Gold, silver boom puts US bank trading revenues on track for record $5 billion - The Economic Times

AI desk brief

US banks are on track to generate about $5 billion from precious-metals trading in 2026, a record for the industry, after strong first-half earnings from gold and silver desks. JPMorgan reportedly made roughly $700 million and Deutsche Bank more than $200 million, with revenue boosted by speculative buying, short-dated options demand, leveraged ETF flows and regional bullion price dislocations.

The rally was strongest early in the year when gold and silver hit unprecedented levels, while later price giveback followed higher energy costs and renewed expectations of monetary tightening. Even after the pullback, spot gold and silver remain more than twice their start-2024 levels, underscoring how elevated volatility has supported both trading income and risk for desks caught on the wrong side.