--- title: "Gold Traders Made a Record $3.9 Billion in 2025, Coalition Says" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/281409368.md" description: "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." datetime: "2026-04-01T18:01:21.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281409368.md) - [en](https://longbridge.com/en/news/281409368.md) - [zh-HK](https://longbridge.com/zh-HK/news/281409368.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/281409368.md) | [English](https://longbridge.com/en/news/281409368.md) # Gold Traders Made a Record $3.9 Billion in 2025, Coalition Says 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&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 & 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.” ### 相關股票 - [Agnico Eagle Mines (AEM.US)](https://longbridge.com/zh-HK/quote/AEM.US.md) - [Invesco Db Precious Metals ETF (DBP.US)](https://longbridge.com/zh-HK/quote/DBP.US.md) - [VanEck Junior Gold Miners ETF (GDXJ.US)](https://longbridge.com/zh-HK/quote/GDXJ.US.md) - [ZHONGJIN GOLD (600489.CN)](https://longbridge.com/zh-HK/quote/600489.CN.md) - [ChinaAMC Gold ETF (518850.CN)](https://longbridge.com/zh-HK/quote/518850.CN.md) - [Sprott Active Gold & Silver Miners ETF (GBUG.US)](https://longbridge.com/zh-HK/quote/GBUG.US.md) - [Kinross Gold (KGC.US)](https://longbridge.com/zh-HK/quote/KGC.US.md) - [SPDR Gold Shares (GLD.US)](https://longbridge.com/zh-HK/quote/GLD.US.md) - [iShares MSCI Global Silver Miners (SLVP.US)](https://longbridge.com/zh-HK/quote/SLVP.US.md) - [Abrdn Precious Metals Basket ETF Trust (GLTR.US)](https://longbridge.com/zh-HK/quote/GLTR.US.md) - [VALUEGOLD ETF (03081.HK)](https://longbridge.com/zh-HK/quote/03081.HK.md) - [iShares Gold Trust (IAU.US)](https://longbridge.com/zh-HK/quote/IAU.US.md) - [VanEck Gold Miners ETF (GDX.US)](https://longbridge.com/zh-HK/quote/GDX.US.md) - [Us Gbl GLD & Met (GOAU.US)](https://longbridge.com/zh-HK/quote/GOAU.US.md) - [Gold.com (GOLD.US)](https://longbridge.com/zh-HK/quote/GOLD.US.md) - [Direxion Daily Gold Miners Bull 2X (NUGT.US)](https://longbridge.com/zh-HK/quote/NUGT.US.md) - [SD-GOLD (600547.CN)](https://longbridge.com/zh-HK/quote/600547.CN.md) - [Direxion Daily Jr Gold Miners Bull 2X (JNUG.US)](https://longbridge.com/zh-HK/quote/JNUG.US.md) - [Pro Ultr Silver (AGQ.US)](https://longbridge.com/zh-HK/quote/AGQ.US.md) - [YieldMax Gold Miners Opt Inc Strgy ETF (GDXY.US)](https://longbridge.com/zh-HK/quote/GDXY.US.md) - [Abrdn Gold ETF Trust (SGOL.US)](https://longbridge.com/zh-HK/quote/SGOL.US.md) - [Hunan Silver (002716.CN)](https://longbridge.com/zh-HK/quote/002716.CN.md) - [EFUND GOLD MI-U (09824.HK)](https://longbridge.com/zh-HK/quote/09824.HK.md) - [Silvercrest Metals (SILV.US)](https://longbridge.com/zh-HK/quote/SILV.US.md) - [Sprott JR Gold Miners ETF (SGDJ.US)](https://longbridge.com/zh-HK/quote/SGDJ.US.md) - [Sprott GLD Miners Etf (SGDM.US)](https://longbridge.com/zh-HK/quote/SGDM.US.md) - [Zijin Mining (601899.CN)](https://longbridge.com/zh-HK/quote/601899.CN.md) - [CHI SILVER GP (00815.HK)](https://longbridge.com/zh-HK/quote/00815.HK.md) - [Pro Ultr GLD (UGL.US)](https://longbridge.com/zh-HK/quote/UGL.US.md) - [ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF (159562.CN)](https://longbridge.com/zh-HK/quote/159562.CN.md) - [SPDR Gold Minishares (GLDM.US)](https://longbridge.com/zh-HK/quote/GLDM.US.md) - [Abrdn Silver ETF Trust (SIVR.US)](https://longbridge.com/zh-HK/quote/SIVR.US.md) - [Global X Silver Miner (SIL.US)](https://longbridge.com/zh-HK/quote/SIL.US.md) - [Roundhill Gold Miners Weeklypay ETF (GDXW.US)](https://longbridge.com/zh-HK/quote/GDXW.US.md) - [Microsectors Gold Miners 3x Leveraged ETN (GDXU.US)](https://longbridge.com/zh-HK/quote/GDXU.US.md) - [iShares MSCI Global Gold Miners (RING.US)](https://longbridge.com/zh-HK/quote/RING.US.md) - [GLOBAL X Gold Explorers (GOEX.US)](https://longbridge.com/zh-HK/quote/GOEX.US.md) - [Sprott PHYs Silver (PSLV.US)](https://longbridge.com/zh-HK/quote/PSLV.US.md) - [EFUND GOLD MI-R (82824.HK)](https://longbridge.com/zh-HK/quote/82824.HK.md) - [EFUND GOLD MI ETF (02824.HK)](https://longbridge.com/zh-HK/quote/02824.HK.md) - [Newmont (NEM.US)](https://longbridge.com/zh-HK/quote/NEM.US.md) - [Sprott Silver Mnrs & Physical Silver ETF (SLVR.US)](https://longbridge.com/zh-HK/quote/SLVR.US.md) - [SPDR GOLD TRT (02840.HK)](https://longbridge.com/zh-HK/quote/02840.HK.md) - [iShares Silver Tr (SLV.US)](https://longbridge.com/zh-HK/quote/SLV.US.md) ## 相關資訊與研究 - [Gold Hunter shifts from quiet buildup to fully funded drilling push at Newfoundland gold district](https://longbridge.com/zh-HK/news/281261616.md) - [Spot silver rises over 7% to $75.01/oz](https://longbridge.com/zh-HK/news/281223133.md) - [Mount Everest Gold Returns to Profit in 2025](https://longbridge.com/zh-HK/news/280552412.md) - [LaFleur Minerals Files PEA Technical Report Supporting Restart of Gold Production at Beacon Gold Mill, Québec | LFLRF Stock News](https://longbridge.com/zh-HK/news/280814715.md) - [AbraSilver seals Condoryacu deal and hits record high-grade gold near Diablillos](https://longbridge.com/zh-HK/news/281046773.md)