By: Michael Skinner, Global Head of Metals • GLOBAL LME TEAM
The global precious metals markets remain defined by volatility, geographic dislocations and tightening physical supply. Gold and silver liquidity is increasingly shaped not only by price direction but by control of infrastructure that moves and refines metal. Competitive advantage is shifting toward firms that own vaulting, refining and benchmark access rather than relying on third parties. In this environment, metals market power stems from who controls the flow of bullion rather than who forecasts its price.
Michael Skinner, Global Head of Metals at StoneX Group Inc., has led the expansion of StoneX's vertically integrated metals franchise since 2020, building on nearly two decades overseeing base metal sales. His direct oversight of refining, vaulting and benchmark participation gives him operational visibility into how physical metals infrastructure translates into liquidity power in gold and silver markets.
Silver refining capacity is becoming a structural lever in the precious metals market as supply tightens and volatility increases. In discussion with Philip Smith, StoneX Group Chief Executive, Skinner explains that owning a recycler and London Good Delivery refinery reduces dependency on third parties, noting that StoneX purchased the facility to "dial down that dependency" and ensure access to production capacity. Consequently, silver refining capacity allows StoneX to capture margin that might otherwise be constrained by external bottlenecks. As silver prices rise and scrap flows respond, refining infrastructure positions the firm to convert volatility into controlled throughput rather than operational risk.
CME vault control has elevated StoneX influence within global bullion liquidity networks as counterparties seek credible delivery locations. After securing CME accreditation, the New York vault surpassed $1 billion in inventory, a milestone Skinner describes as a "marker of intent" that has prompted some banks to move metal under StoneX custody. As a result, CME vault control enhances credibility across trading, custody and benchmark participation, reinforcing the perception of StoneX as a structural liquidity provider. In markets where geographic premiums and delivery optionality matter, vault ownership transforms physical metals control into competitive power.
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--- Expert: Philip Smith, Chief Executive StoneX Group
--- Expert: Michael Skinner, StoneX Global Head of Metals
--- Written by Gus Farrow, Senior Manager, StoneX TV
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