Bank of Nova Scotia has re-entered precious metals trading, six years after exiting the sector, according to people familiar with the matter. The Canadian lender has hired Olena Zabolotna, based in Toronto and previously at RBC Capital Markets, along with Jesse Freeman and Vincent Saarloos in New York, a company spokesperson confirmed.
Revived Precious Metals Desk
The new team is a fraction of the size of Scotiabank's previous precious metals business, which was once a leading player in bullion markets alongside JPMorgan Chase & Co. and HSBC Holdings PLC. Bloomberg News reported in December that the bank was planning to revive its metals desk.
Market Context
Last year's record-breaking gold rally reignited interest in precious metals markets, with trading houses, hedge funds and Wall Street banks competing for talent as they expand their bullion businesses. While gold prices have eased in 2026, they remain at historically elevated levels. Silver and platinum also experienced a similarly dramatic run-up in prices over the past year.
Historical Roots
Scotiabank traces its roots in gold trading back to the 17th century. The lender announced its exit from the sector in 2020 after the pandemic disrupted the physical gold market and the United States investigated its bullion trading activities.
