Tuesday, November 19, 2013

"Goldman set to step up warehouse sale talks" (GS)

Just a couple weeks ago they were talking how committed to physical commodities they were. You don't think they were fibbing do you?
The Financial Times has the scoopage, Nov. 18:
Goldman Sachs is likely to step up discussions over a sale of its metals warehousing business having received numerous expressions of interest, according to people familiar with the situation.
The move comes as the US Federal Reserve is reviewing the extent to which banks are permitted to trade physical commodities and own commodity infrastructure....

...More than a dozen parties have expressed an interest in buying the business, Metro International Trade Services, since the summer.

These are understood to include major commodity trading houses, private equity groups as well as several Chinese buyers, including Ping An, the Chinese insurer, and China Minmetals....MORE