Meet The Mysterious Trading Firms Who Control The Price Of Commodities

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Inside the Fraternity of Commodity Traders. The commodities market is a high-stakes place to invest. OK, we're going to get a crash course this best commodity traders on the commodities market. This is where everything from grain, to coffee, to crude oil is bought and sold.

It's a complex and very high-stakes place to invest. As Randolph Duke They place their orders with us, and we buy or sell their gold for them. As Randolph Duke The good part, William, is that no matter whether our clients make money or lose money, Duke and Duke get the commissions.

So Eddie Murphy's character calls the Duke brothers bookies. I mean, how accurate is that? Laughing Well, first of all, I have to say that film clip does probably a better job of describing the commodity trading business than I could, in simple terms. And I do think the business best commodity traders changed quite a bit since the s. That was really sort of the heyday of the floor-based commodity trading model. But sure, there are still middlemen who make a good deal of money standing in the middle of these trades in various best commodity traders, or also speculating on their own behalves, rather than on behalf of a customer.

Best commodity traders you say speculating on their own behalf, that sounds like much of what you talk about in the book. I mean, give me the thumbnail for how that works. So speculating, of course, is just making a guess or a bet as to what direction something is going to go in - whether you're at the horse race track or, in this case, if you're looking at gold or maybe a better example would be crude oil.

Now, historically, regulators and regular folks like you and me have drawn a distinction between the speculators who are just sort of making a directional guess or bet on where the market will go and the so-called hedgers. Hedgers are people that are exposed to the price of physical oil, maybe because they drill it for a living. And they are trying to hedge their exposure, perhaps to falling prices, which are going to help hurt their core business.

And they're trying to do that by using these commodity trades that are done best commodity traders sort of a commodity equivalent of the stock market. If we look at how this sort of whole business best commodity traders gone from the '80s to the present day, I mean, the picture that you paint in the book is not just of people who are sort of saying I want to hedge my bet here and make sure I don't get hurt.

These are people who are using the commodities market to make unbelievable sums of money. So my best commodity traders is that there was essentially a commodities bobble in the s. Part of the reasons for that were fears about scarcity. For example, broker account to trading penny stocks thought that we were going to run out of oil.

So that meant that the cost of the oil we did have was going higher. But the other thing happening was, people were best commodity traders into commodities as a speculative bet, as its own business. I think back to the summer ofwhen the price for a barrel of oil spiked. Gas prices were going up, and lawmakers actually started blaming these speculators. Best commodity traders we didn't realize it, but we were in the very early stages of the financial crisis.

But back in, say, June ofprices for gas at the pump, in a lot of cases in the U. And the thinking was the amount of speculators in the market is too much, and the sheer size and population of this market is, on its own, driving prices up. You know, I could hear people listening to this conversation, reading your book - they could be hearing, my God, there are very rich people doing this for fun and, you know, their fun might change the price of gas for me at the pump. Well, here's the thing, David.

To some degree, at least, speculators are helping markets best commodity traders more efficient. Now, by the same token, if people are taking overly large risks and potentially risking the system, those are things that obviously need to be examined. They've tried several times to impose position limits, which was something they were asked to do as part best commodity traders Dodd-Frank in And I think part of the reason for the controversy is there is quite a bit of dispute as to whether speculation is healthy or not for the markets.

I would argue that speculators do end up moving markets. And I think best commodity traders is some wisdom to position limits because if you put a sort of ceiling on the size of a commodity trade that any individual or any company can make, you might mitigate the risk to the system of huge violent moves up and down that would hurt consumers, that best commodity traders hurt those sort of hedgers and basic users of commodities that really the commodity market should be there best commodity traders help protect.

Kate, thanks very much. Visit our website terms of use and permissions pages at www. NPR transcripts are best commodity traders on a rush deadline by Verb8tm, Inc.

This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. Accessibility links Skip to main content Keyboard shortcuts for audio player. Facebook Twitter Flipboard Email. June 2, 5: Heard on Morning Edition. As Mortimer Duke Tell them the good part. As Billy Ray Valentine Sounds to me like you guys are a couple of bookies. Thank you so much.

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