IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Amid intensifying pressure from regulators, JP Morgan Chase & Co will exit physical commodities trading, the bank said in a statement Friday.
The bank says that it will now pursue “strategic alternatives” to physical commodities, “including its remaining holdings of commodities assets and its physical trading operations.”
Exploration is underway for “a sale, spinoff of strategic partnership” for its physical trading unit but the bank claimed that it will remain committed to “its traditional financial commodity business, including trading derivatives and its activities in precious metals,” Reuters reported Friday.
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4 Comments
Apple
Much easier for JP Morgan to trade paper gold rather than physical gold.
figjam
There wont be any more ” Bailouts ” . Bailins are coming so you will be “Cypressed”.
Blackhawkpartners
As
you may or may not know, the reality today is that oil buyers are a
dime a dozen, real fuel is the issue. The secondary market is for the
most part composed of “fake offers” around the world doing a circle jerk
on the Internet as people who have the real oil already know where to
sell it.
By the same token, no Major or legitimate buyer will
issue a LOI, ICPO, nor will they issue any POF or pre advise of any
kind, ever before seeing POP. Hence, our Modus Operandi is and has
always been very simple: Prove the product, send an invoice, we will
close it! Very simple…..We will also sell under the exact same
circumstances. The exception is an unknown buyer to us where we’ll
have to Swift an RWA to prove financial capability.
Ziad K Abdelnour
Blackhawkpartners
Next valuable tip: NOBODY gives oil products away for nothing. About 95%
of deals which have a low fixed price are “scams” and there is no
product available. They are the fabrications of the Daisy Chain of
Brokers brigade. A real seller will in 95% of all cases only sell with a
discount off a Platt’s based price. Sellers are not that stupid!!)
4. The remaining 5% of deals which sell for a fixed price are mostly
“Spot” deals and they have a time window of a maximum of about 3 days.
Within this time, they are normally sold and delivered because nobody
can afford the tank storage space costs for any extra days – it eats up
all the profit. Unfortunately the Daisy Chain of Brokers brigade pick up
on some of these deals and continue to offer them all around the world
for months and months after they have already been sold. The Brokers
will swear to you that the deals are genuine, as they may have been at
the time, but what use is a so-called “genuine” deal when it was already
sold and delivered two months ago?
Ziad K Abdelnour