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Could this incident be a sign of a more widespread practice going under the radar, or does the fact that it was caught mean others would also have been caught?
by HPsquared 4y ago
Could this incident be a sign of a more widespread practice going under the radar, or does the fact that it was caught mean others would also have been caught?
- ls612 4y agoThe article mentioned that other metals owners and warehouses are going around double checking nickel in storage after this incident so if it is widespread we will find out shortly
- lazide 4y agoOnly if they acknowledge it. Lots of folks pretend it never happened to them.
- ksherlock 4y agoThere was a $577 million nickel fraud earlier this year. https://www.wsj.com/articles/swiss-trader-trafigura-hit-by-suspected-nickel-fraud-says-it-could-lose-577-million-11675955716 https://www.wsj.com/articles/swiss-trader-trafigura-hit-by-s... https://www.wsj.com/articles/the-man-trafigura-blames-for-a-577-million-nickel-upset-c2744ae3 https://www.wsj.com/articles/the-man-trafigura-blames-for-a-... Oh hey, Credit Suisse was involved. Imagine that.
- danielmarkbruce 4y agoApparently (i don't know firsthand, but have friends in this game), this happens somewhat frequently. Physical commodity trading seems to be the wild wild west.