Huan Qiu Wang·2025-06-10 06:41Group 1 - Major banks, including JPMorgan and Morgan Stanley, achieved their best performance in five years in the first quarter of 2025, driven by arbitrage opportunities stemming from U.S. tariff expectations [1][3] - According to Crisil Coalition Greenwich, the revenue from the precious metals business of twelve major banks reached $500 million in the first quarter of 2025, the second highest in ten years, and approximately double the average quarterly earnings over the past decade [3] - The high premium for gold in the U.S. market was a key factor in revenue growth, as traders rushed to transport large amounts of gold and silver to the U.S. due to concerns over tariffs [3] Group 2 - Specific transactions included Morgan Stanley delivering 67 tons of gold valued at approximately $7 billion when settling its Comex positions, while JPMorgan recorded over $4 billion in gold futures contract settlements in February, setting a record for single-day delivery notifications on Comex [3][4] - The volatility caused by the Trump tariff plan generated significant income for twelve major banks, with rising gold prices and increased trading volumes in the London market contributing to this trend [4]