Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
The companies announced the verified discovery of one of the largest palladium mineral systems in Australia.
While only few were paying attention to the price of aluminum, some important industry players such as Goldman Sachs, JPMorgan Chase & Co and Glencore Xstrata, were allegedly inflating prices and disrupting supplies for the commodity.
This is the central claim of a growing number of lawsuits, which state the named institutions conspired with the London Metal Exchange in hoarding aluminum and violating antitrust laws.
The legal actions, brought by small aluminum manufacturers in the United States, include one filed Wednesday in Florida against Goldman, JP Morgan, the LME and Glencore Xstrata, as well as one against Goldman and the LME in Michigan.
Those cases were followed late Thursday by a new claim against Goldman in New York, filed jointly by Texas-based steel-railings manufacturer Viva Railings and Michigan-based scrap-metal dealer Regal Recycling filed a joint lawsuit.
The US Commodity Futures Trading Commission (CFTC) and the Department of Justice are also looking into the allegations.
Over the last decade there have been many complaints, including lawsuits detailing allegations of market manipulation, about big US bank holding companies’ involvement in the commodities business.
Several US statutes, dating as far back as the National Bank Act of 1863 up to and including the Dodd-Frank Act of 2010, generally bar banks from conducting commercial, non-financial activities.
But since the US Federal Reserve determined in 2003 that certain commodity activities are “complementary” to financial activities and therefore permissible Wall Street bankers – Morgan Stanley, Goldman Sachs, and JPMorgan are the biggest players – have been moving aggressively into everything to do with physical commodities including mining, processing, transportation, warehousing and trading.
The supply of aluminum has been particularly distorted say manufacturers, with about $3 billion in additional costs to buyers as premiums have doubled since 2003 despite a glut of aluminum being produced.
According to Reuters, LME’s industrial clients have long blamed the exchange for letting long queues build up for material. The delays mean extra costs added on to aluminum prices.
Image from Fickr Commons
3 Comments
hardworker50
I might suggest auditing Merrill Lynch. I have had experience where they churn, or turn over portfolios so that they receive the commissions at a faster pace. Their concern for their clients does not exist except where they benefit. They single handedly destroyed my retirement account.
While you are at it, follow up on their mother company Bank of America.
iaMTheBronx
By any chance would anyone know if Glencore Xtrata is a legit job that is coming to New York ?
cory
bout time some of the elite and powerful tyrants of america are finally being judged for their crimes, its a good day for justice, i hope this opens the way for future subpeonas and class action lawsuits against americas powerful criminal bankers.