Gold traders make a fortune amid hiring surge

A SCRAMBLE for experienced gold traders is underway among commodity houses, hedge funds and banks as precious metals attract unprecedented interest, said Bloomberg News. Pay for these rare skills has risen to new heights, the newswire added.Trafigura Group and Gunvor Group have recruited entire precious metals trading teams this year, whilst IXM and Mercuria Energy Group are actively seeking personnel, said Bloomberg citing industry sources. Numerous financial institutions and industrial firms are either entering the market or expanding existing operations, it said.Despite gold’s prominence – with hundreds of billions of dollars traded weekly in London –the market has historically been serviced by compact teams at institutions including JPMorgan Chase, HSBC Holdings and UBS Group. Rising prices have attracted newcomers competing for a limited supply of seasoned professionals.“Precious metals traders are having a bit of their moment in the sun,” Alex Kerr at headhunter Aurex Group said. “It’s not just banks anymore.”The recruitment challenge dominated discussions at the London Bullion Market Association conference beginning this weekend in Kyoto, Japan, said Bloomberg News. The sector has been “seen as more on the fringe” for years, said Ruth Crowell CEO of the LBMA on Monday. Growing trading activity and client participation signal “a new chapter”, she added.Market opportunities have multiplied this year, from substantial arbitrage trades drawing metal into America to this month’s silver supply squeeze.The twelve largest banks generated $500m from precious metals during the first quarter –the second-highest quarterly figure in ten years and roughly double the decade’s average, said Bloomberg News citing Crisil Coalition Greenwich.Physical precious metals traders remain particularly scarce following recent retirements, Nicholas Snoek at HC Group said. Bonuses at trading houses now reach two to three times banking sector levels, Kerr added.The post Gold traders make a fortune amid hiring surge appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com