Bank of American is expected to return to gold sometime in 2018, according to the financial services giant’s latest earnings report, after a recent plunge in the price of the metal.
The bank has been trading in gold for the past two years, but its gold holdings have been declining in recent months.
Bank of the West, a major gold dealer, reported on Monday that the bank’s gold holdings were down 9 percent in the fourth quarter, which ended last week.
The bank’s total assets fell 9 percent, while its net cash position rose 7 percent, according a Reuters analysis of its annual report.
Gold prices fell by nearly 50 percent in 2014 after years of rising interest rates and a global recession.
Gold was a central part of the U.S. financial system in the 1990s and early 2000s, and its steady ascent is due to the strong demand for the metal from many of the world’s largest financial institutions, including Barclays, Bank of Nova Scotia, Royal Bank of Scotland, and UBS.
Gold has been on a bull run for years, fueled by investors’ enthusiasm for the gold standard and a belief that a more stable currency will help global financial stability.
The U.K.’s central bank has raised interest rates several times in recent years and the U,S.
Federal Reserve has also begun to raise interest rates.
In February, the Bank of England cut interest rates, while U.C.S.’s benchmark rate has also climbed in recent weeks, although the Federal Reserve remains the dominant global lender.
The gold price surge is expected, however, to fade as the price starts to recover from a recent correction.
In its earnings report on Monday, Bank Of America said that its cash position has rebounded slightly, adding that the company expects to return cash to its vault by mid-year.
In addition to gold, the bank also expects to report its third-quarter net profit, which was down from the previous quarter’s results.
The results are expected to show a 5 percent increase in the number of customers the bank has served during the past quarter, up from a loss of 6 percent.
The company also said that the number and quality of the customer referrals from customers is improving, while the amount of cash returned to customers has also risen.