Benjamin Binet-Laisne, who left Goldman Sachs Group Inc this week as head of precious metals trading, is set to join Mercuria Energy Group, according to a person familiar with the matter.

It’s the latest high-profile hire in metals for Mercuria, better known for trading oil and gas. Since bringing in former Trafigura Group metals co-head Kostas Bintas in 2024, the firm has built out its division trading copper, aluminum and other metals to around 150 people.

Binet-Laisne didn’t immediately respond to a request for comment over Linkedin.

The push to build these trading teams comes as heightened geopolitical risks and investor flight from currencies and Treasuries, has sparked a wave of investment demand in precious metals. Gold has gained around 22% already this year, breaking through $5,000 an ounce for the first time this week. Over the same period, silver has surged almost 60%. 

Everyone, from banks to hedge funds and commodity houses, are looking to expand into the volatile markets.

Top commodity traders Trafigura and Gunvor Group have brought in teams of precious metals traders last year, while rivals IXM and Mercuria Energy Group Ltd. have also been looking to hire, according to people familiar with the matter. 

Banks like Societe Generale SA and DBS Group Holdings Ltd have also been expanding their precious metals offerings. Crypto giant and major gold buyer Tether Holdings SA also got in on the game, hiring two senior figures from HSBC Holdings Plc.

 (By Archie Hunter and Jack Ryan)