Makin' a buck the old fashioned way - cheat
Interesting -- from
The Street:
CFTC Eyes Trades Ahead of IEA News
The Commodity Futures Trading Commission is reviewing suspicious trading in oil futures that preceded Thursday's news that countries around the world were releasing stockpiles of crude oil, according to a published media report.
The report, posted on The Wall Street Journal's Web site Saturday, cited one person familiar with the CFTC's actions.
Oil prices fell in the hours before the International Energy Agency announced that 60 million barrels of crude would be released from strategic stockpiles.
This indicates that some traders could have learned of the decision ahead of time, the report said, citing the source. It could also be that someone leaked the IEA's decision. The agency must coordinate with its 28 member nations before making major decisions, meaning many people may have been privy to the information before it was announced, the report noted.
Too many people in the loop. I remember the quote from
a few days ago: "
80 percent of trades being conducted by companies that never take actual delivery of the physical commodity"
I'm all for making money but stuff like this is bad for the overall health of the economy.
Posted by DaveH at June 25, 2011 5:24 PM