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Barclays to exit precious metals: sources

Highlights

Barclays is set to exit the precious metals sector, several sources told Platts this week, following an announcement by the bank last week that it would be closing some of its investment banking operations to concentrate on its core market of the US and Europe.

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Barclays declined to comment on the matter.

One trader said the bank had been in touch last week to say it would be ending its precious metals business, describing the move as the "worst kept secret in commodities."

The news comes following a statement last week by the UK bank that it would be "exiting certain product lines", while closing offices in nine countries across Asia, the Americas and EMEA.



A note sent by Barclays' metals research team Thursday said it would be its last publication covering precious metals.

"After this publication, we will no longer be covering precious metals. Published forecasts for precious metals should no longer be relied upon," the note said.

Credit Suisse, Deutsche Bank and Mitsui have all departed metals trading in the last two years amid a wider commodity slump that saw base metal prices shed almost 30% on average in 2015.

--George King Cassell, george.king.cassell@platts.com
--Edited by James Leech, james.leech@platts.com