Precious Metals
Gold, silver, platinum, and palladium. Gold is the reserve asset — driven by real rates, USD strength, and geopolitical risk. Silver has industrial demand (solar panels, electronics). PGMs (platinum group metals) are critical for catalytic converters and hydrogen fuel cells.
Key Concepts
Resources
- LBMA Gold & Silver Fix
The London Bullion Market Association's official gold and silver price fixes. The global benchmark for precious metals. Free historical data.
DataFreeLBMA
- World Gold Council
Research, data, and analysis on gold demand, supply, and investment flows. Quarterly Gold Demand Trends report is excellent. Free.
ReportFreeWorld Gold Council
Learning Path
Macro Drivers: Real Rates, USD, and Safe-Haven Flows
Precious metals respond strongly to real yields, currency strength, and geopolitical risk, with gold most sensitive to macro liquidity regimes.
2 case studies →
Silver and PGM Industrial Demand Linkages
Silver and PGMs blend monetary and industrial demand, making them sensitive to manufacturing cycles and technology demand shifts.
2 case studies →
Market Microstructure, ETF Flows, and Positioning
ETF allocations, futures positioning, and lease rates shape short-horizon precious price dynamics and liquidity conditions.
2 case studies →
Key Players
Glencore
Baar, Switzerland
The world's largest commodity trader by revenue and one of the largest mining companies. Glencore trades everything from coal and copper to oil and agricultural products. Founded by Marc Rich, now headquartered in Baar, Switzerland.
Revenue model
Margin on physical commodity trades + mining/production equity. Profit from information asymmetry, logistical edge, and balance sheet to hold inventory. Marketing (trading) and industrial (mining) segments.
Largest coal trader globally; controls ~10% of seaborne thermal coal trade
WebsiteMarket Snapshot
STALELSE:GLEN (GBP)
Price
N/A
Daily Change
N/A
Market Cap
N/A
P/E
N/A
As of 2026-03-21T00:00:00Z · Source: Pending first automated market snapshot run
Financial Snapshot
Public filing derivedFY
2024
Revenue
$217bn
EBITDA
$17.0bn
Net Income
$4.3bn
Confidence: medium · Source: Glencore annual reporting (rounded)
Rounded values for educational orientation.
Trafigura
Geneva, Switzerland
The second-largest private commodity trader. Trafigura focuses on oil and petroleum products, metals, and bulk commodities. Known for aggressive trading strategy and significant infrastructure investments in ports and storage.
Revenue model
Physical commodity trading margins + logistics infrastructure. Structured finance (prepay deals with producers) as a competitive weapon. Owns Impala terminals and other port assets.
One of the largest oil traders; pioneered prepay finance deals with African state oil companies
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
200-300bn
EBITDA
8-15bn
Net Income
2-7bn
Confidence: low · Source: Company disclosures and market estimates
Private company ranges, not audited public filings.
Mercuria
Geneva, Switzerland
Founded in 2004 by ex-Goldman Sachs traders. Mercuria started in oil and has aggressively expanded into metals, agriculture, and energy transition commodities. Owns JPMorgan's physical commodities business.
Revenue model
Physical trading margins + proprietary positioning. Strategic acquisitions to build supply chain assets.
Acquired JPMorgan's physical commodities business in 2014; active in carbon markets
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
120-190bn
EBITDA
3-9bn
Net Income
0.8-3.5bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.