Late last year the Securities and Exchange Commission approved a plan that will allow JPMorgan Chase & Co. (NYSE:JPM), Goldman Sachs Group Inc (NYSE:GS) and BlackRock, Inc (NYSE:BLK) to buy as much as 80 percent of the copper available on the market. Many saw this as a dangerous precedent that would artificially inflate copper prices and leave the power of the copper market in the hands of only a few.
It appears that Goldman Sachs is attempting a similar move with aluminum, the price of which has almost doubled since 2010. Goldman owns 27 warehouses in Detroit that store around 1.5 million tons of aluminum that is owned by customers. The problem, those customers say, is the 16-month waiting time to have their aluminum shipped to processing plants that make anything from cans to car parts.