A strange coincidence at Reuters

Special Report: Goldman’s New Money Machine: Warehouses
Reuters, July 28, 2011

(Reuters) – In a rundown patch of Detroit, enclosed by a cyclone fence and barbed wire, stands an unremarkable warehouse that investment bank Goldman Sachs has transformed into a money-making machine.

The derelict neighborhood off Michigan Avenue is a sharp contrast to Goldman’s bustling skyscraper headquarters near Wall Street, but the two operations share one important element: management by the bank’s savvy financial professionals.

A string of warehouses in Detroit, most of them operated by Goldman, has stockpiled more than a million tonnes of the industrial metal aluminum, about a quarter of global reported inventories.

Big Banks Find Cash Storing Commodities
Wall Street Journal, July 5, 2011

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.

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