Another thank you goes out to Sean Z. who sent in this
link from
Yahoo Finance which they got from The Wall Street Journal. How amazing it is that Goldman Sachs and J.P. Morgan have such a control of of a single commodity, aluminum. Were it not for Sean Z. sending me this link, I for one would never have known this. I am sure many of you will be just as surprised and amazed. Thank you Sean.
provided by
Goldman
Sachs Group Inc. and other owners of large metals warehouses are being
scrutinized by the London Metal Exchange after being accused by users
like Coca-Cola Co. of restricting the amount of metal they release to
customers, inflating prices.
The board of the LME met on Thursday to discuss complaints from aluminum
users and market traders, who say operators of warehouses, which also
include J.P. Morgan Chase & Co. and Glencore International PLC,
should be forced to allow the metal out more quickly to meet demand.
Here is the real shocker:
Goldman, through its Metro International Trade Services unit, owns the
biggest warehouse complex in the LME system, a series of 19 buildings in
Detroit that house about a quarter of the aluminum stored in LME
facilities.
"The situation has been organized artificially to drive premiums up,"
said Dave Smith, Atlanta-based Coca-Cola's strategic procurement
manager. "It takes two weeks to put aluminum in, and six months to get
it out."
You Must read it all...
click here
1 COMMENTS:
Why would anything the Goldmen do be amazing now?
We bailed out their bad debts and saved their asses just so they could buy all the commodities (and other businesses) that anyone might need in the future.
And start the casino up again.
Somebody in charge really "likes" them.
Guess who?
S
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