Economy

Gold price
Gold rush: “Big pot of profit to be had”

This year’s gold rally has made precious metals trading one of the most profitable businesses in the financial world, writes the FT. Banks and traders are now competing for the market, and several players are expanding their teams and investing in vault storage and logistics.

– There is a big pot of profit to be had this year and everyone is quite aggressive, Crisil’s head of research Callum Minns tells the newspaper.

In the wake of the sharp rises in gold and silver prices, revenues from precious metals trading at leading banks increased by 50 percent in the first nine months of the year compared with last year, according to research firm Crisil Coalition Greenwish.

Even banks that previously closed down teams in precious metals trading are now returning to the market – including Société Générale, Morgan Stanley and Mitsui.

Voi founder invests in new AI company: "Must dare"

After seven years, Voi co-founder Adam Jafer recently left to invest in new AI startup Pit, he tells DI.

The plan is to build software that will use AI to transform large companies' internal process descriptions into ready-made systems.

- Sometimes you simply have to dare to invest - 'risk it for the biscuit', says Adam Jafer.

He further describes the switch from large company to startup as risky, but "magical".