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It's the aluminum owners - not the warehouse operators - who control the disposition and...

It's the aluminum owners - not the warehouse operators - who control the disposition and location of metal stored in or outside the LME-approved warehouse system, says Goldman Sachs (GS), responding to charges it and other warehouse owners (JPM, MS) illicitly drove up the price of aluminum.
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Comments (8)
  • Drew Robertson
    , contributor
    Comments (360) | Send Message
     
    Fine. Then please explain why a "bank" is in the warehouse business in the first place. Seems distant from GS' areas of expertise.
    23 Jul 2013, 01:10 PM Reply Like
  • jmjjmj1
    , contributor
    Comments (182) | Send Message
     
    You think Aluminum is bad how many tankers does GS have floating around as they take invetories in Cushing!
    23 Jul 2013, 01:31 PM Reply Like
  • lcmucci
    , contributor
    Comments (26) | Send Message
     
    Does this have anything to do with the price of fuel oil and gasoline? It bugs me, why the price of fuel oil does not follow the crude oil price when it goes down, but it's used as an excuse to raise the price when crude oil goes up. Any hiccup in the news is cause for an immediate price jump. This is gasoline and fuel oil stored in depots around the country, not new oil and gas. My lumber yard and gas station owners used to do this when they called in every morning to there suppliers to get new prices and then raised the prices of their existing stock.
    23 Jul 2013, 04:08 PM Reply Like
  • NYCTEXASBANKER
    , contributor
    Comments (2982) | Send Message
     
    drew

     

    Do you have a safety deposit box for your valuables at a bank?

     

    If so you just answered your own question.
    24 Jul 2013, 07:30 PM Reply Like
  • NYCTEXASBANKER
    , contributor
    Comments (2982) | Send Message
     
    icmucci

     

    In some ways it does. If you live in the north east thank the government for high prices. Because of the The Merchant Marine Act of 1920 (P.L. 66-261) is a United States federal statute that regulates maritime commerce in U.S. waters and between U.S. ports. Section 27, better known as the Jones Act, deals with cabotage (i.e., coastal shipping) and requires that all goods transported by water between U.S. ports be carried in U.S.-flag ships, constructed in the United States, owned by U.S. citizens, and crewed by U.S. citizens and U.S. permanent residents. Consequently, the purpose of the law is to support the U.S. maritime industry. Since their are no US flag tankers, gasoline from Texas refineries can not be sent to the north east cities.
    24 Jul 2013, 07:38 PM Reply Like
  • SivBum
    , contributor
    Comments (2155) | Send Message
     
    Oh!, so it is the other guy is the crook, not you helping him and giving him alibis?
    23 Jul 2013, 01:49 PM Reply Like
  • Hendershott
    , contributor
    Comments (1618) | Send Message
     
    GS lives up to the moniker "Vampire Squid"!
    23 Jul 2013, 04:03 PM Reply Like
  • jstratt
    , contributor
    Comments (3090) | Send Message
     
    I think the Aluminum profiteering is an important story following the JPM energy trading scandal. At the same time the strategic action needed may not what one would first suspect.

     

    If worldwide action to eliminate the manipulation of prices is available that would be preferable. If not I would rather have US Corporations make a profit on legal activities rather than Chinese, Russian, Saudi or for that matter any other entities.
    31 Jul 2013, 01:42 PM Reply Like
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