A Golden Era for Traders

The global gold market is entering a new phase — not just for prices, but for people. As bullion continues its record-breaking run in 2025, trading desks worldwide are scrambling to hire talent fast enough to keep up. What was once a niche corner of finance has suddenly become one of the hottest segments in commodities, with banks, hedge funds, and physical traders battling for a shrinking pool of specialists.

The surge in demand has created what industry insiders describe as a “war for gold talent.” Leading trading houses such as Trafigura Group and Gunvor Group have each hired teams of precious metals traders this year, while rivals IXM and Mercuria Energy Group Ltd. are actively expanding their metals divisions. Meanwhile, hedge funds and banks that had previously scaled down their exposure to gold are rushing back in, seeking to capitalize on soaring volatility and profit opportunities across the physical and derivatives markets.

“Precious metals traders are having a bit of their moment in the sun,” said Alex Kerr, commodities headhunter at Aurex Group. “It’s not just banks anymore. Hedge funds and trading houses are all looking for precious metals traders or portfolio managers.”

Tight Supply Meets Soaring Demand

The rush for talent comes amid record profitability. According to Crisil Coalition Greenwich, the world’s 12 leading banks made a combined $500 million from precious metals trading in the first quarter of 2025 — the second-highest figure in a decade and roughly double the long-term average.

Yet, the industry’s years of neglecting gold desks are now coming back to haunt it. The pipeline of skilled traders has thinned dramatically as veterans retired and younger finance graduates gravitated toward technology and algorithmic trading. “The talent pool is so small that it is a very thin market,” said Nicholas Snoek of headhunter HC Group. “Physical precious metals traders are in even shorter supply, given how many left the business or shifted sectors in recent years.”

That scarcity is driving a pay explosion. Precious metals traders at physical trading houses are now receiving bonuses two to three times higher than those at major banks. The shift is also changing the industry’s structure: once dominated by a few global banks — JPMorgan, HSBC, and UBS among them — the bullion trade is now drawing in diversified energy and commodity firms eager to capture new profit streams.

Expanding the Value Chain

Companies like Gunvor and Trafigura are now building vertically integrated businesses, connecting gold and silver production to refining and logistics. “We are developing the full value chain from gold and silver concentrates to refined bars,” said a Gunvor spokesperson, confirming the hire of senior traders from Marex Group, Macquarie Group, and ICBC Standard Bank.

For many firms, the expansion into gold marks a strategic diversification away from volatile energy markets, while also capitalizing on the growing investor appetite for safe-haven assets amid geopolitical tensions and inflation uncertainty.

The spike in activity is expected to dominate discussions at the London Bullion Market Association (LBMA) conference in Kyoto this week — the largest annual gathering of the global precious metals industry. “The people movements are the most I’ve seen during my career,” said Bruce Ikemizu, chairman of the Japan Bullion Market Association. “There just aren’t that many experienced people left.”

What Comes Next

The scramble for gold traders underscores a structural shift in how global commodities markets operate. As financial institutions, hedge funds, and industrial firms converge on the same trade, talent — not just capital — is emerging as the new competitive edge.

If gold prices remain elevated and volatility persists, the bullion market could continue to expand well beyond its traditional banking roots, with physical traders and AI-driven funds vying for dominance. For now, one thing is clear: in 2025’s golden boom, traders themselves have become as valuable as the metal they move.