20.06.2014 - Do Commodity Traders Really Run The World?
It was May 5, 2011, Osama Bin Laden had just been captured and killed, and general instability in the Middle East was on the uptick. Surface logic might dictate a spike in oil prices, and BlueGold Capital Management co-founder Pierre Andurand had an $8 billion dollar oil position that was set to soar in value assuming a rise in the price of crude. The problem for Andurand, as Kelly reported, was that oil prices were declining sharply, so much so that the London-based Frenchman instructed his traders to sell out of their bullish position. As he put it amid a bloody day for his fund, “Sell a few hundred million worth! See how the market takes it.”..............................................Full Article: Source
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