Bank Gold Traders Reaped $500 Million as Tariff Panic Set In
Gold granules are poured into molds for gold bars.
Photographer: Brendon Thorne/BloombergPrecious metals traders at top banks including JPMorgan Chase & Co. and Morgan Stanley posted their best performance in five years in the first quarter, in part thanks to an arbitrage opportunity that sparked a rush of bullion into the US.
Twelve leading banks together made $500 million in revenue from precious metals in the first quarter of 2025, the second highest figure in a decade of data compiled by Crisil Coalition Greenwich. That’s approximately twice the average earnings per quarter over the past ten years, the market intelligence firm’s data showed.