Gold-Dealing Banks Reaped $500 Million as Tariff Panic Set In
Precious 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.
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