This leave added to a string of departures by key commodities traders after the Wall Street firm reported a sharp drop in 2017 trading revenue.
Goldman Sachs Mining News
The field of prospective bidders for ScotiaMocatta, the metals trading arm of Canada's Bank of Nova Scotia, has narrowed to two.
While bitcoin has shown greater volatility and lower liquidity compared to gold, the $275bn market value of bitcoin is dwarfed by gold’s $8.3 trillion.
The recent surge in prices of gold, oil and other commodities has come prematurely, says the bank, arguing that lower prices are needed for markets to rebalance.
Two of the largest banks in the world and the biggest commodities trader have been found to be innocent of claims that they fixed zinc prices.
Unless demand picks up or more miners cut output, prices for raw materials are set to stay low for years, or worse, continue to drop, the investment bank predicts.
The firm began disposing mining assets last year, as prices for most commodities began a downward trend and U.S. regulators increased pressure on banks to get out of risky businesses.
The banks is reducing its financing for coal mining projects, which now considers too risky.
The sale would put an end to Goldman’s rocky involvement in raw-materials production.
Goldman Sachs, the biggest trading firm on Wall Street, will wind down its uranium trading business and may sell its coal mine subsidiary in Colombia, according to a Senate report released last week.
The two-year investigation concluded that Goldman Sachs, Morgan Stanley and JP Morgan have been manipulating commodity prices.
But could change payments technology.
Gold prices will remain high this year, but are unlikely to rise above the record high reached in 2011, says the latest report by U.S.-based mining consultants CPM Group.