抢市场杀红眼？黄金暴涨让“沉睡金库”变摇钱树，银行、交易商疯抢贵金属生意

Group 1 - The global precious metals market is entering a historic bull market in 2025, with spot gold prices surpassing $4,500 per ounce and silver reaching $70 per ounce, reflecting year-to-date increases of 71% and 150% respectively, driven by multiple factors including pressure on the US dollar, increased central bank purchases, Federal Reserve rate cuts, and geopolitical risks [1] - Financial institutions are experiencing significant revenue growth in their precious metals businesses, with leading banks' trading revenues reaching approximately $1.4 billion in the first nine months of the year, a 50% increase compared to the same period in 2024, positioning 2025 as potentially the second-best year in gold trading history for banks [3] - Major banks are expanding their precious metals teams and re-entering the market, with institutions like Société Générale, Morgan Stanley, and Sumitomo Mitsui Trust Bank increasing their presence in response to the lucrative opportunities in the precious metals market [3] Group 2 - The demand for physical gold trading has revitalized the previously overlooked vault business, with significant clearing volumes in London exceeding $35 trillion annually, leading banks to explore or expand their vault operations to capture additional revenue [5] - Non-bank entities are also actively participating in the precious metals market, with companies like MKS Pamp and StoneX expanding their operations and establishing new facilities to enhance their market presence [6] - The competitive landscape of the precious metals market is diversifying, with traditional banks facing competition from commodity trading firms like Trafigura and Gunvor, which are entering the physical precious metals trading space [7] Group 3 - The evolving dynamics of the precious metals market reflect a shift in global financial asset allocation logic, with expectations of continued gold price increases due to ongoing geopolitical risks and Federal Reserve rate cut expectations, prompting banks and traders to compete in team expansion, vault operations, and supply chain integration [8]