and you look at our gross profit, you have to also look at our interest income, because the interest income is really operating, although it's below the line, it's really operating income from the perspective of that interest income is being generated by the marketing of our secured loan product as well as the financing we offer to our primary customers. The internet retail business has completely replaced or come close to completely replacing your traditional retail segment.
Our 3 customer types, financial institutions, industrial manufacturers, and retailers, the financial institutions were historically the largest component. That retail piece has grown immensely, and that's really due to migration to the internet. Most of the brick-and-mortar corner stores that had local customers that came in and bought precious metals are gone, and that's been entirely replaced by the internet business. There's still a reasonably strong, I'm sure you see it on Fox News and CNBC, precious metals being sold on television. There are a few in that segment today that still make a pretty good living, but the bulk of it has really moved to the internet. These custom coin programs really were designed to give those customers an edge because the internet is very much a game of price.
By having a unique product with a unique story that they could sell for a little bit greater margin, it allowed us to incrementally increase the business we do with our customers, and in fact, they tend to do more primary business with us as a result when we reward them with one of these programs. We have now done, I believe, over 60 of these programs where just completely incremental to our business, we've developed specialty programs that are designed specifically to market to the customer base of a variety of internet and, as I mentioned, the TV and radio people as well, where it really just gives them something to compete and talk about. We work very actively to have a pipeline of these customers to enhance our margins. Back to our primary business.
When you look at the market today, the physical market is relatively flat today. Since the Trump election, the customers that were typically fearful of government and frankly, the Obama administration, they became pretty happy folks when Republicans took control, the retail side has definitely seen lower demand as people wait to see how things play out with Trump. That has resulted in not a lot of volatility or demand in our business in the most recent quarter. Volatility is really key to our business, especially a downtick. When you see a small downtick, for example, on this next slide, take a look at the gross profit and the corresponding gross margin. There is September 2014 versus September 2015, where it really wasn't even that big a dip, but you had a couple of geopolitical events in late June, early July of 2015.
We saw that little dip that you see there into mid-July. By the end of August in that quarter, we had suspended sales of our top 20 products. In fact, when we talk about the Mint and the things that we've done in the meantime, we made about $0.80 a share that quarter. As a point of reference, I believe we made $1 a share the year before. You never know when these events are going to hit, but when they do and they result in a dip with some volatility, that's when our physical business is really going to take off, and you're going to see some really strong performance from our business.
If these conditions were replicated today, when you look at how we've expanded our relationships, expanded our trading hours, fully established our logistics facility, we have significantly greater access to product, significantly greater logistics capacity. I would expect we would easily beat that $0.80 we made in that share simply based on the size of our footprint today. Speaking a little further about the current condition of the physical markets, as you will see from this slide, physical demand for our products, it's very cyclical and hard to predict. I think over the last 8 to 10 years, about every 18 months, we see an event or series of events that leads to a 3 to 6-month period of time where performance is significantly greater. Again, since the election, we have seen physical volumes trend downward.
I will say if you're following us, a good place to look and see where demand is coming from is the U.S. Mint. The U.S. Mint is the most popular sovereign mint product out there. They actually publish their weekly sales on their website, so you can see the complete history of demand for their product, what their current sales are. Looking at that with kind of where volatility is, will give you a general idea of how we perform on the physical side. What are our competitive advantages? We've been around for 50 years. We do have a couple of competitors, but being public, the steps we've taken, we're the largest in our relatively small group today. We are one of only 11 companies that are authorized to sell all three of the U.S. Mint's products.
The Mint has certain requirements that you must meet to be an authorized purchaser of their product. We have long-term relationships with the major financial institutions. Our liquidity comes from both banks that specialize in commodities as well as precious metals trading desks at major banks that offer lease products and reverse repos and all kinds of financing tools. It's interesting when you look at the negatives of Dodd-Frank and how compliance has grown at the banks, it's also created a barrier to entry for new entrants. It would be very difficult to replicate the relationships we have with the major financial institutions today that really provide us access to product, access to liquidity. It really is a pretty significant advantage.
Our balance sheet and capital, as I mentioned, we have long-term relationships, not just with the financial institutions we trade with, but most of the banks in our bank group have been with us 10 years or more. They specialize in commodities, they understand us, and we have a really nice, strong, diversified portfolio of methods to access capital. I talked a little bit about our customer types. Just quickly, when you look at the 3 types, financial institutions, industrial, and retail. When we talked about retail, A-Mark doesn't do any direct retail. We supply the retailers. As I mentioned, our goal these days is really to have a complete full-cycle product for the retailer, whether it be TV and radio or internet.
In the case of internet, the idea is really to identify, in fact, we have an investment within one that is one of the top internet retailers in the country, and what they're really good at is SEO, and we try and do everything else for them. That's really the message we take out to the marketplace as we look to add customers to our platform. Really that side of the business has been the fastest growing segment. Financial institutions continue to be a strong participant as well, both in terms of the physical market as well as providing us a variety of services. Industrial tends to be high revenue, but low margin, but there's virtually no risk. We are being paid before we deliver product. Beyond the mints, dental manufacturers and jewelry manufacturers, folks of that nature utilize those products.
There are times when it will skew our gross margin, because if there's a lot of demand for industrial, because it's a lower margin product, you can see some impact in our gross profit %. What are the growth opportunities in A-Mark? I talked about auxiliary services. This facility we built in Las Vegas is so key because it really allowed us to take direct control of the full process. It really allows us to go out and talk to customers. The customers in our business really tend to stay with their suppliers. By offering services and really responding to the marketplace, which, frankly, the biggest issue now is providing your customers with automated tools. Everything from as simple as being able to send their customer a tracking number in an email confirming the metal's on the way.
The fact that they can send orders to us today, they literally get packed in our facility, UPS labels go on the boxes, it's going directly on the plane at McCarran Airport, and it's showing up on their doorstep the next day. Those are simple tools in the Amazon world we live in today, but in our industry, having those advantages is key, and we continue to focus on building a platform and services that meet the ever-changing and more automated market that we see as the future of the business. People used to want to place every trade by telephone. Now everyone wants to use the portal. They want to be able to ship us instructions on an automated basis. They want all their confirms on an automated basis. We will continue to focus on developing those tools to meet our customers' needs.
The custom coin program, again, very key to supporting and allowing those internet retailers to have a standout product and generate new customers and incremental sales. European and Asian expansion, I haven't really talked about that. North America is by far our largest market. There is a lot of demand and potential for expansion in Europe and Asia. For example, we look at Europe as a place where it tends to be a little behind the U.S. The idea of the internet platform, the idea of the centralized logistics center, those are all concepts that we could replicate to expand our presence in Europe. I think we'd probably look more at Europe before Asia. There's significant business in Asia as well. Asia's a little bit different market. It's more of a bar market.
There's a concentration of participants there that make it a little more difficult to get into. Europe in particular, there's still significant opportunity for expansion. I talked about our logistics services. Again, that's a key facility that we're very proud of. In fact, if anyone out there would like to see our facility at one point, give us a call. We're happy to arrange a tour of the facility. We continue to be out there looking for acquisitions. I showed you the current physical volumes. The market's a little bit tough out there right now, and actually the positive of that is that, A, we have a lot of finance business that helps to kind of maintain a certain baseline of profitability. B, the physical guys out there's people and businesses out there that create some interesting M&A opportunities at some interesting prices.
Quickly, three quick financial points. Our revenue, again our trailing 12 months, I think you're going to see that come off a little bit. It's going to be back in the 6s when we close our fiscal year. Gross profit. Note the gross profit percentages. That is correct. Our trading is in basis points where 40 to 50 basis points is a normal gross profit on our physical sales and our trailing income, about $7 million or $1 a share. Quickly, I talked about our balance sheet in terms of our book value and our liquid value. Our inventories, when you look at our inventories, those are all mark-to-market, and you literally could liquidate that into the marketplace at virtually no loss overnight. It's a highly liquid balance sheet.
What's changed a little bit when you look at our balance sheet in our filings is the secure loan piece, although highly liquid, fully backed by precious metals, obviously you couldn't liquidate that overnight, and a lot of those are six-month tenor loans. Beyond that, virtually everything in our balance sheet is a matter of days. We fully hedge our inventory. We don't take market risk. Our trades are typically settling in two days, and we're receiving value before we're releasing value, so it is a very liquid leveraged business. In closing, we are a full-service dealer of precious metals. We're the largest physical metal merchant in North America. We're consistently profitable, and we think we're a great alternative to ETFs. It's funny, some people will say, "Well, if gold goes up, you'll make more money." That's not really how it works.
If you really look at our business, you can make money whether it goes up or down. When we talk about us being counter cyclical to where the stock market is today, if the stock market goes down, whether metals go up or down, as long as it's volatile, that's going to create strong demand for us. We just continue to build out our platforms and make sure we increase our capacity for the next time we see a big move in our market. Thank you. Any questions? Go ahead. Correct. The board of management owned about 45%. Actually, there is history. The insiders have always held a firm amount of stock.
We were previously a subsidiary of a publicly traded company, the former parent did a rights offering to take out some previous investors and some board members and management at the time participated in that offering and bought a significant amount of the stock. When the company was spun off, some of those folks became board members and have been with us ever since. We look out about three years in our business plan. I think it would depend on how we did, but I can tell you they're not going to be selling the stock at $20 a share. We have a three to five-year outlook for the continued expansion of our platform, and I will personally be very disappointed if our business isn't a multiple of its size today in two to three years.
Thank you. We're going to have to close it there for time. Thank you.