从冷门到暴利！黄金交易业务成香饽饽，银行和交易商争相抢滩

Core Insights - The gold market is experiencing a historic bull run, leading banks and traders to expand their precious metals trading and logistics capabilities, making it one of the most profitable sectors in finance this year [1] - Top banks' precious metals trading revenue surged by 50% in the first nine months of the year compared to the same period in 2024, with 12 leading banks generating approximately $1.4 billion in revenue [1] - Major banks that previously closed their precious metals trading departments, such as Société Générale and Morgan Stanley, are now re-entering the market [1] Group 1 - Non-bank institutions are also increasing their market share in precious metals trading, with companies like MKS Pamp and StoneX enhancing their gold trading operations [2] - StoneX has opened a Comex-certified vault in New York and is expanding its operations in the UK, indicating a significant investment in physical gold trading [2] - The London gold market, which clears over $35 trillion in gold annually, has only four clearing members, highlighting the competitive landscape [2] Group 2 - Many banks are exploring or have already explored vault operations, which can provide stable income through custodial services [3] - MKS Pamp is expanding its operations, including plans to launch gold options trading and grow its refining business in the U.S. [3] - The unexpected surge in gold prices has put pressure on the balance sheets of manufacturers and smaller traders, giving larger banks a competitive advantage [3] Group 3 - Non-bank competitors possess more expertise in physical gold procurement, which is complex due to the need to verify gold sources and meet delivery standards [4] - Companies like Trafigura and Gunvor have recently entered the upstream gold trading sector, focusing on handling doré bars and refined gold [5] - A significant trading opportunity arose earlier this year due to price discrepancies between the New York and London markets, although not all institutions capitalized on it [5]