Article Excerpt
Commodities Beckon Banks
BY CAROLYN CUI AND TATYANA SHUMSKY
About 600 miles from Wall Street, Goldman Sachs Group Inc. employees are busy doing deals.
But instead of a sleek office tower, they work in a rundown warehouse deep in an industrial section of Detroit. And rather than trading in stocks or bonds, they move metal—lots of metal.
Goldman's warehouse on the banks of the Detroit River is one of more than 100 storage facilities controlled by the giant securities firm around the world. The warehouses are part of Wall Street's effort to forge a new frontier in the commodities markets: warehousing metal.
In the past 18 months, Goldman, J.P. ...
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via online.wsj.com
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