Reuters/Peter Hobson
“Driving profit has been the clamor for gold and silver from investors, mainly in Europe and North America, worried the coronavirus pandemic and money-printing by central banks could devalue other assets. These investors pushed gold prices to record highs above $2,000 an ounce earlier this year.”
USAGOLD note: All those banks that decided to close down their precious metals trading desks a few years ago have got to be looking at JP Morgan’s successes with at least a small amount of envy. And according to this article, a good chunk of the profit came from trading in the physical metal itself – a business in which JPM says it is well-connected and securely supplied. It could get the metal when others could not. There is no explanation in the article why that would be.
Repost from 11-23-2020
