Document:

Ex 10.21

PRECIOUS  METALS STORAGE AGREEMENT
Irving, Texas (Dallas)

Precious Metals Storage Agreement ("Agreement") dated as of May 1, 2006, by and among.  Brink's.  Incorporated, a. Delaware corporation having an office at 2555 Century Lake Dr., Irving, Texas 75062 (''Brink's'') and Brown Brothers  Harriman &. Co., 59 Wall Street. New York, New York 10005 (hereinafter' 'BBH") and A-Mark Precious Metals, Inc. 100 Wilshire Boulevard, Santa Monica, California 90401 (hereinafter "A-Mark").

Brink's, BRH and A-Mark hereby agree as follows:

WHEREAS,  Brink's is in the business of transporting and storing Precious Metals (as
"Precious Metals" is hereinafter  defined), and

WHEREAS, A-Mark, the owner of Precious  Metals and BBH acting for itself and in its capacity as agent for certain other banks, (BBH and such other banks having financing arrangements with A-Mark with respect to the Precious Metals). desire that the inventory of Precious Metals to be maintained by Brink's under this Agreement be considered as security for all obligations of A-Mark to BBH, and

WHEREAS, Brink's is willing to maintain an inventory of the Precious Metals on behalf of BBH.

NOW, THEREFORE, Brink's, BBH and A-Mark agree as follows:

1.Definitions.

"Brink's Facility" means Brink's office at 2555 Century  Lake Dr .•Irving, Texas 75062.

"Business Day" means any Monday to Friday, excluding holidays observed by Brink's as set forth on the list of holidays provided to A-Mark.

"Coin" means U.S. coin in 25 cent and one dollar denominations.

"Precious Metals" means, individually or collectively, gold, silver, platinum and/or palladium in coin and/or bar form.

''Property" means collectively, Precious Mews and Coin.

2.Receipt and Verification of Precious Metals

(a)A-Mark shall give written notice to Brink's, not later than 2 hours prior to the intended time of delivery that a shipment of Property Is scheduled to be delivered to the Brink's Facility under this Agreement. Such notice shall include the name of the carrier or the individual that will make the delivery, and the type of verification to be performed by Brink's as more specifically set forth in paragraph (c) of this Section 2.

(b)A-Mark agrees to cause all shipments delivered to Brink's to have the name of the consignor marked on the outside of each container and a. manifest of the contents included within each container except, if the container is a Lot Bag, A-Mark shall cause the value of the Lot Bag to be stared on the outside of such bag. A-Mark shall give Brink's reasonable advance notice if the number of containers in a. shipment will exceed 49.  A-Mark further agrees that no container in any shipment delivered to Brink's will exceed 80 pounds.  Brink's shall accept deliveries of Property consigned to A-Mark during Brink's regular business hours, excepting, however, shipments delivered to Brink's Facility by individuals who are A-Mark customers most be delivered between the hours of 9:30 a.m, and 1:30 p.m. Central Time. Brink' 5 shall have the. right to refuse to accept any shipment that docs not comply with any requirement set forth in this Section 2 or is not sealed or includes an Item that shows evidence of damage or tampering on the outer container. The parties understand and agree that Brink's obligation to accept shipments for 

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storage under this Agreement is subject to the availability of vault space at Brink's Facility. Brink's will make every reasonable effort to notify A-Mark if vault space is near capacity, including providing notice to A-Mark at least ten (10) business days prior to the dare that Brink's will no longer accept. shipments because the vault space has reached capacity.

(c)Brink's, A-Mark and BBH agree that upon arrival of a shipment at Brink's Facility that is consigned to A-Mark (and such shipment complies with the requirements of paragraphs  (a) and (b) of this section), and Brink's receipt of proper identification from the party making the delivery, Brink's will accept each shipment into its custody on behalf of BBH and not on behalf of A-Mark.  By tile following Business Day, Brink's will. verify each shipment received  in accordance with A-Mark's instructions by either (i) counting the number of sealed packages received of a said to contain basis, or (ii) opening each sealed. container, counting the contents, and comparing the information contained on the shipping documents that accompany each shipment against corresponding information imprinted on each bar or coin.  Brink's shall notify A-Mark if it discovers a discrepancy between its count and the shipping documents on the same day that Brink's verifies the shipment.  If Brink's discovers that no packing list is included in a container that Brink's opens for verification, Brink's will note such missing packing list on the inventory report.  BBH and A-Mark each expressly understand and agree that Brink's will not assume any liability whatsoever as to the authenticity or assay characteristics of any Property received, verified or otherwise handled by Brink's under this Agreement  and that Brink's count of the Property shall be binding and conclusive.

3.Maintenance of an Inventory.  Brink's will maintain for BBH, in a vault at Brink's Facility.  An inventory of all Property that Brink's receives that is consigned to A-Mark.  Property shall be maintained in inventory until Brink's receives written instructions which can be made by facsimile from an authorized representative of BBH not later than 8:30 a.m. Central time on the Business Day the Property is to be released from inventory, to release all or a designated portion of the Property from inventory for delivery to a consignee designated by A-Mark. 0 Notwithstanding the foregoing, and subject to Brink's, receipt, no later than noon Pacific time of BBH's instruction to release the Property from inventory, and Brink's ability to comply with the request on a same day basis, A-Mark may, up to 11:30 a.m, Central time, request Brink's to prepare shipments for delivery by registered mail or to be picked up at Brink's Facility.  As used in this Agreement, a consignee may include, but shall not he limited to, A-Mark. another armored carrier, an individual. or the US Post Office. Brink's shall maintain a continuous record of the Property placed in and released from inventory and, when requested by BBH or A-Mark. or at any time, in Brink's sole discretion, Brink's will furnish BBH and/or A-Mark with a copy of such records. BBH and A-Mark each understand and agree that Property shall not be included in an inventory report until one Business Day after Brink's verifies the Property, Notwithstanding any provision in true Agreement to the contrary, if market conditions result in Brink' s receiving a higher volume of shipments than customary on any day, the number of days in which Brink's has agreed to complete verification and place Property-in  inventory shall be increased as necessary to perform service under such circumstances.

4.Authorized BBH and A-Mark Representatives.  BBH shall furnish Brink's with the names and signatures of BBH's authorized representatives who are empowered to issue orders for the release of Property from inventory.  A-Mark shall furnish Brink's with the names and signatures of A-Mark's representatives who are authorized to give Brink's instructions pursuant to Section 6 of this Agreement.  It is expressly understood and agreed that Brink's shall not be liable for any release made under a release order fraudulently executed in the name of an authorized BBH representative, nor for any release of Property made where the authority of any such representative has been revoked and Brink's has not. been notified thereof in writing.

5.Contradictory Release Orders.  A-Mark and BBH expressly understand and agree that Brink's shall act solely upon the instructions of BBH with respect to the release of Property from inventory notwithstanding any different instructions from A-Mark that seek to vary or contradict such instructions from BBH.  BBH agrees to indemnify, defend and hold Brink's harmless from and against any and all liabilities, claims, damages, costs and expenses (including attorney's fees and expenses of litigation) arising out of or related to claims, disputes and legal actions involving Brink's release of Property from inventory in compliance with an order from BBH.

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6.Instructions from A-Mark.  BBH expressly  acknowledges that except with respect to Brink's receipt of authorization to release Property from inventory, A-Mark is fully authorized to give Brink's instructions regarding all other matters involving the Property, including, but not limited to, receipt,  verification and the disposition of the Property after Property is released from inventory by BBR.  A-Mark agrees to indemnify, defend and hold Brink's harmless from and against any and all liabilities, claims, costs, expenses and damages of any (including attorney's fees and expenses of litigation) miring out of or related to claims, disputes and legal actions involving Brink's compliance with instructions from A-Mark as provided in this Section.  A­-Mark further agrees co indemnify, defend and hold Brink's harmless from and against any and all claims that may be made against Brink's by A-Mark customers or investors that involve the Property held on behalf of BBH and which arise out of this Agreement.

7.Limitation of Brink's Liability.

(a)Brink's assumes  the liability  and is liable solely to BBH, for the loss, damage or destruction   of Property  while in Brink's custody on behalf  of BBH under this Agreement, up to the maximum aggregate  amount of Twenty Million  Dollars ($20,000,000.00)   on anyone day. Brink's liability shall commence  when any Property has been received into Brink's possession upon a receipt being given therefor and shall terminate when the Property has been released by BBH to A-Mark from the inventory 01 Property  being held on behalf of BBH pursuant to this Agreement  It is expressly  understood  and agreed  that Brink's maximum liability for any loss or destruction  of Property is up to (but (lot exceeding) the aforesaid liability notwithstanding anything  to the contrary  contained   in any invoice.  receipt  or other  document delivered to or by Brink's relating to any Property handled by Brink's under this Agreement

(b) A-Mark shall cause the Property that is to be received by Brink's under this Agreement to be packaged in accordance with the custom of the trade so that the Property is not susceptible to damage while in Brink's custody.  Brink's shall not be liable for any damage to Property unless caused by fire, lightning, theft and/or attempted theft, cyclone, tornado, windstorm, earthquake, flood, explosion, collision or overturn of conveyance while the Property is in Brink's custody.  The liability of Brink's shall in no event exceed the limit of liability set forth in paragraph (a) of this Section 7.

(c)Brink's shall not be liable for non-performance, delays or loss or damage caused by or resulting from: (a) war, hostile or warlike action in time of peace or war, including action in hindering, combating or defending against an actual, impending or expected attack. (i) by any government or sovereign power (de jure or de facto), or by any authority maintaining or using military, naval or air forces; or (ii) by military, naval or air forces; or (iii) by an agent of any such government, power, authority or forces; (b) any weapon of war employing' atomic fission or radio-active force whether in time of peace or war; (c) insurrection, rebellion, revolution, civil war, usurped power, or action taken by governmental authority in hindering. combating of defending against such an occurrence, or confiscation by order of any government or public authority.

(d)Notwithstanding anything in this Agreement to the contrary, in no case shall Brink's be liable for loss, damage, liability, or expense directly or indirectly caused by or contributed to by or arising from: (i) ionizing radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel; (ii) the radio­ active, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof; or (iii) any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter whether  in time of peace  or war.

(e)Brink's shall not be liable under any circumstances whatsoever for special, incidental, consequential, indirect or punitive losses or damages, interest or attorneys' fees, whether or not caused by the fault or neglect of Brink's and whether or not Brink's had knowledge that such losses or damages might be incurred.

8.Insurance.  Brink's is not an insurer.  Brink's shall obtain and maintain, at an times during the term of this Agreement, insurance payable to Brink's in such amounts and against such risks as shall adequately cover the liability assumed by Brink's under this Agreement, it being understood  that any party to this Agreement may cancel 

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this Agreement immediately in the event Brink's insurer notifies Brink's of its intention to cancel or substantially restrict Brink's "all risk" insurance coverage.  BBH and A-Mark will be given not less than thirty (30) days written notice prior to the cancellation of or material restriction in Brink's insurance coverage.  If requested, Brink's will furnish a certificate of insurance to BBH and/or A·Mark evidencing that such insurance is in force, BBH and A-Mark understand and agree that the liability exclusions set forth in Sections 7(c) and (d) of this Agreement are subject to modification by Brink's insurers at any time.  In such event Brink's will endeavor to give BBH and/or A-Mark not less than twenty four (24) hours advance  notice thereof.

9.Force Manieure.  Brink's shall not be liable for non-performance or delays caused. by strikes, lockouts or other labor disturbances, riots, authority of law, acts of God or means beyond Brink's control, but Brink's agrees to be liable for the lose of any Property received into its possession not to exceed the maximum amount set forth in Section 7(a) of this Agreement.

10.Declaration of Value and Notice of.Claims.  A-Mark agrees to declare to Brink's the value of Property to be received into Brink's custody under this Agreement.  A·Mark agrees that it shall never conceal or misrepresent  any material fact or circumstance concerning the Property delivered to Brink's.  BBH acknowledges that it has appointed A-Mark as its representative to make such declarations and agrees to be. bound by such declaration of value in all events.  In the event of loss, damage or destruction of the Property under this Agreement, A-Mark shall give written notice to Brink's and BBH within one (1) Business Day after discovery of any such loss, damage or destruction, but in no event more than thirty (30) days after delivery by Brink's to A­-Mark of an inventory statement in which a discrepancy first appears.  Unless notice is given as aforesaid all claims shall be deemed to have been waived.  No action. suit or other proceeding shall be brought against Brink's for loss, damage or destruction of Property unless notice shall have been given as aforesaid and unless such action, suit or proceeding shall have been commenced within twelve (12) months from the time a claim is made pursuant to this paragraph.

11.Proof of Loss and Loss Reimbursement.

(a)In the event of loss or destruction of any Property, A-Mark and BBH shall promptly and diligently assist Brink's to establish the identity of the Property lost or destroyed and unremittingly take such other steps as may be necessary to assure the maximum amount of salvage at a minimum cost.  Affirmative written proof of the Property lost, subscribed and sworn to by A-Mark and concurred by BBH and substantiated by the books, records and accounts of A­ Mark shall be furnished to Brink's,

(b)Subject to the maximum amount of liability assumed by Brink's for loss or destruction of Property pursuant to Section 7(a) of this Agreement, Brink's shall, after receipt from A-Mark and concurred by BBH of proof of loss, pay BBH (i) the Market Value (defined below) of Precious Metals and (ii) the face value of Coin lost or destroyed.  The Market Value of Precious Metals is the value of the Precious Metals on the Business Day following the day the loss or destruction is discovered determined by (i) if for gold, the London P.M. Fixing, (ii) if for silver, the Handy and Harmon Noon-Fixing, (iii) foe platinum and palladium, the current Comex settlement price or, if not traded on Comex, the New York Dealer price as quoted in Metals Weakly, and (iv) for Precious Metals premium gold, silver and platinum coins whose purity is above 90%. including, but not limited to, South African Krugerrands, Canadian Maple Leafs, Mexican Fifty Peso coins, the price quoted by the respective authority marketing agencies.  BBH and A-Mark shall each subrogate to Brink's the right of procedure against any party for the recovery of, or in respect of, the Property for which any loss payment is made therefor.

12.Services Charges.

(a)For all of the services provided in this Agreement, A-Mark shall pay Brink's, upon presentation of monthly invoices, at the rates set forth in the following rate schedule (the "Rate Schedule").  The charges specified on Brink's invoices, letters or other writings shall be made an integral part of the Rate Schedule, provided, that A-Mark may, by written notice to Brink's within 20 days of invoice date, reject any different charges not previously stated on Brink's invoices, letters or other writings.

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Effective May 1, 2006

For Storage of Property

At a monthly rare which shall be the produce of the average monthly value of the Property held in storage during a calendar month and the percentage multiplicand applicable to such average monthly value as set forth in the table below:

	
			
	Average Monthly Value
	 
	Percentage Multiplicand

	From $1.00 up to $10,000,000.00
	 
	0.06%

	From $10,0000,001.00 up to and including
	 
	0.047%

	$20,000,000.00
	 
	 

The average monthly value of the Property held in storage shall be determined at the end of each calendar month by (i) if for Coin, the face value of the Coin multiplied by .047% and (ii) if for Precious Metals, the New York Comex closing each business day for the respective Precious Metals multiplied by the average monthly weight (in ounces) of Precious Metals held in storage each day during the same calendar month.

Minimum Monthly Storage Charge: $650

For Inventory Transfer, Order Preparation and Research

$27.50 per man hour or fraction thereof for all time required by Brink's to (i) transfer Property in or out of inventory, (ii) prepare outgoing orders of Property released from inventory and (iii) to research any discrepancies or other research requests made by A-Mark or BBH.

In the event BBH instructs Brink's to release Property from inventory without instructions from A-Mark attached to the release order, BBR agrees to pay Brink's all transfer and order preparation charges and any such other charges applicable to the release of Property as Brink's and BBH shall mutually agree upon prior to the rendition of service.  If this occurs, A-Mark agrees to compensate BBH for all costs paid to Brink's as well as any other costs associated with enforcing BBH rights for repayment by A-Mark.

(b)Federal. State and/or local taxes, where applicable, shall be added to the charges set forth in the Rate Schedule. All charges remaining unpaid after the invoice due date will be subject to a service charge of 1 1/2 percent per month, but in no event to exceed the highest rate allowed by applicable law.  Nothing herein contained shall be construed to require payment of a service charge at a rate greater than that allowed by applicable law.

(c)If A-Mark defaults in me full and timely payment of any monies due Brink's pursuant to this Agreement and the terms stated in Brink's invoice, then A-Mark shall be responsible for, including, but without limitation, the repayment of any legal fees and other reasonable costs and expenses incurred by Brink's in the collection of any said monies due Brink's (which monies, obligations, fees, costs and expenses shall hereinafter be collectively referred to as the "Unpaid Obligations"), and Brink's, in addition to any and all other rights and remedies provided for in this Agreement and shall be permitted to retain as a credit and to offset against such Unpaid Obligations in a manner consistent with the Uniform Commercial Code of the State of New York, on a dollar for dollar basis, any Precious Metals deposited or caused to have been deposited with or otherwise delivered to Brink's for safekeeping, transportation or my other purpose on behalf of BBH under this Agreement.

(d)The parties agree that Brink's shall have a lien on the Property solely to the extent of securing A-Mark's obligation to pay Brink's fees and charges for services with respect to the Property which shall be prior to the lien and security interest of BBB herein.  Brink's agrees to notify BBH should the account be in excess of 60 days past due.

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13.Audit.  Upon request, on any Business Day during Brink's regular business hours, Brink's will  allow BBH's and/or A-Mark's authorized representatives access to Brink's Facility for the purpose of performing a physical audit of the Property held in custody by Brink's under this Agreement, provided  that such audit does not disrupt the routine operation of Brink's Facility. Brink's shall also furnish such representatives with Brink's inventory records relating to the Property.  BBH's and/or A~Mark's representatives must present proper credentials to Brink's Facility manager as a condition of being admitted to Brink's Facility.  BBH agrees to hold Brink's harmless from any and all claims, liability, costs and expense, including attorney's fees, arising our of injury or death of or damage to me property of a BBH representative while on Brink's premises, or entering or leaving except to the extent caused by the negligence or willful misconduct of Brink's.  A-Mark agrees to bold Brink's harmless from any and all claims,
liability, costs and expense, including attorney's fees, arising out of injury or death of or damage to the property of an A-Mark representative while on Brink's premises, or entering or leaving except to the extent caused by the negligence or willful misconduct of Brink's.

14.Term and Termination:

(a)This Agreement shall become affective on May 1, 2006 and shall continue for a period of one year and thereafter from year to year until canceled, by any party, by giving thirty (30) days written notice to the other parties prior to any anniversary date hereof.  BBH may give thirty (30) days written notice to the other parties of its intent to resign as Agent irrespective of any anniversary date and A-Mark may appoint a successor Agent as provided for under the CAA, and this Agreement will continue with the successor Agent subject to approval by Brink's, A-Mark and the successor Agent.

(b)Any party may also terminate this Agreement giving written notice to the other two parties upon the occurrence of any of the following conditions:

		
	(i)
	In the event of a breach of any provision of this Agreement by any party, the breach has not been cured within (30) days of a earlier written notice specifying the nature of the broach; or

		
	(ii)
	If any party shall be dissolved or adjudged bankrupt, or a trustee, receiver or conservator of any party or its property shall be appointed, or an application for any of the foregoing is filed.

15.Notices.  Unless otherwise specifically provided, all notices and other communications to either party hereunder shall be in writing (including facsimile or similar writing) shall be given by an authorized representative of the party giving such notice (as specified by such party to the other),

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	If to BBH:
	 
	Brown Brothers Harriman & Co. of New York

	 
	 
	140 Broadway

	 
	 
	New York, New York 10005

	 
	 
	Telefax:  (212) 493-8998

	 
	 
	Attention:  Senior Credit Officer

	 
	 
	 

	If to A-Mark:
	 
	A-Mark Precious Metals, Inc.

	 
	 
	429 Santa Monica Boulevard, Suite 230

	 
	 
	Santa Monica, California 90401

	 
	 
	Telefax:  (310) 319-0219

	 
	 
	Attention:  Operations  Supervisor

	 
	 
	 

	If to Brink's:
	 
	Brink's Incorporated

	 
	 
	555 Dividend Drive

	 
	 
	Coppell, Texas 75019-4959

	 
	 
	(469) 549-6061

	 
	 
	Attention:  Steve Bozeman, GM

Each such notice or other communication shall be deemed given: (i) when received, if delivered in person or by express delivery service, or (ii) upon confirmation of receipt, if given by telefax or facsimile, or (iii) three days after the date of mailing when deposited in the United States mail, postage prepaid, by certified mail and the postal records show that delivery was made.

16.Hazardous Materials Prohibited.  A-Mark represents and warrants that no Precious Metals tendered to Brink's hereunder is or can be classified as hazardous material(s), substance(s) or waste(s) (hereinafter referred to as ''hazardous materials") as such terms are or may be defined, described or listed in my applicable federal, state, or local laws, or pursuant to any governmental agency, instrumentality or department regulations or executive order(s), including without limitation the U.S. Environmental Protection Agency and U,S. Depart Act of 1980, the Resource Conservation Recovery Act of 1976 as amended, the Hazardous Materials Transportation Act, amendments to all of the foregoing, or any other applicable law or regulation, as amended, from time to time, issued or enacted by any governmental entity in connection with environmental protection, health or safety.  In the event the aforesaid representation and warranty is breached by A-Mark, knowingly or otherwise, A-Mark agrees to save, defend and hold Brink's harmless and indemnify  Brink's and BBH agree to hold Brink's harmless from and against any claims, fines. penalties, damages, costs and attorneys fees which may be incurred by Brink's  by reason of this breach.

17.Waiver.  The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions will not be considered a waiver or deprive the party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

18.Entire Agreement.  Agreement constitutes the entire agreement between the parties with respect to the subject of Brink's obligations to maintain an inventory of the Property on behalf of BBH as provided in this Agreement, and shall supersede all prior and/or contemporaneous offers, negotiations, promises, exceptions and understandings, whether oral or written, between the parties hereto regarding that subject.  However, it is understood that this Agreement is not intended to effect the rights and liabilities of A-Mark or Brink's regarding any services rendered by Brink's on behalf of A-Mark after the Property-bas been released by BBH or is not otherwise subject to BBH's security interest in the Property.

19.Amendments.  This Agreement  may not be waived, altered or amended except by an instrument in writing duly executed by BBH, A-Mark and Brink's.

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20.This Agreement shall be binding on BBH, A-Mark and Brink's and their respective successors and assigns.  No party shall assign or transfer its rights or obligations hereunder without the prior written consent of the other parties. Any such consent shall not be unduly delayed or unreasonably withheld.

21.Governing Law.  This Agreement will be governed by and construed in accordance with the
laws of the State of New York.

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed on its behalf by its duly authorized officers, as of the date and year written above.

	
			
	A-MARK PRECIOUS METALS, INC.
	 
	BRINK'S INCORPORATED

	 
	 
	 

	BY:
	 
	BY:

	Title: CFO
	 
	Title: General Manager

	 
	 
	 

	per pro BROWN BROTHERS HARRIMAN & CO.
	 
	 

	 
	 
	 

	BY: Kathryn C. George
	 
	 

	Title: Managing Director
	 
	 

	 
	 
	 

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RIDER

This Rider to Precious  Metals  Storage Agreement dated as of May 1, 2006 (the "Agreement") by and among Brink's, Incorporated, having an office at 2555 Century Lake Dr., Irving, Texas 75062 ("Brink's"), and Brown Brothers Harriman & Co., 59 Wall Street. New York. New York 10005 ("BBH"). and A-Mark Precious Metals. Inc.,
100 Wilshire Boulevard, Santa Monica, California 90401 ("A-Mark'') is made as of June 1, 2002.

The parties agree that except  RS specifically set forth below, all the terms, conditions. covenants, representations and provisions of tile Agreement shall be deemed in full force and effect and binding upon the parties hereto with the following modifications, amendments and/or additions only;

The following paragraph is hereby added to the Agreement all new paragraph (f) under Section 7 Limitation of Liability:

		
	(f)
	The following limitation shall not apply to Property in transit, stored in the ordinary course of transit, or held temporarily far subsequent delivery, allocation or distribution.  Brink's shall not be liable for loss, damage, destruction of for nonperformance or delays of service, liability, cost or expense directly or indirectly caused by, resulting from or in connection with any act of terrorism or any action taken in controlling. preventing, suppressing or in any way relating to any act of terrorism.  An act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organizations or governments, committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the public, in fear.

This Rider, and the Agreement  as modified herein, represent the only agreement by the parties with respect to the subject matter hereto.  It supersedes all prior and contemporaneous, oral and written agreements, representations and promises relative to the subject matter hereof.

	
			
	A-Mark Precious Metals, Inc.
	 
	Brink's Incorporated

	 
	 
	 

	By:
	 
	By:

	Title: CFO
	 
	Title: General Manager

	 
	 
	 

	 
	 
	 

	Brown Brothers Harriman & Co.
	 
	 

	 
	 
	 

	By: Kathryn C. George
	 
	 

	Title: Managing Director
	 
	 

A-Mark Precious Metals, Inc.

	
					
	 

	FACSIMILE TRANSMITTAL SHEET

	TO:
	 
	 
	FROM:
	 

	Chris Dietrich
	 
	Thor Gjerdrum

	COMPANY:
	 
	 
	DATE:
	 

	BBH
	 
	12/21/2006
	 

	FAX NUMBER
	 
	 
	TOTAL NO OR PAGES INCLUDING COVER

	(212) 493-8998
	 
	12

	PHONE NUMBER:
	 
	 
	SENDER'S REFERENCE NUMBER:

	(212) 483-7819
	 
	 

	 
	 
	 
	YOUR REFERENCE NUMBER:

	 
	 
	 
	 

	Â URGENT
	Â FOR REVIEW
	Â PLEASE COMMENT
	Â PLEASE REPLY
	Â PLEASE RECYCLE

Dear Chris, 

Attached please find the Dallas contract and rider as discussed.

Give me a call with any questions.

Best Regards,

Thor Gjerdrum, CFO
A-Mark Precious Metals, Inc.Ex 10.22

PRECIOUS METALS STORAGE AGREEMENT
Tampa

Precious Metals Storage Agreement ("Agreement") dated as of January 5th, 2007, by and among Brink's U.S., a Division of Brink's, Incorporated, a Delaware corporation having an office at 5115 W. Nassau Street, Tampa, FL 33607 ("Brink's") and Brown Brothers Harriman & Co., 59 Wall Street, New York, New York 10005 (hereinafter "BBH") and A-Mark Precious Metals, Inc., 429 Santa Monica Boulevard, Santa Monica, CA 90401 (hereinafter "A-Mark").

Brink's, BBH and  A-Mark hereby agree as follows:

WHEREAS, Brink's is in the business of transporting and storing Precious Metals (as "Precious Metals" is hereinafter defined), and

WHEREAS, A-Mark, the owner of Precious Metals and BBH acting for itself and in its capacity as agent for certain other banks, (BBH and such other banks having financing arrangements with A-Mark with respect to the-Precious Metals), desire that the inventory of Precious Metals to be maintained by Brink's under this Agreement be considered as security for all obligations of A-Mark to BBH, and

WHEREAS, Brink's is willing to maintain an inventory of the Precious Metals on behalf of BBH.

NOW, THEREFORE, Brink's, BBH and A-Mark agree as follows:

1.  Definitions.

"Brink's Facility" means Brink's office at 5115 W. Nassau Street, Tampa, FL 33607.

"Business Day" means any Monday to Friday, excluding holidays observed by Brink's as set forth on the list of holidays provided to A-Mark.

"Coin" means U.S. coin in twenty-five (25) cent and one dollar denominations.

"Precious Metals" means, individually or collectively, gold, silver, platinum and/or palladium in coin form.

"Property" means collectively, Precious Metals and Coin.

2.  Receipt and Verification of Precious Metals.

(a) By 8:00 a.m. local time to the Brink's Facility on each Business Day, A-Mark will notify Brink's of the exact quantity and amount of any Precious Metals that (i) will be delivered to the Brink's Facility, or (ii) BRINK'S must pick up from an A-Mark customer's designated

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location for delivery to BRINK'S. Facility ("BRINK'S Pick-ups").  For any notifications sent to BRINK'S by A-Mark after 8:00 a.m. Eastern Standard Time on a Business Day, BRINK'S will use commercially reasonable efforts to satisfy any requested Customer Deliveries or BRINK'S Pick-ups contained therein on that Business Day.

(b) A-Mark shall give written notice to Brink's, not later than 2 hours prior to the intended time of delivery that a shipment of Property is scheduled to be delivered to the Brink's Facility under this Agreement.  Such notice shall include the name of the carrier or the individual that will make the delivery, and the type of verification to be performed by Brink's  as more specifically set forth in paragraph (c) of this Section 2.

(c) A-Mark agrees to cause all shipments delivered to Brink's to have the name of the consignor marked on the outside of each container and a manifest of the contents included within each container except, if the container is a Lot Bag, A-Mark shall cause the value of the Lot Bag to be stated on the outside of such bag.  A-Mark shall give Brink's reasonable advance notice if the number of containers in a shipment will exceed 49. A-Mark further agrees that no container in any shipment delivered to Brink's will exceed 80 pounds.  Brink's shall accept deliveries of Property consigned to A-Mark during Brink's regular business hours, excepting, however, shipments delivered to Brink's Facility by individuals who are A-Mark customers must be delivered between the hours of 9:30  a.m. and 1:30 p.m. Eastern Standard Time.  Brink's shall have the right to refuse to accept any shipment that does not comply with any requirement set forth in this Section 2 or is not sealed or includes an item that shows evidence of damage or tampering on the outer container. The parties understand and agree that Brink's obligation to accept shipments for storage under this Agreement is subject to the availability of vault space at. Brink's Facility.  Brink's will make every reasonable effort to notify A-Mark if vault space is near capacity, including providing notice to A-Mark at least ten (10) business days prior to the date that Brink's will no longer accept shipments because the vault space has reached capacity.

(d) Brink's, A-Mark and BBH agree that upon arrival of a shipment at Brink's Facility that is consigned to A-Mark (and such shipment complies with the requirements of paragraphs (a) and (b) of this section), and Brink's receipt of proper identification from the party making the delivery, Brink's will accept each shipment into its custody on behalf of BBH,  and not on behalf of A-Mark.  By the following Business Day, Brink's will verify each shipment received in accordance with A-Mark's instructions by either (i) counting the number of sealed packages received on a said to contain basis, or (ii) opening each sealed container, counting the contents, and comparing the information contained on the shipping documents that accompany each shipment against corresponding information imprinted on each bar or coin. Brink's shall notify A-Mark if it  discovers a discrepancy between its count and the shipping documents on the same day that Brink's verifies the shipment. If Brink's discovers that no packing list is included in a container that Brink's opens for verification,Brink's  will note such missing packing list on the inventory report.  BBH and A-Mark each expressly understand and agree that Brink's does not assume any liability whatsoever as to the authenticity or assay characteristics of any Property received, verified or otherwise handled by Brink's under this Agreement and that Brink's count of the Property shall be binding and conclusive.

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3.  Maintenance of an Inventory. Brink's will maintain for BBH, in a vault at Brink's Facility, an inventory of all Property that Brink's receives that is consigned to A-Mark.  Property shall be maintained in inventory  until Brink's receives written instructions which can be made by facsimile from an authorized representative of BBH  not later than 8:30 a.m. Eastern Standard Time on the Business Day the Property is to be released from inventory, to release all or a designated portion of the Property from inventory for delivery to a consignee designated by A-Mark.  Notwithstanding the foregoing, and subject to Brink's receipt; no later than noon Eastern Standard Time of BBH's  instruction to release the Property from inventory, and Brink's ability to comply with the request on a same day basis, A-Mark may, up to 11:30 a.m. Eastern Standard Time, request Brink's to prepare shipments for delivery by registered mail or to be picked up at Brink's Facility.  As used in this Agreement, a consignee may include, but shall not be limited to, A-Mark, another armored carrier, an individual, or the US Post Office. Brink's shall maintain a continuous record of the Property placed in and released from inventory and, when requested by BBH or A-Mark, or at any time, in Brink's sole discretion, Brink's will furnish BBH and/or A-Mark with a copy of such records.  BBH and A-Mark each understand and agree that Property shall not be included in an inventory report until one Business Day after Brink's verifies the Property.  Notwithstanding any provision in this Agreement to the contrary, if market conditions result in Brink's receiving a higher volume of shipments than customary on any day, the number of days in which Brink's has agreed to complete verification and place Property in inventory shall be increased as necessary to perform service under such circumstances.

4.   Authorized BBH and A-Mark Representatives. BBH shall furnish Brink's with the names arid signatures of BBH's  authorized representatives who are empowered to issue orders for the release of Property from inventory. A-Mark shall furnish Brink's with the names and signatures of A-Mark's representatives who are authorized to give Brink's instructions pursuant to Section 6 of this Agreement.  It is expressly understood and agreed that Brink's shall not be liable for any release made under a release order fraudulently executed in the name of an authorized BBH representative, nor for any release of Property made where the authority of any such representative has been revoked and Brink's has not been notified thereof in writing.

5.  Contradictory Release Orders. A-Mark and BBH expressly understand and agree that Brink's shall act solely upon the instructions of BBH  with respect to the release of Property from inventory notwithstanding any different instructions from A-Mark that seek to vary or contradict such instructions from BBH. BBH agrees to indemnify, defend and hold Brink's harmless from and against any and all liabilities, claims, damages, costs and expenses (including attorney's fees and expenses of litigation)  arising out of or related to claims, disputes and legal actions involving Brink's release of Property from inventory in compliance with an order from BBH.

6.  Instructions from A-Mark. BBH expressly acknowledges that except with respect to Brink's receipt of authorization to release Property from inventory, A-Mark is fully authorized to give Brink's instructions regarding all other matters involving the Property, including, but not limited to, receipt, verification and the disposition of the Property after Property is released from inventory by BBH.  A-Mark agrees to indemnify, defend and hold Brink's harmless from and

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against any and all liabilities, claims, costs, expenses and damages of any (including attorney's fees and expenses of litigation)  arising out of or related to claims, disputes and legal actions involving Brink's   compliance with instructions from A-Mark as provided in this Section.  A­ Mark further agrees to indemnify, defend and hold Brink's harmless from and against any and all claims that may be made against Brink's by A-Mark customers or investors that involve the Property held on behalf of BBH and which arise out of this Agreement.

7.  Limitation of Brink's Liability.

(a) Brink's assumes the liability and is liable solely to BBH, for the loss, damage or destruction of Property while in Brink's custody on behalf of BBH  under this Agreement, up to the maximum aggregate amount of Twenty Million Dollars ($20,000,000.00) on anyone  day. Brink's liability shall commence when any Property has been received into Brink's possession upon a receipt being given therefor and shall terminate when the Property has been released by BBH to A-Mark from the inventory of Property being held on behalf of BBH pursuant to this Agreement.  It is expressly understood and agreed that Brink's maximum liability for any loss or destruction of Property is up to (but not exceeding) the aforesaid liability notwithstanding anything to the contrary contained in any invoice, receipt or other document delivered to or by Brink's relating to any Property handled by Brink's under this Agreement.

(b) A-Mark shall cause the Property that is to be received by Brink's under this Agreement to be packaged in accordance with the custom of the trade so that the Property is not susceptible to damage while,in Brink's custody. Brink's shall not be liable for any damage to Property unless caused by fire, lightning, theft and/or attempted theft, cyclone, tornado, windstorm, earthquake, flood, explosion, collision or overturn of conveyance while the Property is in Brink's  custody.  The liability of Brink's shall in no event exceed the limit of liability  set forth in paragraph (a) of this Section 7.

(c) Brink's shall not be liable for non-performance, delays or loss or damage caused by or resulting from:  (a) war, hostile or warlike action in time of peace or-war, including action in hindering, combating or defending against an actual, impending or expected attack, (i) by any government or sovereign power (de jure or de facto), or by any authority maintaining or using military, naval or air forces; or (ii) by military, naval or air forces; or (iii) by an agent of any such government, power, authority or forces; (b) any weapon of war employing atomic fission or radio-active force whether in time of peace or war; (c) insurrection, rebellion, revolution, civil war, usurped power, or action taken by governmental authority in hindering, combating or defending against such an occurrence, or confiscation by order of any government or public authority.

(d) Notwithstanding anything in this Agreement to the contrary, in no case shall Brink's be liable for loss, damage, liability, or expense directly or indirectly caused by or contributed to by or arising from:  (i) ionizing radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel; (ii) the radio­ active, toxic, explosive or other hazardous or contaminating properties of any nuclear

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installation,   reactor  or other nuclear  assembly  or nuclear  component  thereof;  or (iii) any weapon of war employing   atomic  or nuclear  fission and/or  fusion  or other like reaction  or radioactive   : force or matter  whether  in time of peace or war.

(e)  Brink's   shall not be liable under any circumstances   whatsoever   for special,  incidental, consequential,   indirect  or punitive  losses or damages, interest   or attorneys'   fees, whether  or not caused  by the fault or neglect  of Brink's  and whether  or not Brink's  had knowledge  that such losses  or damages  might  be incurred.

8.   Insurance.    Brink's   is not an insurer.   Brink's  shall obtain  and maintain,  at all times  during the  term  of this Agreement,   insurance  payable  to Brink's  in such amounts  and against   such risks as shall  adequately  cover the liability  assumed  by Brink's  under  this Agreement,  it being understood   that any party to this Agreement  may cancel  this Agreement  immediately  in the event Brink's   insurer  notifies  Brink's  of its intention  to cancel  or substantially  restrict  Brink's  "all risk" insurance   coverage.   BBH and A-Mark  will be given.not  less than thirty (30) days written  notice prior  to the cancellation   of or material  restriction  in Brink's   insurance  coverage.  If requested, Brink's   will furnish  a certificate  of insurance  to BBH and/or  A-Mark  evidencing  that such insurance  is in force.  BBH and A-Mark understand  'and agree that the liability  exclusions  set forth in Sections  7(c) and (d) of this Agreement  are subject  to modification   by Brink's  insurers  at any time.   In such event  Brink's  will endeavor  to give BBH  and/or A-Mark  not less than twenty four (24) hours  advance  notice thereof.

9.   Force  Majeure.   Brink's   shall not be liable for non-performance   or delays  caused  by strikes, lockouts  or other  labor  disturbances,  riots, authority  of law,   acts of God or means  beyond  Brink's control,  but Brink's   agrees  to be liable for the loss of any Property  received  into its possession not to exceed   the maximum  amount  set forth in Section  7(a) of this Agreement.

10. Declaration of Value and Notice of Claims. A-Mark agrees to declare to Brink's the value of Property to be received into Brink's custody under this Agreement.  A-Mark agrees that it shall never conceal or misrepresent any material fact or circumstance concerning the Property delivered to Brink's.  BBH acknowledges that it has appointed A-Mark as its representative to make such declarations and agrees to be bound by such declaration of value in all events. In the event of loss,  damage or destruction of the Property under this Agreement, A-Mark shall give written notice to Brink's and BBH within one (1) Business Day after discovery of any such loss, damage or destruction, but in no event more than thirty (30) days after delivery by Brink's to A­ Mark of an inventory statement in which a discrepancy first appears. Unless notice is given as aforesaid all claims shall be deemed to have been waived. No action, suit or other proceeding, shall be brought against Brink's for loss, damage or destruction of Property unless notice shall have been given as aforesaid and unless such action, suit or proceeding shall have been commenced within twelve (12) months from the time a claim is made pursuant to this paragraph.

11. Proof of Loss and Loss Reimbursement.

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(a) In the event of loss or destruction of any Property, A-Mark and BBH shall promptly and diligently assist Brink's to establish the identity of the Property lost or destroyed and unremittingly take such other steps as may be necessary to assure the maximum amount of salvage at a minimum cost. Affirmative written proof of the Property lost, subscribed and sworn to by A-Mark and concurred by BBH and substantiated by the books, records and accounts of A­ Mark shall be furnished to Brink's.

(b) Subject to the maximum amount of liability assumed by Brink's for loss or destruction of Property pursuant to Section 7(a) of this Agreement, Brink's shall, after receipt from A-Mark and concurred by BBH of proof of loss, pay BBH (i) the Market Value (defined below) of Precious Metals and (ii) the face value of Coin lost or destroyed.  The Market Value of Precious Metals is the value of the Precious Metals on the Business Day following the day the loss or destruction is discovered determined by (i) if for gold, the London P.M. Fixing, (ii) if for silver, the Handy and Harmon Noon-Fixing, (iii) for platinum and palladium, the current Comex settlement price or, if not traded on Comex, the New York Dealer price as quoted in Metals Weekly, and (iv) for Precious Metals premium gold, silver and platinum coins whose purity is above 90%, including, but not limited to, South African Krugerrands, Canadian Maple Leafs, Mexican Fifty Peso coins, the price quoted by the respective authority marketing agencies. BBH and A-Mark shall each subrogate to Brink's the right of procedure against any party for the recovery of, or in respect of, the Property for which any loss payment is made therefor.

12. Service Charges.

(a) For all of the services provided in this Agreement, A-Mark shall pay Brink's, upon presentation of monthly invoices, at the rates set forth in the following rate schedule (the "Rate Schedule").  The charges specified on Brink's invoices, letters or other writings shall be made an integral part of the Rate Schedule, provided, that A-Mark may, by written notice to Brink's within 20 days of invoice date, reject any different charges not previously stated on Brink's invoices, letters or other writings.

Rate Schedule

Effective January 1,2007

For Storage of Property

At a monthly rate which shall be the produce of the average monthly value of the Property held in storage during a calendar month and the percentage multiplicand applicable to such average monthly value as set forth in the table below:

	
			
	Average Monthly Value
	 
	Percentage Multiplicand

	From $1.00 up to $10,000,000.00
	 
	0.06%

	From $10,000,001.00 up to and including $20,000,000.00
	 
	0.047%

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The average  monthly  value of the Property  held in storage  shall be determined   at the end of each  calendar  month  by (i) if for Coin, the face value of the Coin multiplied  by .047% and (ii) if for Precious  Metals,  the New York  Comex  closing  each business  day for the respective   Precious  Metals  multiplied  by the average monthly  weight  (in ounces)  of Precious  Metals  held in storage  each day during  the same calendar  month.

Minimum   Monthly  Storage  Charge:   $650.00

For Inventory  Transfer,  Order Preparation  and Research

$27.50  per man hour or fraction  thereof  for all time required  by Brink's  to (i) transfer Property  in or out of inventory,  (ii) prepare  outgoing  orders  of property  released  from inventory  and (iii) to research  any discrepancies  or other research  requests  made by A­ Mark or BBH.

In the event  BBH  instructs  Brink's  to release Property  from inventory  without  instructions   from A-Mark  attached  to the release order, BBH agrees to pay Brink's  all  transfer  and order preparation   charges  and any such other charges  applicable  to the release  of Property  as Brink's and BBH  shall mutually  agree upon prior to the rendition  of service.   If this occurs,  A-Mark agrees  to compensate   BBH for all costs paid to Brink's  as well as any other  costs associated  with
enforcing  BBH  rights  for repayment  by A-Mark.

(b) Federal,  State and/or local taxes, where  applicable,  shall be added to the charges  set forth in the Rate  Schedule.   All charges  remaining  unpaid  after the invoice  due date will be subject  to a service  charge  of 1Yz percent per month, but in no event to exceed the highest rate allowed by applicable law. Nothing herein contained shall be construed to require payment of a service charge at a rate greater than that allowed by applicable law.

(c) If A-Mark defaults in the full and timely payment of any monies due Brink's pursuant to this Agreement and the terms stated in Brink's invoice, then A-Mark shall be responsible for, including, but without limitation, the repayment of any legal fees and other reasonable costs and expenses incurred by Brink's in the collection of any said monies due Brink's (which monies, obligations, fees, costs and expenses shall hereinafter be collectively referred to as the "Unpaid Obligations"), and Brink's, in addition to any and all other rights and remedies provided for in this Agreement and shall be permitted to retain as a credit and to offset against such Unpaid Obligations in a manner consistent with the Uniform Commercial Code of the State of New York, on a dollar for dollar basis, any Precious Metals deposited or caused to have been deposited with or otherwise delivered to Brink's for safekeeping, transportation or any other purpose on behalf of BBH under this Agreement.

(d) The parties agree that Brink's shall have a lien on the Property solely to the extent of securing A-Mark's obligation to pay Brink's fees and charges for services with respect to the

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Property  which  shall be prior to the lien and security  interest  of BBH   herein.   Brink's   agrees  to notify  BBH  should  the account  be in excess  of 60 days past due.

13. Audit.   Upon  request,  on any Business  Day during  Brink's  regular  business  hours,  Brink's will allow  BBH's   and/or  A-Mark's   authorized  representatives   access  to Brink's  Facility  for the purpose  of performing   a physical  audit of the Property  held in custody  by Brink' sunder   this Agreement,   provided  that such audit does not disrupt the routine  operation  of Brink's  Facility. Brink's   shall also furnish  such representatives   with Brink's  inventory  records  relating  to the Property. BBH's   and/or  A-Mark's   representatives   must  present  proper  credentials  to Brink's Facility  manager  as a condition  of being  admitted  to Brink's  Facility.   BBH agrees  to hold Brink's   harmless  from any and all claims,  liability,  costs and expense,  including  attorney's   fees, arising  out of injury  or death of or damage  to the property  of a BBH representative   while  on Brink's   premises,   or entering  or leaving  except  to the extent  caused  by the negligence  or willful misconduct   of Brink's.    A-Mark  agrees to hold Brink's  harmless  from  any and all claims, liability,  costs  and expense,  including  attorney's   fees, arising  out of injury or death of or damage to the property  of an A-Mark  representative  while  on Brink's  premises,  or entering  or leaving except  to the extent  caused by the negligence  or willful  misconduct   of Brink's.

14. Term  and Termination.

,   (a)  This Agreement  shall become  effective  on May  1, 2001 and shall continue  for a period  of one year and thereafter  from year to year until  cancelled,  by any party, by giving  thirty (30) days written  notice  to the other parties  prior to any anniversary  date hereof.   BBH may give thirty (30) days written  notice to the other parties  of its intent to resign  as Agent  irrespective  of any anniversary  date and A-Mark  may appoint  a successor  Agent  as provided  for under  the CAA,  and this Agreement  will continue  with the successor  Agent  subject  to approval  by Brink's, A-Mark  and the successor  Agent.

(b) Any party  may also terminate  this Agreement  giving  written  notice  to the other two parties  upon  the occurrence  of any of the following  conditions:
(i)         In the event of a breach  of any provision  of this Agreement  by any party, if the breach  has not been cured within  (30) days of an earlier  written  notice  specifying  the nature  of the breach;  or
(ii)        if any party shall be dissolved  or adjudged  bankrupt,  or a trustee,  receiver or conservator   of any party or its property  shall be appointed,  or an application  for any of the foregoing  is filed.

15. Notices.   Unless  otherwise  specifically  provided,  all notices  and other  communications   to either party hereunder  shall be in writing  (including  facsimile  or similar  writing)  and shall be given by an authorized  representative  of the party giving  such notice  (as specified  by such party to the other),

If to BBH:    Brown.Brothers   Harriman  & Co. of New York
xxxxxxxxxxx        140 Broadway

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New York, New York  10005
Telefax:   (212) 493-xxxx 8065
Attention:   Senior Credit  Officer

If to A-Mark:    A-Mark  Precious  Metals,  Inc.
100 Wilshire  Boulevard,  3rd Floor
Santa Monica,  California  90401
Telefax:   (310) 319-0279
Attention:   Operations  Supervisor

If to Brink's:    Brink's,  Incorporated
5115 W. Nassau  Street
Tampa,  FL 33569
Telefax:   (813) 288-9429
Attention:   John Maniscalco,   Operations  Manager

Each such notice  or other communication   shall be deemed  given (i) when received,  if delivered in person  or by express  delivery  service,  or (ii) upon  confirmation   of receipt,  if given by telefax or facsimile,  or (iii) three days after the date of mailing  when deposited  in the United  States mail, postage  prepaid,  by certified  mail and the postal records  show that delivery  was made.

16. Hazardous   Materials  Prohibited.   A-Mark  represents  and warrants  that no Precious  Metals tendered   to Brink's   hereunder  is or can be classified  as hazardous  material(s),   substance(s)   or waste(s)  (hereinafter   referred  to as "hazardous  materials")   as such terms  are or may be defined, described  or listed  in any applicable  federal, state, or local laws, or pursuant  to any governmental agency,  instrumentality   or department  regulation(s)  or executive  order(s),  including  without limitation  the U.S. Environmental   Protection  Agency  and U.S. Department   of Transportation,   the Comprehensive   Environmental   Response,  Compensation   and Liability  Act of 1980, the Resource Conservation   Recovery  Act of 1976 as amended,  the Hazardous  Materials  Transportation  Act, amendments   to all of the foregoing,  or any other applicable  law or regulation,   as amended,  from time to time,  issued  or enacted by any governmental  entity in connection  with environmental protection,  health  or safety.  In the event the aforesaid  representation   and warranty  is breached by A-Mark,  knowingly  or otherwise,  A-Mark  agrees to save, defend  and hold Brink's  harmless and indemnify  Brink's   and BBH agrees to hold Brink's  harmless  from and against  any claims, fines, penalties,  damages,  costs and attorneys'  'fees which  may be incurred  by Brink's  by reason of this breach.

17. Waiver.   The failure  of a party to insist upon strict adherence  to any term of this Agreement on one or more  occasions  will not be considered  a waiver  or deprive  the party of the right thereafter  to insist upon  strict adherence  to that term or any other term of this Agreement.

18. Entire  Agreement.    This Agreement  constitutes  the entire agreement  between  the parties  with respect  to the subject  of Brink's  obligations  to maintain  an inventory  of the Property  on behalf  of BBH as provided  in this Agreement,  and shall supersede  all prior and/or  contemporaneous

9

offers,  negotiations;   promises,  exceptions  and understandings,   whether  oral or written,  between the parties  hereto  regarding  that subject.   However,  it is understood  that this Agreement  is not intended  to effect  the rights  and liabilities  of A-Mark  or Brink's  regarding  any services  rendered by Brink's   on behalf  of A-Mark  after the Property  has been released  by BBH or is not otherwise subject  to BBH's   security  interest  in the Property.

19. Amendments.    This Agreement  may not be waived,  altered  or amended  except by an instrument  in writing  duly executed  by BBH,  A-Mark  and Brink's.

20. Assignment.    This Agreement  shall be binding  on BBH, A-Mark  and Brink's  and their respective  successors   and assigns.  No party shall assign  or transfer  its rights  or obligations hereunder  without  the prior written  consent  of the other parties.   Any such consent  shall not be unduly  delayed  or unreasonably   withheld:

21. Governing  Law.  This Agreement  will be governed  by and construed  in accordance  with the laws of the State of New. York.

IN WITNESS   WHEREOF,  each of the parties  hereto  has caused  this Agreement  to be executed  on its behalf  by its duly authorized  officers,  as of the date and year written  above.

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January  8, 2007

Brinks  U.S.  A Division   of Brinks  Inc.
Attention: Mathew  Cashin
5115 W.  Nassau  St.
Tampa,  FL. 33607

Dear Matt:

From  time  to time you have,  and will continue  to have, on deposit  on your premises  (your "Depository")   located  at 5115 W. Nassau St. Tampa,  FL. 33607,  gold,  silver,  and other precious metals  owned,  and delivered  to you, by A-Mark  Precious  Metals,  Inc. ("A-Mark").    This will serve as notice  to you that all such gold, silver and other precious  metals  are subject  to a security interest  granted  to BROWN  BROTHERS  HARRIMAN   & CO. ("BBH"),  FORTIS  CAPITAL CORP.,  RZB FINANCE   LLC, NATEXIS  BANQUES  POPLAIRES,   NEW  YORK  BRANCH. (hereinafter   referred  to as "Lenders")  as defined  in the Amended  and Restated  Collateral  Agency Agreement  dated  November   30, 1999 as amended  from time to time (the "Collateral  Agency Agreement")   by and  among  A-Mark  and the Lenders.   References  to Lenders  should  be deemed to include  any other  lenders  which  become party to the Collateral  Agency  Agreement   from time to time.
Until notified  to the contrary  by the Agent,  you may dispose  of such gold, silver  and other  precious  metals  in accordance  with instructions  given to you by A-Mark.   However,  upon receipt  of instructions   from the Agent,  you are hereby  authorized  and directed  to dispose  of any such gold,  silver  and other precious  metals only in accordance  with the instructions  of the Agent.

You acknowledge   that upon notification  by the Agent,  precious  metals  stored  at your Depository   may only be removed  from the Depository  at the written  direction  of the Agent (which  may  be transmitted   via telefax  or tested Telex  from the Agent.)   In the event that the Depository   receives  conflicting   instructions  from the Agent and A-Mark,  the Depository  will follow  the Agent's  directions.    A-Mark  agrees to hold the Depository  harmless  from any and all liability  arising  from the Agent's  control of the deposited  metals.

Sincerely,

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