Document:

Ex 10.19

EXECUTION COPY

A-MARK PRECIOUS METALS, INC.

NINTH AMENDMENT DATED AS OF SEPTEMBER 7, 2011  TO 
AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT (1999), 
AS AMENDED

THIS   NINTH   AMENDMENT      is dated  as of September   7,2011   by and among  BNP PARIBAS ("BNP")   as successor   to FORTIS  CAPITAL   CORP.  ("FCC"),   RB INTERNA TIONAL   FINANCE   (USA)  LLC, ("RZB") FINANCE LLC ("RZB"), NATIXIS, NEW YORK BRANCH  ("NATIXIS"),  ABN AMRO Bank N.V. ("ABN")  as successor to FORTIS  BANK (NEDERLAND)  N.V. ("FORTIS BANK. NEDERLAND"),  ABN AMRO CAPITAL USA LLC ("ABN CAPITAL"),  BROWN BROTHERS  HARRIMAN  & CO.  ("BBH";  in its capacity as agent for itself as a Lender (as defined below) and all other Lenders the "Agent")  and A-MARK PRECIOUS  METALS, INC., a New York corporation  (the "Company").

RECITALS

A.         The Company, the Lenders and the Agent are parties to the Amended and Restated  Collateral Agency Agreement (1999) dated as of November 30, 1999 (the "Agreement").  Capitalized  terms used in this Ninth Amendment shall have the meaning given each such term in the Agreement,  as amended unless otherwise defined herein.

B.       The Company, the Lenders and the Agent desire to amend the Agreement on the terms and conditions  provided for herein.
NOW, THEREFORE, the parties hereby agree as follows: 
SECTION 1.  AMENDMENT TO THE AGREEMENT.
The Agreement  is hereby amended by replacing Exhibit  I (Approved Depositories) thereto with Exhibit 1 (Approved Depositories) as set forth in Annex A to this Ninth Amendment.

SECTION 2. EFFECTIVE DATE.

The revisions contained  in this Ninth Amendment to the Agreement shall become effective  (the "Effective  Date") upon the execution and delivery by the parties hereto of this Ninth Amendment.

SECTION 3. FURTHER ASSURANCES.

The Company  agrees to and shall cause others to execute and deliver all such documents as the Agent and/or the Lenders shall reasonably request in connection with the transactions contemplated  by this Ninth Amendment.

SECTION   4.  MISCELLANEOUS.
(a)        The Company hereby represents and warrants that after giving effect to the transactions  contemplated  by this Ninth Amendment there exists no default under the Agreement,  the Security Agreement or any Facility Document and the representations  and warranties  made by it herein and therein are materially true and correct as of the date hereof.

(b)        Except as expressly modified by this Ninth Amendment, the Agreement,  the Intercreditor Agreement,  the Security Agreement and each Facility Document is, and shall remain,  in full force and effect in accordance with its respective terms.  Nothing  herein shall be deemed  to be a waiver by the Lenders or the Agent of any default by the Company or to be a waiver or modification  by the Lenders or the Agent of any provision of the Agreement or any Facility Document  except for the amendments expressly set forth in this Ninth Amendment.

(c)        This Ninth Amendment may be executed in any number of separate counterparts, each of which shall be an original and all of which taken together shall be deemed to constitute one and the same instrument.

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(d)        This Ninth Amendment  and the rights and obligations of the parties hereunder shall be governed by, and construed and interpreted in accordance with, the internal laws of the State of New York, without regard to conflict of laws principles.

(e)        The Company hereby acknowledges  and agrees that the Agreement, the Security Agreement  and the Facility Documents as each are amended by this Ninth Amendment  are each valid, binding and enforceable  in accordance with their respective terms and provisions,  and there are no counterclaims,  defenses or offsets which may be asserted with respect thereto, or which may in any manner affect the collection or collectibility of any of the Outstanding  Credits or any of the principal,  interest and other sums evidenced and secured thereby, nor is there any basis whatsoever  for any such counterclaim,  defense or offset.

(f)        The Company agrees to pay or reimburse the Agent for all of the Agent's reasonable  out-of-pocket  costs and expenses incurred in connection with the development, preparation  and execution of this Ninth Amendment and the documents herein contemplated, including, without limitation, the disbursements  and fees of counsel to the Agent.

(g)       This Ninth Amendment  shall not be modified or amended except by a written instrument  signed by all of the parties hereto and shall be binding on the respective successors and assigns of the parties.

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IN WITNESS  WHEREOF,  the parties hereto have caused this Ninth Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date and year first above written.

	
					
	A-MARK PRECIOUS METALS, INC.
	 
	BROWN BROTHERS HARRIMAN & CO.,

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	NATIXIS, NEW YORK BRANCH,
as Lender
	 
	BNP PARIBAS, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO BANK N.V., as Lender
	 
	RB INTERNATIONAL FINANCE (USA)
LLC, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO CAPITAL USA LLC, 
as Lender
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

3

IN  WITNESS  WHEREOF,   the parties hereto have caused this Ninth Amendment  to be duly executed and delivered by their proper and duly authorized officers as of the date and year first above written.

	
					
	A-MARK PRECIOUS METALS, INC.
	 
	BROWN BROTHERS HARRIMAN & CO.,

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	NATIXIS, NEW YORK BRANCH,
as Lender
	 
	BNP PARIBAS, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO BANK N.V., as Lender
	 
	RB INTERNATIONAL FINANCE (USA)
LLC, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO CAPITAL USA LLC, 
as Lender
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

4

IN WITNESS WHEREOF,  the parties hereto have caused this Ninth Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date and year first above written.

	
					
	A-MARK PRECIOUS METALS, INC.
	 
	BROWN BROTHERS HARRIMAN & CO.,

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	NATIXIS, NEW YORK BRANCH,
as Lender
	 
	BNP PARIBAS, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO BANK N.V., as Lender
	 
	RB INTERNATIONAL FINANCE (USA)
LLC, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO CAPITAL USA LLC, 
as Lender
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

5

IN WITNESS   WHEREOF,   the parties  hereto have caused  this Ninth  Amendment   to be duly executed  and delivered  by their proper and duly authorized  officers  as of the date and year first above written.

	
					
	A-MARK PRECIOUS METALS, INC.
	 
	BROWN BROTHERS HARRIMAN & CO.,

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	NATIXIS, NEW YORK BRANCH,
as Lender
	 
	BNP PARIBAS, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO BANK N.V., as Lender
	 
	RB INTERNATIONAL FINANCE (USA)
LLC, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO CAPITAL USA LLC, 
as Lender
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

6

IN WITNESS WHEREOF,  the parties hereto have caused this Ninth Amendment to be duly executed and delivered  by their proper and duly authorized officers as of the date and year first above written.

	
					
	A-MARK PRECIOUS METALS, INC.
	 
	BROWN BROTHERS HARRIMAN & CO.,

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	NATIXIS, NEW YORK BRANCH,
as Lender
	 
	BNP PARIBAS, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO BANK N.V., as Lender
	 
	RB INTERNATIONAL FINANCE (USA)
LLC, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO CAPITAL USA LLC, 
as Lender
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

7

IN WITNESS    WHEREOF,     the parties  hereto  have  caused  this Ninth  Amendment   to be duly  executed  and delivered  by their proper  and duly  authorized   officers  as of the date and year first  above  written.

	
					
	A-MARK PRECIOUS METALS, INC.
	 
	BROWN BROTHERS HARRIMAN & CO.,

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	NATIXIS, NEW YORK BRANCH,
as Lender
	 
	BNP PARIBAS, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO BANK N.V., as Lender
	 
	RB INTERNATIONAL FINANCE (USA)
LLC, as Lender

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 
	 
	 

	ABN AMRO CAPITAL USA LLC, 
as Lender
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

8

ANNEX A

EXHIBIT 1

APPROVED DEPOSITORIES AND LIMITS

9Ex 10.20

EXECUTION  VERSION

A-MARK PRECIOUS METALS, INC.

TENTH AMENDMENT DATED AS OF DECEMBER 10, 2012 TO 
AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT (1999), 
AS AMENDED

THIS  TENTH   AMENDMENT    is dated as of December 10, 2012  by and among  BNP PARIBAS  ("BNP")  as successor  to FORTIS  CAPITAL  CORP.,  ("FCC"),  RB INTERNATIONAL    FINANCE  (USA)  LLC,  f/k/a RZB FINANCE  LLC ("RZB"),  NATIXIS, NEW  YORK  BRANCH  ("NATIXIS"),   ABN AMRO  Bank N.V.  ("ABN")  as successor  to FORTIS  BANK  (NEDERLAND)   N.V.  ("FORTIS  BANK NEDERLAND"),    ABN AMRO CAPITAL  USA  LLC ("ABN  Capital"),  BROWN  BROTHERS   HARRIMAN   & CO. ("BBH"; in its capacity as agent for itself as a Lender (as defined below) and all other Lenders the "Agent") and A-MARK PRECIOUS METALS, INC., a New York corporation (the "Company").

RECITALS

A.        The Company, the Lenders and the Agent are parties to the Amended and Restated Collateral Agency Agreement (1999) dated as of November 30, 1999 (the "Agreement"). Capitalized terms used in this Tenth Amendment shall have the meaning given each such term in the Agreement, as amended unless otherwise defined herein.

B.        The Company, the Lenders and the Agent desire to amend the Agreement on the terms and conditions provided for herein.

NOW, THEREFORE,   the parties hereby agree as follows: 

SECTION 1. AMENDED EXHIBIT

The Agreement is hereby amended by replacing Exhibit 1 thereto with Exhibit 1 as set forth in Annex A to this Tenth Amendment.

SECTION  2.  EFFECTIVE  DATE

The revisions contained in this Tenth Amendment to the Agreement shall become effective (the "Effective Date") upon the execution and delivery by the parties hereto of this Tenth Amendment.

SECTION  3.  FURTHER  ASSURANCES.

The Company agrees to and shall cause others to execute and deliver all such documents as the Agent and/or the Lenders shall reasonably request in connection with the transactions contemplated by this Tenth Amendment.

SECTION  4. MISCELLANEOUS.

(a)       The Company hereby represents and warrants that after giving effect to the transactions contemplated by this Tenth Amendment there exists no default under the

Agreement,  the Security  Agreement  or any Facility  Document  and the representations   and warranties  made by it herein  and therein  are materially  true and correct  as of the date hereof.

(b)        Except  as expressly  modified  by this Tenth Amendment,   the Agreement,  the Intercreditor   Agreement,   the Security  Agreement  and each Facility  Document  is, and shall remain,  in full force and effect  in accordance  with its respective  terms.   Nothing  herein  shall be deemed  to be a waiver  by the Lenders  or the Agent  of any default  by the Company  or to be a waiver  or modification   by the Lenders  or the Agent  of any provision  of the Agreement  or any Facility  Document  except  for the amendments   expressly  set forth in this Tenth  Amendment.

(c)        This Tenth  Amendment   may be executed  in any number  of separate  counterparts, each of which  shall be an original  and all of which  taken together  shall be deemed  to constitute one and the same instrument.

(d)        This Tenth Amendment and the rights  and obligations  of the parties  hereunder shall be governed  by, and construed  and interpreted  in accordance with, the internal laws of the State of New York, without  regard  to conflict  of laws principles.

(e)        The Company  hereby  acknowledges and agrees that the Agreement,  the Security Agreement  and the Facility  Documents  as each may be amended  by this Tenth  Amendment   are each valid,  binding  and enforceable   in accordance  with their respective  terms  and provisions,  and there are no counterclaims, defenses  or offsets  which  may be asserted  with respect  thereto,  or which  may in any manner  affect the collection  or collectibility  of any of the Outstanding  Credits or any of the principal,  interest  and other sums evidenced  and secured  thereby,  nor is there any basis whatsoever  for any such counterclaim,   defense  or offset.

(f)         The Company  agrees  to pay or   reimburse  the Agent  for all of the Agent's reasonable  out-of-pocket   costs and expenses  incurred  in connection  with the development, preparation   and execution  of this Tenth Amendment   and the documents  herein  contemplated, including,  without  limitation,  the disbursements   and fees of counsel  to the Agent.

(g)        This Tenth  Amendment   shall not be modified  or amended  except  by a written instrument  signed by all of the parties  hereto  and shall be binding  on the respective  successors and assigns  of the parties.

2

IN WITNESS WHEREOF, the parties hereto have caused this Tenth Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date and year first above written

3

IN WITNESS WHEREOF, the parties hereto have caused this Tenth Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date and year first above written

[SIGNATURES CONTINUED ON NEXT PAGE]

3

[SIGNATURES CONTINUED ON NEXT PAGE]

4

[SIGNATURES CONTINUED ON NEXT PAGE]

4

5

5

ANNEX A

EXHIBIT 1

APPROVED DEPOSITORIES

	
		
	Brinks,  LA
	$65,000,000

	Johnson  Matthey,  Salt Lake City
	$25,000,000

	Brinks,  Dallas
	$15,000,000

	HSBC,  NYC
	$10,000,000

	Brinks,  Salt Lake City
	$65,000,000

	Sunshine  Minting
	$20,000,000

	IBI
	$5,000,000

	Brinks,  Tampa
	$20,000,000

	Brinks,  Special  Service
	$5,000,000

	Via Mat, Germany
	$10,000,000

	Via Mat, NY
	$5,000,000

	Via Mat, Ontario  (California)
	$35,000,000

	Brinks,  trucks
	$25,000,000

	Numismatic   Guaranty  Corp
	$5,000,000

	Loomis  Fargo  Spokane
	$5,000,000

	PCGS
	$5,000,000

	HSBC  London
	$3,000,000

	Brinks,  Jackson
	$15,000,000

	Brinks,  Toronto
	$10,000,000

APPROVED BROKERS

	
	
	RJ O'Brien

	BNP Brokerage

	ABN Clearing

6

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