Drudge Retort: The Other Side of the News
Monday, March 27, 2023

The revelation that about $2 million of "nickel" on the London Metal Exchange was actually just bags of stones has thrown a spotlight on the sprawling web of warehouses and metal stashes underpinning the billions of dollars of derivatives traded daily on the LME. Over the past week, warehouse staff from Busan in South Korea to Genoa in Italy have rushed to check tens of thousands of two-ton bags of nickel - in some cases, by literally kicking them.



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So these investors were outsmarted by a bag of rocks.


#1 | Posted by donnerboy at 2023-03-28 01:05 AM | Reply

It's not much different than people who are sheltering the present storm by purchasing gold or silver. Should the SHTF and they want their metal they will be SOOL. Because they're buying metal that doesn't exist.

#2 | Posted by lfthndthrds at 2023-03-28 09:52 AM | Reply

Huh, my Krugerrands feel pretty real.

#3 | Posted by LegallyYourDead at 2023-03-28 09:56 AM | Reply

This is normal Derivatives trading.

As in, nickel is a derivative of rocks.

#4 | Posted by snoofy at 2023-03-28 09:58 AM | Reply

Huh, my Krugerrands feel pretty real.


If you have the physical, good for you, but a lot of people are invested through their 401k.

#5 | Posted by lfthndthrds at 2023-03-28 09:59 AM | Reply

Yeah not smart.

#6 | Posted by LegallyYourDead at 2023-03-28 04:07 PM | Reply

I've only invested in silver but my holding only amounts to about $10K, but I physically have them all (American Silver Eagles) locked in my safe at home.


#7 | Posted by OCUser at 2023-03-28 05:43 PM | Reply

#7 | POSTED BY OCUSER AT 2023-03-28 05:43 PM | FLAG: Personally I have and like the silver Maple Leafs when it comes to silver one ounce coins.

#8 | Posted by MSgt at 2023-03-28 08:55 PM | Reply

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