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Goldman Sachs Group Inc.’s head of precious metals trading Benjamin Binet-Laisne is leaving the bank, according to people familiar with the matter.
Binet-Laisne’s departure underscores the challenge for banks in retaining bullion-market traders, as a storming precious metals rally leads hedge funds and trading houses to vie for talent.
A senior figure in the market, Binet-Laisne has been with the bank for roughly a decade, according to his LinkedIn profile. Goldman is one of the larger banks in precious metals, and recently added Pranav Bhatia from StoneX Group Inc. to its trading desk.
Goldman and Binet-Laisne declined to comment on the departure.
Gold chalked up its best annual performance since 1979 last year, as retail and institutional investors piled in alongside central banks. A powerful combination of tailwinds — from falling interest rates to geopolitical tensions — pushed bullion to a record above $5,000 an ounce on Monday.
Silver’s rally has been even more extreme, with the precious metal more than tripling in price over the past year. Platinum and palladium have also posted stunning gains, and roiling price moves linked to potential tariffs on precious metals have fueled windfall profits for some of the industry’s biggest dealers.
Hedge funds and major commodity traders like Trafigura Group and Gunvor Group — with their ability to offer larger bonuses than many banks — brought in teams of traders last year as interest in precious metals grew. Crypto giant and major gold buyer Tether Holdings SA also got in on the game, hiring two senior figures from HSBC Holdings Plc.
Banks have sought to expand their offerings in precious metals, amid surging client interest. Citigroup Inc. and Morgan Stanley are preparing to offer vaulting services in London, challenging the dominance of JPMorgan Chase & Co. Deutsche Bank AG is also taking on a larger role in the market.
(By Nishant Kumar and Jack Ryan)