Mitsui Global Precious Metals is the brand name under which the Mitsui group conducts its business in the precious metal markets. It is contained within the Commodity Trading and Risk Management division which also oversees Mitsui's activities in the other commodity derivative markets including softs, energy and base metals and it is also Japan's largest manager of commodity funds.
Mitsui's involvement in precious metals dates back to the 1970s when it facilitated customer physical requirements by importing platinum and then gold into Japan. As the market deregulated and the Tokyo Commodity Exchange introduced precious metal futures contracts, Mitsui was there as a founding member and is today, the biggest trader on this exchange.
Simultaneously, the company established trading offices in London, New York and Sydney and Mitsui became one of the first bullion dealers to provide gold loans and hedging facilities to the Australian producer market, and helped pioneer the hedging market. Two decades on, we are proud to be involved with gold producers worldwide.
Mining houses are but one aspect of the market and we take pride in servicing customers in all sectors. Where there is an industry with an exposure to precious metals, Mitsui is involved.
Today, we have grown into an operation that trades with and services customer requirements across the globe. Our customer base crosses all borders and business sectors from catalyst and chemical manufacturers to precious metals producers to jewellers and investors.
Mitsui Global Precious Metals is one of the few fully integrated bullion operations with our core business being precious metals markets - in all their forms.
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Around A. D. 1100, during the period of the first crusades in Europe, a member of the Fujiwara aristocratic family moved out of the ancient capital city of Kyoto. In his new property, there were three wells and in one of these wells he found a treasure of gold coins. To commemorate his good fortune, he changed his name to Mitsui which means 'three wells'.
For twenty generations thereafter, the men of the house of Mitsui were samurai warriors. But in the early 17th century, the head of the Mitsui family, exchanging sword for an abacus, became the last Mitsui samurai and the first Mitsui to join the merchant class.
In 1673, during the reign of Charles II and war against the Dutch, Takatoshi Mitsui opened a kimono store Echigoya in Edo (now Tokyo), which later became Mitsukoshi department store. In 1683, he founded a money exchange house in Edo, which was destined to become Mitsui Bank.
Following more than 200 years of self-imposed isolation, Japan opened to international commerce in 1868 and Mitsui Bussan (or in English, Mitsui & Co. Ltd.) was established in 1876 to handle the rapidly expanding trade with foreign countries. By the early 1880s, Mitsui Bussan had set up branches in London, New York, Paris and Shanghai. Mitsui Bussan rapidly expanded to become the leading trading company (Sogo Shosha) in Japan, handling a quarter of Japan's total imports and exports by the late pre-war years.
Japan passed through the years of war, defeat and occupation and Mitsui Bussan was dissolved into more than 200 small independent companies in 1947 following the issuance of orders by the Allied occupation forces to dissolve all Japanese Zaibatsu (family-controlled industrial conglomerates). Individually each of these companies endeavoured to contribute to the post war economic recovery but still maintained a strong desire to reunite. This goal was finally consummated in 1959 when most of the companies formed after the dissolution of the pre war Mitsui Bussan merged to form a new Mitsui Bussan.
The Mitsui Group of today is a vast association of companies from many diverse sectors and although all companies are fully independent the historical links remain and they retain shareholdings in each other. The core Group includes 80 companies employing a total of 340,000 people. Those companies include Mitsui Bussan, Toyota, Toshiba, Sapporo Breweries, Mitsui Chemicals, Mitsukoshi, Mitsui Sumitomo Bank, Mitsui Mutual Life, Mitsui Trust Bank, Mitsui Marine & Fire Insurance, Mitsui Mining & Smelting, Mitsui Fudosan, Oji Paper, Toray, Mitsui O.S.K. Lines, Mitsui Engineering & Shipbuilding.
The Mitsui Bussan of today is a Sogo Shosha (General Trading Firm) with 13 Business Units handling a very wide variety of commodities and products. Our business crosses many sectors from nano and bio technologies to telecommunications to transport and to energy and metals. We are a core company in the Mitsui Group.
Our global presence spans 83 countries with 9,564 employees and 746 subsidiaries and associated companies. We are ranked 11th by Fortune on their Global 500 Largest Companies list and ranked 6th Largest Company in terms of revenue by Forbes on their Global 500 List.
To read more about our history, we direct you to Mitsui Three Generations of Japanese Business By John G Roberts.
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The information contained herein is based on data obtained from sources believed to be reliable. However, we have not verified such information, and we do not make any representations as to its accuracy or completeness. Any statements non-factual in nature constitute only current opinions, which are subject to change. Mitsui & Co. Precious Metals, Inc. (and/or its affiliates) may have positions in commodities referred to herein and may hereafter liquidate such positions. Neither the information, nor any opinion expressed, shall be construed to be, or constitute a recommendation or an offer to buy or sell, or a solicitation of an offer to buy or sell, any commodities mentioned herein.