JPMorgan Dominates Gold Market With Record $1 Billion Precious Metals Revenue

JPMorgan Dominates Gold Market With Record $1 Billion Precious Metals Revenue
An employee holds gold bars before the refining process at AGR (African Gold Refinery) in Entebbe, Uganda, on Oct. 4, 2018. Baz Ratner/Reuters
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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.