Could be a train wreck coming up.
;)
Yeah, if you need a kidney transplant, now’s the time to get your order in.
It’s not for lack of available volumes.
Spot price of copper is about $6700 per tonne. A little quick math gives 20000 tonnes is worth about $134 million.
The “missing” metal never existed, except on paper.
It was pledged as collateral for loans time and time again. In financial terms, the word is “rehypothication,” which means that numerous parties use the same physical asset for collateral in multiple transactions.
Now, all the payments have come due, and there is no metal for creditors to seize, since it never existed in the first place.
China is on the precipice of the most cataclysmic financial collapse the world has ever seen. This is the first chapter.