Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > PM Bug

Like Tree3Likes
  • 1 Post By Unbeatable
  • 1 Post By MasterQ
  • 1 Post By DougLoewen

Reply
 
LinkBack Thread Tools
Old 07-23-2013, 05:23 PM   #1
Fly on the wall
 
Join Date: Feb 2013
Posts: 44
Liked: 10 times
Goldman Sachs Creating Artificial Shortages of Metals - Rigging Markets and Profiting! Must Watch

Goldman Sachs Creating Artificial Shortages of Metals - Rigging Markets and Profiting! Must Watch

jprich16 is offline   Reply With Quote
Old 07-23-2013, 08:44 PM   #2
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 6,844
Liked: 2420 times
I wonder why this story is just now starting to get some media coverage.

Previous/related: http://www.pmbug.com/forum/f13/lme-c...arehouse-1798/
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 07-24-2013, 02:42 AM   #3
Big-eyed bug
 
Join Date: Nov 2012
Posts: 416
Liked: 249 times
I think it's getting more media coverage because there was a senate committee meeting on it yesterday.

Quote :
"Should Goldman And JPMorgan Control Power Plants, Warehouses And Oil Refiners?" - Live Senate Webcast
Quote :
No really, that is the actual name of the hearing that the Senate Committee on Banking, Housing and Urban Affairs will hold today in order to "clarify" why banks like Goldman are currently the owners of the largest aluminum warehouse in the US, or why Goldman, JPM and BlackRock are set to control 80% of all copper stores. The hearing's official name: "Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries?"
http://www.zerohedge.com/news/2013-0...finers-live-se

I watched some of it, it was pretty good actually.
PMBug likes this.
Unbeatable is offline   Reply With Quote
Old 07-24-2013, 03:30 AM   #4
Yellow Jacket
 
rblong2us's Avatar
 
Join Date: Nov 2011
Location: off world
Posts: 1,908
Liked: 852 times
be more interesting when they decide to create an artificial shortage in a couple of other metals .........

oh, they did .........

same job but different result though.

Odd that .........
__________________
if it cant be done with a digger .... it cant be done
rblong2us is offline   Reply With Quote
Old 07-24-2013, 10:40 AM   #5
Predaceous stink bug
 
Join Date: Mar 2013
Location: SA,TX
Posts: 134
Liked: 83 times
All I got to say is "Who is John Galt?"

-Q
Jay likes this.
__________________
"My suggestions and comments are for information purposes only!"
MasterQ is offline   Reply With Quote
Old 07-24-2013, 03:00 PM   #6
n00b
 
Join Date: Jul 2013
Posts: 2
Liked: 1 times
Frankly I dont trust the bank with anything. If they are involved, chances are there is manipulation and the house always wins.
rblong2us likes this.
DougLoewen is offline   Reply With Quote
Old 07-25-2013, 08:02 AM   #7
Predaceous stink bug
 
Potemkin's Avatar
 
Join Date: Jul 2013
Posts: 220
Liked: 31 times
What we find out... now I know how much suffering the aluminum from my drink can goes through!

I can only hope they will bring gold's and silver price high as well
Potemkin is offline   Reply With Quote
Old 07-25-2013, 08:57 AM   #8
Predaceous stink bug
 
Join Date: Mar 2013
Location: SA,TX
Posts: 134
Liked: 83 times
Originally Posted by Potemkin View Post:
What we find out... now I know how much suffering the aluminum from my drink can goes through!

I can only hope they will bring gold's and silver price high as well
Maybe...but I'm sure beach shelters will now go through the roof!



-Q
__________________
"My suggestions and comments are for information purposes only!"
MasterQ is offline   Reply With Quote
Old 07-25-2013, 06:18 PM   #9
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 6,844
Liked: 2420 times
Looks like the CFTC and DoJ may be starting an investigation...

http://www.zerohedge.com/news/2013-0...-manipulations
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 07-27-2013, 09:35 AM   #10
n00b
 
Join Date: Jul 2013
Posts: 2
Liked: 1 times
Even if there was an investigation and even if they did bring a judgement against the Banks, the fines are never enough to really bring any justice or repair. The bank pays a small bill and moves on. Disgusting.
DougLoewen is offline   Reply With Quote
Old 05-12-2014, 11:21 AM   #11
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 6,844
Liked: 2420 times
lol.

Quote :
LONDON, May 12 (Reuters) - Wait times to get metal out of warehouse firms owned by trade house Glencore and bank Goldman Sachs stretch up to two years, according the London Metal Exchange's (LME) first report detailing backlogs at its global network of depots.

Lengthy logjams at warehouses monitored by the LME, the world's oldest and biggest market for industrial metals, prompted bitter criticism by consumers and sparked a wide-ranging reform programme at the exchange.

The LME's new report, covering the month of April, showed the backlogs were concentrated at four warehouse locations and with three major warehouse operators.

The LME already publishes data on inventory levels by location and metal, but up until now has not published the amount of stock held by individual companies.

A court ruling in March halted a key element of the reforms, but the LME has pressed on with many other aspects, including boosting transparency.

The LME report showed the longest queue was just over two years, or 748 calendar days, for aluminium at Pacorini warehouses in the Dutch port of Vlissingen and the second longest was 683 days at Metro depots in Detroit.

Pacorini Metals is owned by commodity group Glencore Xstrata and Metro International Trade Services is a unit of Goldman Sachs.

The owners of warehouses have profited through rental charges by letting long queues build up for buyers to withdraw metal. Some also keep huge stocks of aluminium tied up, unavailable to manufacturers, in long-term financing deals.
...
http://www.reuters.com/article/2014/...0NY2TL20140512
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Goldman Sachs says the top is in; Sinclair says they are about to go long PMBug Gold Bug 11 04-23-2013 11:00 AM
Paper markets vs physical bullion markets - why spot isn't a good guard dog PMBug PM Bug 2 01-31-2013 11:22 AM
goldman sachs is the devil part 129804 PMBug STS 10 10-29-2012 08:42 AM
bad when Goldman Sachs alum are noticing benjamen Fiat Ponzi 1 06-05-2012 09:59 AM
Goldman Sachs e-mails show illegal naked short selling was bank's policy PMBug Fiat Ponzi 1 05-16-2012 09:27 AM


All times are GMT -5. The time now is 02:05 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.