The New Gold Rush | How Financial Institutions Are Repositioning for Precious Metals

Gold and silver have staged a remarkable rally in 2025, with gold reaching $4,500 per troy ounce and silver crossing $70 per ounce—translating to year-to-date gains of 71% and 150%, respectively. This surge has transformed precious-metals trading from a traditionally low-profile segment into one of finance's most lucrative arenas.

Major banks have seen their precious-metals trading revenues climb 50% in the first nine months of 2025 compared to the prior year. The opportunity has prompted both established financial institutions and non-bank players to expand trading desks, acquire vaulting capabilities, and hire specialized talent.

Meanwhile, commodity trading houses are venturing into earlier stages of the gold supply chain, handling unrefined doré bars directly from mines. The competitive landscape is shifting rapidly as market participants position themselves to capture a share of what has become an estimated $1.4 billion revenue pool among the top twelve banks alone.