<div id="readability-page-1"><div>Precious metals trading desks around the world had their best year ever in 2025 as dramatic dislocations and surging trading volumes provided more opportunities than ever to make money.Globally, banks’ precious metals desks earned an estimated $3.9 billion in revenue last year, the highest amount in a series that goes back a decade, according to financial services analytics provider Crisil Coalition Greenwich.Many veteran traders called 2025 the most tumultuous of their career, with gold and silver surging by the most since 1979. As US President Donald Trump commenced his second term in the Oval office, the precious metals rally was accelerated first by his and then by his attempts to of the Federal Reserve.Trump’s tariffs moves were behind some of the windfall for banks, as fears that precious metals would be subject to import levies caused a spike in the premium for metal in New York over the global spot trading hub in London. That meant who could ship gold and silver to the US.Some major banks were caught “on the wrong side of the trade,” but others capitalized significantly on the blowup of the price differential between London and New York, said , head of fixed income, currencies and commodities for Coalition. That arbitrage opportunity “was a massive mover in terms of P&amp;L gains for banks,” he said.More dislocations arrived later in the year, particularly in silver. A historic squeeze that struck the London market in October led to a hefty discount for futures in the US. In India, a wave of silver buying led to even more extreme price dislocations, while demand from China towards the end of the year was similarly strong. Steep costs for borrowing silver in London also delivered a windfall for banks with metal available to lend.The highest revenue year in Coalition’s series previously was 2020, when the outbreak of the pandemic grounded flights and prevented traders from taking advantage of similar price differentials. For banks with physical inventories of metal that were able to deal with the logistical challenge, the profits were immense. The largest player in precious metals, JPMorgan Chase &amp; Co., made , Bloomberg reported.Coalition’s estimates are gathered through a combination of documentary sources, internal models and field research.Beyond the price dislocations that emerged, more opportunities came from the increased demand for precious metals from hedge funds and large asset managers. Trading volumes in London, the dominant spot trading hub, surged throughout the year, encouraging financial firms like Nomura Holdings Inc. and Deutsche Bank AG to expand their precious metals offerings. Volatility also reached nearly unprecedented levels.“It does seem like it’s a lucrative opportunity that other people want to get into,” Chhatwal said. “A lot of banks are trying to get into the precious metals business, or back into the precious metals business.” Investors increasingly took to options to profit from price swings, boosting revenue for dealers. In particular, the largest gold and silver exchange-traded funds, SPDR Gold Shares and iShares Silver Trust, both saw elevated levels of outstanding options contracts throughout the year. That helped fuel further volatility, as dealers bought the underlying ETFs to hedge their exposure to rising prices, and sold into falling prices.“We saw precious metal options pick up significantly,” Chhatwal said. “And that’s more specific to a few banks that are able to capture that.”</div></div>

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In 2025, global banks' precious metals trading desks achieved a record revenue of $3.9 billion, the highest in a decade, driven by significant market dislocations and increased trading volumes. Veteran traders described the year as tumultuous, with gold and silver prices surging. Factors such as U.S. tariffs and heightened demand from hedge funds contributed to the volatility and profit opportunities. Major banks capitalized on price differentials between London and New York, while trading volumes surged, prompting firms to expand their precious metals offerings. The market saw increased activity in options trading, further boosting dealer revenues.

Bloomberg

Agnico Eagle Mines

Invesco Db Precious Metals ETF

VanEck Junior Gold Miners ETF

ZHONGJIN GOLD

ChinaAMC Gold ETF

Sprott Active Gold & Silver Miners ETF

Kinross Gold

SPDR Gold Shares

iShares MSCI Global Silver Miners

Abrdn Precious Metals Basket ETF Trust

VALUEGOLD ETF

iShares Gold Trust

VanEck Gold Miners ETF

Us Gbl GLD & Met

Gold.com

Direxion Daily Gold Miners Bull 2X

SD-GOLD

Direxion Daily Jr Gold Miners Bull 2X

Pro Ultr Silver

YieldMax Gold Miners Opt Inc Strgy ETF

Abrdn Gold ETF Trust

Hunan Silver

EFUND GOLD MI-U

Silvercrest Metals

Sprott JR Gold Miners ETF

Sprott GLD Miners Etf

Zijin Mining

CHI SILVER GP

Pro Ultr GLD

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

SPDR Gold Minishares

Abrdn Silver ETF Trust

Global X Silver Miner

Roundhill Gold Miners Weeklypay ETF

Microsectors Gold Miners 3x Leveraged ETN

iShares MSCI Global Gold Miners

GLOBAL X Gold Explorers

Sprott PHYs Silver

EFUND GOLD MI-R

EFUND GOLD MI ETF

Newmont

Sprott Silver Mnrs & Physical Silver ETF

SPDR GOLD TRT

iShares Silver Tr

Gold Traders Made a Record $3.9 Billion in 2025, Coalition Says