Monday, January 7, 2013

"Single Tuna Sells for Record $1.76 Million in Sign of Prices to Come"

We've been on the Bluefin beat for a few years, links below.
From Quartz:

June 2009 
Mitsubishi Tries a Corner in World's Bluefin Tuna Market
I can't recall another attempted corner in an endangered species, usually the perps sell as soon as possible.
Mitsubishi freezing fish to sell later as stock numbers plummet toward extinction
July 2009 
How to Break a Market Corner: Breeding Breakthrough Helps Sushi Baron Create Sustainable Tuna
As a follow-up to "Mitsubishi Tries a Corner in World's Bluefin Tuna Market" comes news that may bring sorrow and sadness to Mitsubishi.
(and is reminiscent of a scene from January 1980*)....

...*In January 1980, as the Hunt Brothers were gunning the price of silver toward it's historic high, the CEO of one of the world's largest trading firms said "Those boys don't know what deep pockets are", rather an amazing statement when talking about billionaires.
Within 48 hours both U.S. silver futures exchanges had gone "Liquidation only", the corner was broken and the Hunt's had lost their fortunes.
I'll leave it to you to guess the CEO.
May 2010 
Sushi: "European Researchers Advance Toward Farming Endangered Bluefin Tuna"