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Morgan's profit from gold business this year more than covers $920 million fine for market rigging
JPMorgan Dominates Gold Market with Record $1 Billion Precious Metals Revenue
By Peter Hobson
Monday, November 23, 2020
LONDON -- JPMorgan has earned record revenue of around $1 billion so far this year from trading, storing, and financing precious metals, vastly outperforming rival banks, two sources familiar with the matter told Reuters.
The coronavirus has created a bonanza for investment banks dealing in gold, silver and other precious metals by triggering massive investor purchases and rupturing the normal workings of the market.
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But JPMorgan has dominated, growing its share of the market.
The U.S. bank's revenue by mid-November accounts for at least half of the $1.7 billion to $2 billion that consultancy McKinsey CIB Insights estimates the top 10 investment banks combined will make this year from precious metals, mostly gold.
Its commodities division is on track to bring in more than $1.5 billion this year and could challenge Goldman Sachs for the title of top earner, the sources said. ...
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