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Copper prices affected by Bank manipulation of Markets
Paul Pollets Member Posts: 3,620
Large banks have been able to charge fees for storing and moving metals, which adds to the cost, but nothing to the value...Good reason to use more PEX than copper.
As I read this last night,
I kept flashing on Matt Taibbi's description of GS as "great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money"
I read that article this morning and was amazed what the banks and large finacial firms like goldman sacks were able to do with the storage of aluminum.
This is another loophole in financial laws that needs to be regulated. The big banking and finance industry strikes again, making more money in a struggling economy as the businesses, their workers and customers of these metals pay unnecessary price increases.
What a shame!0
I haven't been in the market for copper pipes lately, but this doesn't surprise me. But I have to wonder why we become so passionate about someone attempting to make some money. I suppose local and state governments should deregulate plumbing. Get rid of licensing to allow more individuals in the market and allow me and others a chance at lower prices. Who says an unlicensed individual is bad. Licensing is a classic example of government market intervention to limit those who can practice; i.e. reducing competitive pressure to lower prices. We know Plumbers generally have a market area, so we expect to find another individual who doesn't want to charge crazy prices or does more competent work. The article states manufacturers are finding ways around "the cartel" (my emphasis). Any monopoly is doomed to fail to hold the market for long. Railroads are good example of past transportation control, because of roads and trucking. Government busted them also I think. For many decades RR's were struggling. Now that fracking oil is increasing and new pipelines are being discouraged by environmentalists, RR's are seeing increasing profits and the potential for disaster. My guess is the President and governments will allow more pipelines, because they are a safer means of transportation and will lower the prices (more jobs) for the citizens of the USA. Oh, pipelines are owned by just a few companies. Where do we go from here? I really don't see copper any differently than say Walmart or Kmart selling groceries to compete with ShopRite or Krugers. Walmart has market power to sell products lower in cost, but does it really hurt the consumer? I think the article on copper might need a second look.0
There's a big difference
between "making some money" and hijacking the market to extort money out of participants without adding value.0
I tend to think that if the Huffington Post now has anything to report about it, it must be reviewed for more clarity. I stand by my opinion that further study will likely find no illegal deals or reason for governmental intervention. I think you and I are told to be victims when the real issue is something else. We can go on forever about who is exploiting who. Also, it is really difficult not to want to express the impression one gets. Probably shouldn't do it.0
They post news clippings everyday as to whats going on with these subjects.
Dont stay too long, it gets depressing.0
This discussion has been closed.
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