'Free money' for banks as investors pile into fractured gold market

20 Sep by Vitaliy Dadalyan

'Free money' for banks as investors pile into fractured gold market

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'Free money' for banks as investors pile into fractured gold marketThe world’s largest 50 investment banks are on track to double their income from precious metals this year to around $2.5 billion, most of it from gold, Coalition, a banking consultancy, told Reuters. The juicy rewards, which have not previously been reported, mark a stunning reversal of fortune for bullion banks. In March, some had to wipe hundreds of millions of dollars off their trading books as the global pandemic snarled the supply of gold bars.