Exclusive: JPMorgan dominates gold market with record $1 billion precious metals revenue

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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.

FILE PHOTO: An employee holds gold bars before the refining process at AGR in Entebbe, Uganda, October 4, 2018. REUTERS/Baz Ratner/File Photo

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.Individual investment banks have rarely made more than $1 billion in commodities in recent years, and none has ever before earned more than around $600 million in precious metals in a single year, said George Kuznetsov at McKinsey CIB Insights.

 

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Wonder how many of this gold was mined illegally? UK was for years (sorry for 'was') hub of illegally mined gold . Money laundering and all this bla bla no more if big nank is involved.

Oh yeah...well I filled up my can of quarters and might even get a new can. Take that, JP Morgan!

Gonna be worthless in a few years once Bitcoin takes over.

More than 250k Americans are dead, people are homeless, on the verge of financial ruination, starving, and sick. Forgive me if it takes a while to find any fucks left to give.

Market manipulation ? 🤔🤷‍♂️

Donald Trump will go down in history as the first American president to have willingly betrayed his own country in service to a foreign enemy. His acts of treason will be taught in history books for generations to come, and the name “Trump” will become synonymous with treachery.

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