By: Gustian Farrow, Head of StoneX TV • Content Channels
In a recent interview, Alex DeMarzi, StoneX Head of Metals Americas, explained how two late 2024 acquisitions reshape the group’s precious metals franchise.
StoneX’s strategy for years centred on financial hedging and high-grade physical trade. “Our objective is always to be able to provide new services, new products and new capabilities to all our clients”. Buying JBR, now StoneX Metals Limited, and a New York-based vault brings the missing pieces under one roof and moves the firm into the processing and logistics lanes once reserved for specialist players.
The refinery delivers a competitive edge with material that large mines struggle to monetize. DeMarzi emphasized: “But with this refinery in particular, we’re able to buy new kinds of metal we never buy, which is really lower grade metal”. He later added, “I’ll take your carbon fines, I’ll take your sweeps. I’ll take basically all the garbage that you have, and I will bring it in and refine it and give you value for it”. Capturing this overlooked feedstock broadens StoneX’s supplier base and deepens relationships with miners and recyclers.
Control of a COMEX-approved vault in New York completes the chain. Clients can refine metal, ship it across continents, and deliver it into the exchange without leaving the StoneX ecosystem. “We can literally do the full process”, DeMarzi said, pointing to a service spanning raw material, fabrication, financing, and final delivery.
Diversification also buffers the business against geopolitical shocks. “Our business is going to be sustainable regardless of what happens”. By offering hedging, refining, and storage in multiple jurisdictions, StoneX can shift volumes and capital to where conditions are most favorable, while giving counterparties fewer intermediaries and tighter cost control.
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---- Written by Gus Farrow
--- Expert: Alex DeMarzi, StoneX Head of Metals Americas
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