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The SEC Screws Consumers, Helps Banks With New Commodity Trading Rules

  • Published in Economics

Class Warfare Exists.com | Copper is a commodity, a finite resource that has a fairly short term supply over the next couple of decades.  There is a fierce global competition for this commodity but the SEC just approved the first exchange traded fund of its kind in the U.S.  J.P. Morgan and Blackrock just received approval to start a copper ETF that will allow speculators to bid on the price of copper; the big difference here is that both of these funds will purchase and warehouse up to 183,000 tons of copper.  Giving investment banks the ability to actually control the real supply of precious metals will lead to one thing – higher prices for consumers across the board.  The SEC just screwed Americans here.

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