The Great Nickel Heist!

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  • Опубліковано 28 вер 2024
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    The commodities trading firm Trafigura has announced that it has been the victim of a “systematic fraud” and has to writedown over half a billion dollars after discovering shipments of nickel that it purchased from firms controlled by Prateek Gupta failed to contain the metal.
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КОМЕНТАРІ • 655

  • @PBoyle
    @PBoyle  Рік тому +36

    Sign up for Morning Brew with this link: morningbrewdaily.com/patrickboyle

    • @hexstaticloonatic4194
      @hexstaticloonatic4194 Рік тому

      Jokes aside, d'you think blockchain technology could eventually be used to create a transparent accounting system that avoids most fraud? Let's ignore its current state and use for the purposes of this discussion though 😅

    • @dongshengdi773
      @dongshengdi773 Рік тому

      ​@@hexstaticloonatic4194 Yes

    • @rabby77777
      @rabby77777 Рік тому

      i was watching a video on the
      mexicon cartel . how did i end up here .. but its a intresting video

    • @TremereTT
      @TremereTT Рік тому

      Mr. Boyle, could you explain, Exchange Traded Funds of Silver and Gold and how they compare to actually standardized Bars of these valuables.
      I heard these funds are not fully backed by existing valuables, but by Metall still waiting in the earth to be found and mined.
      Is that a scam?

    • @TremereTT
      @TremereTT Рік тому

      @@hexstaticloonatic4194 you don't need a distributed Ledger. Especially as it has had splits of the bitcoin blockchain in the past. blockchain technology is better suited for processes like electronic voting.
      Transactions can be sufficiantly secured by clearing houses, ensurances or simply banks and regulations.
      And no money solution in the world will make you free in an authoritarian governed place.

  • @playbak
    @playbak Рік тому +418

    Could we please stop ridiculing Credit Suisse, as it's unfair to clowns around the world to be lumped into that same group.

    • @AnotherDante
      @AnotherDante Рік тому +20

      After all Pat's intense roasting, I'm thinking I'd rather work at McDonald's than Credit suisse 💀

    • @antonomaseapophasis5142
      @antonomaseapophasis5142 Рік тому +18

      @@AnotherDante flipping burgers instead of flipping burghers

    • @enriqueojito
      @enriqueojito Рік тому

      He was telling the true, so let post his video ….

    • @alfredpeasant5980
      @alfredpeasant5980 Рік тому +3

      This aged like the finest of wines.

  • @michaelmanning5379
    @michaelmanning5379 Рік тому +345

    Another nickname for nickel is "German Silver". This is a favourite for commemorative collectible companies who proudly announce that their coins are 100% solid German Silver, expecting unwary buyers to confuse nickel for silver.

    • @TremereTT
      @TremereTT Рік тому +35

      Well I have been told that there is more silver certificates than exist in form of bars. Basically, Silver mines sell silver to banks that is still in the earth and banks sell that silver at the exchange. All hoping that the sold silver will be found and mined just in time...
      So it looks like a supply bubble for silver.

    • @michaelmoorrees3585
      @michaelmoorrees3585 Рік тому +29

      I'm from the electronics industry, and the term "German Silver", is often applied to relay and switch contacts, as the oxide is still conductive. There it applies to a nickel alloy, including copper and zinc, in addition to nickel, in its make-up. That's not to say you're wrong. Definitions tend to be "squishy", and change over time.
      Relays are also called contactors, depending which business you're in. There you go, squishy definitions, again.

    • @rge24491
      @rge24491 Рік тому +4

      @@michaelmoorrees3585 Relays are signal/control, contactors are power interrupters.
      The definition is clearly defined, not at all squishy my friend.

    • @sammorrissey9094
      @sammorrissey9094 Рік тому +13

      @@rge24491 He meant for german silver. That should have been clear

    • @rge24491
      @rge24491 Рік тому +4

      @@sammorrissey9094 What? A contactor is not a relay regardless what German Silver contains.
      That IS very clear.

  • @philbert006
    @philbert006 Рік тому +197

    Concerning commodities I have to say, your channel is pure gold, Patrick.

    • @iamtotal7818
      @iamtotal7818 Рік тому +5

      pun intended?

    • @philbert006
      @philbert006 Рік тому +12

      @@iamtotal7818 puns are the lowest form of humor, supposedly. I think they simply remove the bar for entry. Easy to execute, easy to understand. Always good for a laugh. Pun is intended, but make no mistake, this channel is surely a treasure, any way you look at it!

    • @cjmcaulay
      @cjmcaulay Рік тому +3

      Agreed; be courageous - intend your puns!

    • @hoangle2483
      @hoangle2483 Рік тому +5

      @@philbert006 either you are deep in the joke, or this is the most reddit answer ever.

    • @philbert006
      @philbert006 Рік тому +5

      @@hoangle2483 I reckon I'm just easily amused, mostly with my own jokes. Tbh, I don't know a thing about Reddit. It's grouped with Twitter and TikTok in my eyes. Disgusting, harmful, and never considered logging into it. So I'm not exactly clear what you are implying.

  • @sheldonpetrie3706
    @sheldonpetrie3706 Рік тому +10

    Nickel is also vitality important for Stainless Steel production, so expect that to spike.

    • @-oiiio-3993
      @-oiiio-3993 Рік тому +1

      Also needed for U.S. coinage.
      Present day 'nickels' are composed of 75% copper, 25% nickel. Such alloy was first used for the Three Cent Nickel of 1865 - 1889 and then the Five Cent Nickel of 1866 to present and, since 1965, has been the outer layers of 'copper nickel clad' Dimes and Quarter Dollars as well as Half Dollars from 1971 to present, the center layer being pure copper.

  • @HansLasser
    @HansLasser Рік тому +64

    The nice thing with clay tablets is that you can break them on the head of the other party!

    • @dikbozo
      @dikbozo Рік тому +2

      Thusly an ancient Twitter fight would be a bit different than today.

  • @SF-qu3fw
    @SF-qu3fw Рік тому +6

    Interesting video, especially in light of JPMorgans recent disclosure that the estimated 1.3 million dollars in LME "nickel" they thought they had warehoused turned out to be bags of rocks. 😮

    • @PointsofData
      @PointsofData Рік тому +1

      LMFAO I'm sorry but I can't stop laughing

  • @botcontador3286
    @botcontador3286 Рік тому +34

    Patrick Boyle: Do not suggest blockchain
    Peter Griffin: I suggest blockchain

  • @nickj2508
    @nickj2508 Рік тому +7

    If amazon/UPS can take a picture of every delivery, why can't they improve their documenting and photographing of the container? There are a lot less containers than parcels of mail, should be easier.

  • @denishannan1408
    @denishannan1408 Рік тому +11

    Listening to Patrick is like enjoying every University lecture. I learn each episode. Thank you.

  • @kevinbarry71
    @kevinbarry71 Рік тому +38

    A commodities trading firm? based in Switzerland? nothing bad enough could happen to them

    • @Confucius_Says...
      @Confucius_Says... Рік тому

      😂😂😂😂😂

    • @toomanymarys7355
      @toomanymarys7355 Рік тому +4

      Just like "network marketing" based out of Salt Lake City.

    • @frag0638
      @frag0638 Рік тому +1

      Falls apart when you step on someone bigger's foot.

  • @MorrisDugan
    @MorrisDugan Рік тому +3

    Right now, the metal in the American nickel, with a monetary value of $0.05, has a metal value of $0.0624. (The pre-1982 penny, mostly copper, with a monetary value of $0.01, has a metal value of $0.0265.)

    • @jll5568
      @jll5568 Рік тому

      time to stop minting all coins, except quarters, perhaps.

    • @MorrisDugan
      @MorrisDugan Рік тому

      @@jll5568 Dimes are even better for the Mint than quarters, actually, because they are so light. The nickel is very thick for its size, so it weighs almost as much as a quarter, and it actually contains quite a bit more nickel than a quarter.

  • @ImTanzeey
    @ImTanzeey Рік тому +24

    Thanks for another banger Patrick ❤

  • @NancyLebovitz
    @NancyLebovitz Рік тому +4

    I'm wonder if there will be more physical checking of cargo-- a cost, but might be worth it.
    Have any people disappeared suspiciously? As you said, this is a crime which would inevitably detected.

  • @rileyjoseph3488
    @rileyjoseph3488 Рік тому +6

    Thank you for being one of the few independent and accurate provider of economic news on UA-cam. I appreciate the work and love you put into every episode.

  • @mammajamma4397
    @mammajamma4397 Рік тому +13

    I KNEW Credit Suisse would come up! They have a hand in all global financial shenanigans!

  • @YouilAushana
    @YouilAushana Рік тому +1

    This sounds like it could be a plot to the next James Bond movie. The super villain taking over and crippling the global economy.

  • @tolep
    @tolep Рік тому +13

    Geez, I'm old enough to get that Clinton reference.

    • @AlexS-zr2nb
      @AlexS-zr2nb Рік тому +2

      Hey don't feel bad, I was born in '99 and even I know the reference

  • @vanesslifeygo
    @vanesslifeygo Рік тому +2

    If there was a tablet near me the most entitled turds would put their text on it and no one with a true complaint would get to use it....

  • @alexandrekaminski3527
    @alexandrekaminski3527 Рік тому +47

    Keep going like this and you'll be left with no friends in finance circles 😂

  • @paulblack8887
    @paulblack8887 Рік тому +1

    Paper assets meet reality, wonder how much of this is floating around inflating inventories

  • @shrdn2960
    @shrdn2960 Рік тому +6

    India strikes again sir. Best nickel in the world sir. Very high quality sir. Please buy sir.

  • @silverhathacker
    @silverhathacker Рік тому +3

    OOOO new color grading. love it

  • @mammuchan8923
    @mammuchan8923 Рік тому +13

    Lol I had just tweeted about the Mesopotamian Clay Tablet Complaint 5 mins before I saw this video. Fascinating story and slotted in perfectly to your video. And people say the Internet is forever😂

    • @sakurakiyori
      @sakurakiyori 10 місяців тому

      As with most tumblr people, I continue to be delighted by Ea-Nasir, and whenever his blatant crimes and audacity are mentioned, especially elsewhere.

  • @Liam-th4qo
    @Liam-th4qo Рік тому +6

    Guess you could say they want there…nickelback

  • @drjenschn
    @drjenschn 8 місяців тому

    Just a small linguistic technicality: Kufernickel means "copper devil" or the copper's devil, not the other way around since the more important word goes to the back in German composite words. Thus, Kupfernickel directly refers to the metal that prevents copper from being refined at the time, hinting that people of the time had pinned down the culprit already and considered the metal cursed. Otherwise, great channel, always enjoy watching.

  • @TheoEvian
    @TheoEvian Рік тому +1

    The day cometh when Patric Boyle referenced Ea-Nasir, world's first historical scammer

  • @nevokrien95
    @nevokrien95 Рік тому +2

    Seems like if they just manuly checked inventory when buying it wouldnt of been an issue

  • @Bobby.Kristensen
    @Bobby.Kristensen Рік тому +1

    I love your sarcasm hahaha

  • @philiphart6688
    @philiphart6688 Рік тому +7

    Great 'Tube as always Patrick.
    Isn't the nub of the deceit here the analogue of investment in Fine Wines?
    In that case, one can continue to trade the commodity as long as one doesn't open even a single bottle and find that the contents are vinegar. Once that happens ALL cases of that wine become worthless. Not a great investment.
    Likewise Nickel at Sea can be traded multiple times without any suspicion that it might not be what it seems.
    But when the container is opened, the truth comes to light.
    The secret therefore is in keeping that container at sea forever, and never opening it.

  • @punjabeeplaya
    @punjabeeplaya Рік тому +4

    making Ea-Nasir proud

  • @hjs9td
    @hjs9td Рік тому +4

    This keeps up and everyone in East Asia will be tagged as high risk.

    • @ipenguin3918
      @ipenguin3918 Рік тому +1

      I'm now suspicious of things Indian.

  • @theminer49erz
    @theminer49erz Рік тому +1

    Love the pics! Lol

  • @VeritasConquers
    @VeritasConquers Рік тому +2

    Great video Patrick! Did you upgrade your camera setup? Seems crisper than usual.

  • @mares3841
    @mares3841 Рік тому

    Thank you.

  • @NimbleBard48
    @NimbleBard48 Рік тому +1

    One more dreadful thing about nickel: Nickelback.

  • @shaunmoorefinance
    @shaunmoorefinance Рік тому +2

    Fantastic video Patrick

  • @guruprasath8548
    @guruprasath8548 Рік тому

    Credit Suisse manages to get into every scandal

  • @stephenmatura1086
    @stephenmatura1086 Рік тому

    Well, if they're putting carbon steel into car batteries instead of nickel then it's no wonder the range isn't so good!

  • @sixter4157
    @sixter4157 Рік тому

    Woah, for a second I thought you said TMNT. I thought, not the Teenage Mutant Ninja Turtles! I am so relieved to know that the TMNT are not involved in metals fraud.

  • @idanceforpennies281
    @idanceforpennies281 Рік тому +2

    Nickel is enoursmely important, and there are only a few countries that have it in quantity.

    • @-oiiio-3993
      @-oiiio-3993 Рік тому

      The U.S. Mint uses it in quantity.
      Present day 'nickels' are composed of 75% copper, 25% nickel. Such alloy was first used for the Three Cent Nickel of 1865 - 1889 and then the Five Cent Nickel of 1866 to present and, since 1965, has been the outer layers of 'copper nickel clad' Dimes and Quarter Dollars as well as Half Dollars from 1971 to present, the center layer being pure copper.

  • @kauepereira7641
    @kauepereira7641 Рік тому +1

    Damn
    Nice camera quality

  • @justinng2808
    @justinng2808 Рік тому

    Great lighting setup!

  • @dancahill9585
    @dancahill9585 Рік тому +2

    A fraudulent Indian company. Where have I heard that story before?

  • @ipanzerschrecku4732
    @ipanzerschrecku4732 Рік тому +1

    The Guptas are not sending their best.

  • @georgehart8179
    @georgehart8179 Рік тому

    Patrick, have you ever been called to be an expert in commodities witness during a trial. It should be a slam dunk against any company that is involved in commodities fraud.

  • @Mark_Kiwi
    @Mark_Kiwi Рік тому +1

    Not bad humour for what's normally a great rap channel

  • @jert33
    @jert33 Рік тому

    Quality video, bro. Thanks!

  • @mrmcflunday2164
    @mrmcflunday2164 Рік тому

    Why is it not a surprise that Gupta was doing something dodgy..

  • @chrishaps6846
    @chrishaps6846 Рік тому

    Wish I’d done that

  • @helloworld6330
    @helloworld6330 Рік тому

    isn't there a quality inspection by SGS or something like that along the supply chain, LC fund release subject to quality certification? not a nickel trader, but inspections are basic stuff for transactions like that

  • @BenHanson137
    @BenHanson137 Рік тому

    still gonna do it, blockchain. Is literally the tech you described at the end, you're just not familiar with the boring kind of blockchain so efficient no one stands to make any money off it because a)there aren't any big scam stories about them and b)they're a little behind because... you know... no one is getting paid scammer money to make them. It'll happen, it'll just be boring.

  • @dcs2062
    @dcs2062 Рік тому

    Another one of Patrick's excellent videos! My only minor disagreement .... let's not confuse crypto "money" with blockchain technology! The technology when enforce by authentication and many other verifications like, trivial example here, IP white lists, it can be used for an open "transaction club" in almost real time! Of course, not protecting against scammers that are replacing transported commodities with a lower quality, not protecting from insiders!

  • @johnhealy6260
    @johnhealy6260 Рік тому

    Excellent commentary 👌

  • @richardlawson5565
    @richardlawson5565 Рік тому

    great info

  • @davidepatti4835
    @davidepatti4835 Рік тому

    I am bottom fishing Credit Suisse. Stop the jokes pls.

  • @andrewkelley9405
    @andrewkelley9405 Рік тому

    Here we go again

  • @testboga5991
    @testboga5991 Рік тому +3

    Nickel is an ancient word for a type of mine ghost in our region, where the term was 'coined', not so much the devil.

  • @rcajavus8141
    @rcajavus8141 Рік тому

    just imagine opposite! they claim the nickel is bad, pay for "independant" audit and sue for fraud meanwhile they sell "bad nickel" to a subsidiary for pennies? :)

  • @yexela
    @yexela Рік тому

    Surprise, surprise: Credit Suisse was involved here as well.

  • @lawrence4520
    @lawrence4520 Рік тому

    Are any of these Guptas related to the South African ones ?

  • @gilangignasraharjo6138
    @gilangignasraharjo6138 Рік тому

    This decrease in Nickle suplies only means good stuff for my boi Indonesia :)

  • @batosato
    @batosato Рік тому +1

    Typical story of Indian businessmen. Fraud, fraud and fraud 😂

  • @mikaelkrukoff8872
    @mikaelkrukoff8872 Рік тому +1

    Nickels pre 64 are 40% silver! Copper Pennie’s are actually worth .03 cents and not .01 cents. Stock up on coins it’s cheap metals for a great price!

    • @GrantDWilliams82
      @GrantDWilliams82 Рік тому

      No they aren't. Aside from a few years during WWII, five cent pieces have always been 75% copper, 25% nickel. The only thing that changed in '65 is that the quarters, dimes, and halves lost their silver. Nickels didn't change at all. I seriously doubt that you've been involved with metals for ten years.

    • @-oiiio-3993
      @-oiiio-3993 Рік тому

      You are wrong.
      Half Dollars dated 1965 through 1970 are 'silver clad' with net 40% silver content, as were some specially packaged 'S' mint Eisenhower Dollars from 1971 through 1974 and specially packaged 'Bicentennial Silver Sets' of 1776 - 1976 dated Dollar, Half, and Quarter Dollar.
      Half Dollars, Quarter Dollars, Dimes dated 1964 and earlier as well as Dollars dated 1935 and prior are 90% silver.
      The U.S. five cent coin was minted of a 35% silver alloy from mid 1942 through 1945. Such 'War Nickels can be identified by a large mint mark above the dome of Monticello on the coin's reverse as well as a blackish sheen on worn examples. 'Silver War Nickels' (which had 0% nickel) were 1942P, 1942D, and all 1943 through 1945.
      The original U.S. five cent coin was the silver Half Dime (1794 - 1873), the original Cent and Half Cent were pure copper, Pennies were British.
      Present day 'nickels' are composed of 75% copper, 25% nickel. Such alloy was first used for the Three Cent Nickel of 1865 - 1889 and then the Five Cent Nickel of 1866 to present and, since 1965, has been the outer layers of 'copper nickel clad' Dimes and Quarter Dollars as well as Half Dollars from 1971 to present, the center layer being pure copper.
      The U.S. Cent has been minted on planchets of zinc with a thin copper plating since mid 1982, replacing the bronze alloy that had been introduced in 1864.

  • @vatankumarattri392
    @vatankumarattri392 Рік тому

    I'm here for all the sarcasm

  • @Donatellangelo
    @Donatellangelo Рік тому

    Well ya had me til 19:08. 😕

  • @africanelectron751
    @africanelectron751 Рік тому

    Lol dealing with the Gupta clan never ends well..... Just ask South Africa.

  • @joethebassplayer
    @joethebassplayer Рік тому

    I rarely share my thoughts on finances but Nickel is indeed a "sleeper" investment opportunity and I have a lot of my portfolio committed to Mining Stocks and Nickel specifically... CNIKF (Canadian Nickel Company) is one of the few Mining Stocks I am very "bullish" on... I think it will go 5X or more in the next 1-2 years. I do not like stocks as a rule but their recent (2020) IPO was only hindered by COVID and subsequent chaos in World markets (looking at you LME!!) Suffice to say, I also believe no one knows anything for certain so we will see how right or wrong I am but I'd like others opinions or insights if you have any to share. Be well & take care!

  • @bravosierra2447
    @bravosierra2447 Рік тому +1

    Blockchain is a goo…..never mind

  • @blairhakamies4132
    @blairhakamies4132 Рік тому

    Amazing world... 😱

  • @easterislehead
    @easterislehead Рік тому

    These traders should get into the dime business. Typically goes for twice the value and is much smaller than a nickel

  • @AnotherDante
    @AnotherDante Рік тому +576

    "Bankers at Credit Suisse: 🤡"
    That one two punch almost killed me. 🤣

    • @michaelbelcher7942
      @michaelbelcher7942 Рік тому +64

      It wouldn't be a good scandal without credit suisse.

    • @rabidbigdog
      @rabidbigdog Рік тому +36

      @@michaelbelcher7942 Or Deutsche Bank or Softbank. :)

    • @xiphoid2011
      @xiphoid2011 Рік тому +11

      Savage!

    • @Yora21
      @Yora21 Рік тому +38

      "It's not a true financial scandal until Credit Suisse is involved."

    • @thefreespirit3747
      @thefreespirit3747 Рік тому

      Bankers, like many Lawyers and other profession learn, study and engage in such profession for the reason to get the insight on how to cope, dupe and use it to the contrary of the original value, process and meaning while hiding in the cognitive dissonance of the public and others. Everything is backwards and literately upside down, or put it simple..the world is a stage and everything is the contrary of what we have been told. Sadly the process of cognitive dissonance is hardwired in our brain, studies of MK Ultra and others are used to manipulate us on our biological nature, no matter how smart or aware and knowledge someone has in Psychology and similar. Its basically a hack and brute force or cheat code that is abused in any way possible. Even if people see, they can not process it inside their brains and wiring. The meaning of "hidden in plain sight" is derived from this, basically it can not be processed by our brain and processes due to the the way it was placed and packed. The best method for duping the public is not lying, as it is not the things that are said but the things that are not being said. Our brain processes and accepts "truth" and they tell, so we don't get septic as our brain recognizes mismatches based on logic and the unaware part of our brain. By telling the truth or a valid form in public, the public opinion does not change or raises eyebrows, humans work on triggers esp. emotional.
      If you read or hear a speech and follow it and after it is done their is basically you are empty with thoughts and have the feeling it is saturated your attention is closed and the process inside your brain for this information and statement like on a checklist and the brain is closed for this chapter. They know that the brain works similar to a computer and programming language and write the matching code for our network in the way it gets unpacked 100% without irritation and does not trigger anything. Even if we may know something is evil and bad, if it is presented in a way that matches in our structure it gets "accepted" and when you ask why do the people don't stand up and still take it? They have no drive inside of them, even if they know or are aware, we are feed and programmed in a way that our brain and workings accept it based on code and logic while they are aware of the developer-code and that it even exist and how it works.

  • @rabidbigdog
    @rabidbigdog Рік тому +136

    "Don't suggest blockchain in the comments, the goal is to reduce fraud, not draw in a different group of fraudsters" - OMG.

  • @anupam121
    @anupam121 Рік тому +154

    If you throw a stone in any general direction in the western region of India, there is a high chance of it hitting a person named Gupta. So its not really surprising that the two Gupta's are not related. The name 'Gupta' roughly translates to 'classified' or 'secretive', so its kind of apt that they're involved in so many scams!

    • @k.h.6991
      @k.h.6991 Рік тому +12

      Still, because the audience here is likely not to know that, Patrick did have to mention it.

    • @ntombi105
      @ntombi105 Рік тому +12

      Guptas were involved in a huge scandal - state capture, to be specific - in South Africa, and are now fugitives😂

    • @sifridbassoon
      @sifridbassoon Рік тому +8

      lot of Patels too

    • @quockwalker7335
      @quockwalker7335 Рік тому +8

      So it's like nguyen

    • @himanshusingh5214
      @himanshusingh5214 Рік тому +5

      @@quockwalker7335 Oh My God. you started this but somebody will end it.
      Muhammad, Jessica/Jennifer/John (USA), Kim/Park/Lee (Korea).

  • @seanys
    @seanys Рік тому +27

    “…clay tablet beefs..”
    I’m crying! 😂🤣🤣

  • @christopherbrennan4858
    @christopherbrennan4858 Рік тому +187

    "Please don't suggest block chain..." That's where I hit the like button on this one.

    • @walkingstick6655
      @walkingstick6655 Рік тому +5

      Well, it may have been a bit snarky (which, along with the wry/dry humor, is why many of us like Patrick), but on point. To deny that is to deny reality.

    • @dikbozo
      @dikbozo Рік тому +4

      I did the same. Almost spit out coffee too.

    • @lynxfirenze4994
      @lynxfirenze4994 Рік тому +2

      Same

    • @magnetospin
      @magnetospin Рік тому

      If you hit the like button twice, it becomes zero likes.

    • @mikelondon08
      @mikelondon08 Рік тому +3

      ​@WalkingStick block chain has the same value as a home printed certificate of authenticity

  • @nickwright9064
    @nickwright9064 Рік тому +15

    Not to mention that electronic warehouse receipts/bills of lading with records on the blockchain won't make a damn bit of difference to what's sitting in the containers!

    • @himoffthequakeroatbox4320
      @himoffthequakeroatbox4320 Рік тому +1

      I've had this conversation but about maintaining the cold chain for perishables. _It won't fix the bloody thermometer!_

  • @williamchamberlain2263
    @williamchamberlain2263 Рік тому +8

    Looking forward to a surge in NFN (non-fungible nickel).

  • @MikeCasey311
    @MikeCasey311 Рік тому +53

    Mr. Boyle is one of the few people on UA-cam who has organized thoughts and cuts right to the chase, without wasting the viewers time.

  • @nunyabusiness863
    @nunyabusiness863 Рік тому +7

    8:19 I see what you did there.
    As an aside, you're wrong Patrick. I block chain my shed house, garage, even the front door of my house and it's super duper secure. The city was even nice enough to block chain my front wheel for me when I parked on the street once, keeping it safe and sound for me. Block chain works 😉

  • @MrLukealbanese
    @MrLukealbanese Рік тому +11

    Its amazing to me as an engineering person that nobody in these commodities trades seems to do any basic assurance. Like - 'does this cargo actually exist'?

    • @spejic1
      @spejic1 Рік тому +2

      That's financialization. They were not selling nickel, they were selling contacts for nickel.

    • @MrLukealbanese
      @MrLukealbanese Рік тому +1

      @@spejic1 yes but the underlying assets still need to exist

    • @thorsrensen3162
      @thorsrensen3162 Рік тому +3

      Finally this question. It is probably too costly for those high paid traders to arrange such simple and effective prevention of fraud. I wonder how much of this low grade nickel fro Gupta etc. has been sold to other users and gone into cr-ni steel for high pressure pipes as high grade materials. As long it is only traders who cheat each other it is just entertainment, but when wrong materials goes into nuclear plants and oil platforms it has a lot more consequences.

  • @mariussavatier4155
    @mariussavatier4155 Рік тому +23

    Kupfernickel, does not mean devil's copper in German (Kupfer = copper and nickel = nickel). The expression used was "Teufelskupfer". (I really enjoy your YT channel by the way!)

    • @himoffthequakeroatbox4320
      @himoffthequakeroatbox4320 Рік тому +4

      Old Nick is a slang term for the Devil.

    • @-oiiio-3993
      @-oiiio-3993 Рік тому +4

      I recall the 'origin story' differently.
      I'm sure I've read that 'Nick's copper' was copper with traces of a mysterious grey metal that made the copper difficult to work using Medieval technologies. The irony, of course, being that copper nickel alloys became very useful and valuable as time and tech progressed.

    • @KS-PNW
      @KS-PNW Рік тому

      Does Tuefelskupfer mean devil's nickel?

    • @pkarrk6893
      @pkarrk6893 Рік тому

      @@KS-PNW devil's copper

  • @PBoyle
    @PBoyle  Рік тому +45

    Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Marc De Mesel, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Pavle Obradovic, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Robert Muller, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, P H, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, HalfwitHam, Mark Brophy, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Yazan Qaraqish, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. Hicks, Liam, Logan Vrankovic, William Heaton, Paul McCourt, Daniel, Aaryan Koura, Steven, Christopher Boersma, Ulf Lundblad, Dorothy Watson, Greg Blake, Simon Bone, Livermores Quant, The Collier Report, Scott Gardner, The Man Koala, Brian McCullough, Daniel S. Smith, Finance Student, Julie, Mohammad Rehman, James Wallace, Daniel Poellmann, Edosa Odigie, Dixon Yuen, Marek Novák, Stamatis Drepaniotis Michael Smith, Ahmed Hamadto, Chris Davey, Mike Farmwald, Michael A. 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Letterman, maRiano polidoRi, Stephan Prinz, Gary Yrag, Mattia Midali, Matthew Berry, Ann Williams, Jay T, Gabor, Florian Haas, Shivendra Saklani, Zachary Tu, Jeffrey, Lane Alan Deyoe, Chett Flynn Jonathan Horn, Mo Herbert, Lane Andrews, Justin Thuet, Olaf Thiele, Ivan Ilaev, Todd Gross, Douglas Caldwell, Wade Hobbs, Volodymyr Palii, James Hoctor, Gavotti SGP, Ryne Davis, Jean-Philippe Lemoussu, Keanu Thierolf, Muhammad, Michael Chow, Stefan Alexander, Miroslav Ognyanov, Scott Guthery, Vanya Davidenko, Arto Karhu, James Bache, Jason Harner, Dale Patch, Stefan Penner, Mischa Trunz, Arvid, Eric, Jonathan Metter, Junhong Low, John Way, Maria Baker, Luke Solomon, Sharath Vulupala, Keith Elkin, Chris Nicholl, Luis Carmona, Vinci Chan, Olivier, Yasha, James Yoh, Eduardo Martinez, Adi Blue, Swain Gant, georgejr, hyeora, old gambling art bag, Boussaken, Lukas Braszus, Vik, Chris Albertson, Sprite_tm, matt f, Douglas Caldwell, Adgn, Ronald London, Chris Rock, Tuan Nguyen Minh, Daniel Baak, Jeremy King, Julien Debache, M1, Dougald Middleton, Tom, Diarmuid Kelly, Subodh Kafle, Gregory Mahoney, Angelo Rauseo, Kirsten Banuelos, Ryne Davis, Era, Anne Molphy, Ekaterina Lukyanets, Alfred, sugarfrosted, Okkie, rswaggs, Larry, Sarah, miilo, EatEmAll, Alexandre GUYAMIER-CROISSANT, Alex C, Henk S, Noel Kurth, John Tran, Daniel Soderberg, Daniel Ralea, Steve Crotti, Shaun Deanesh, DaFlesh,Nathan McIntosh, Dominique Buri, B P, Manmeet Sheera, Stephen Walker, Richard Stagg, Bo Grünberger, Justin Sublette, Zackk, R, Omega Universas, Paul Twilley, 인기 김, Dennis Arthur Rose, Louis Görtz, Robert Stewart, Arjun K.S, josef strand, Simon Crosby, Alex Do, Minnah seoh, Ljube Boskovski, Bertrand Barroux, Jacob Snedaker, Edgar De Sola, Izidor Vetrih, WhiskeyTuesday, Vic Tan, Compuart, Felix Goroncy, Nick Top, Anita Mui, C.J. Christie, lazypikachu23, Olivia Ney, Steven, Adam Pomerenke, Jordan Millar, Reagan Glazier, Viki Rebic, Adrian, Adam Kobus, KoolJBlack, Deborah R. Moore, Alonso Ibarra, sam, Dru Hill, Dean Maurer, Tim Jamison, gavin, Ultramagic, HEWHOSHALLNOTBENAMED, Nigel Knight, Hector Quintanilla, Daniel Winroth, Paul Niekamp, Job Zamora, Zhnjy, Brian K. Lee, Tony Bianucci, storm, scott johnson, joevan burke, Suzy Maclay, Just Plain Old Boring Mike, Fernando Garcia, Agatha DeStories, Chris Peterson, Nesh Hassan, Molly Carr, Elizabeth Stanfield, Christan, Michael Jones, Ross P, Conor Rainey, Milos Krljanovic, Laura Sanborn, Richard Hagen, Nicholas Muller, Adam Stickney, Peter Weiden, Mate Visky, RVM, Brainless, Marcio Andreazzi, Anand Norman, Yih Pin, Ziad Azam, petros ventouris, Justin Zander, Jonathan, STEPHEN INGRAM, Panks, Michael Wilson, Peter Luu, Gregory Lethbridge, Daan Jetten, Ivan Katanic, Benjamin, Boris Azais, Flanneryo, EricO, DoubleWhy, Paul Hilscher, dz, Manuel Barkhau, Gaurav Batta, Earnest Williams, Harun Akyürek, Dionysis Partsinevelos, toufik ouriachi, Maximiliano Rios, Claire Walsh, AT, Jimmy Jonathan, Atanas Atanasov, William J. Murphy, Tom Eccles, Matthew Lang, Matthew Wehttam, Fernanda Alario, nishil, Alfred Tagher, Ulf Lundblad, Weijie Diao, Dave Jones, Matthew Colter, Alan Medina, Georgios Kontogiannis, M, Kirandeep Kaur, Charles, Jacob Wachala, William Ching, Omer Secer, Clement Schoepfer, Tarek Rabbani, and Yoshinao Kumagai

    • @Practicalinvestments
      @Practicalinvestments Рік тому +1

      Thank you for this channel (and especially your older lecture videos) really taught me a lot and helped me a great deal on my investing journey

    • @larzkruber822
      @larzkruber822 Рік тому

      How to explain the dry world of finance in a entertaining way?
      Ask Patrick Boyle

  • @theotomlefatshe3160
    @theotomlefatshe3160 Рік тому +2

    The Gupta name seems to have a criminal influence on its bearers, we had some Gupta brothers embezzle South Africa some years back after getting involved with the ex president

  • @kevin0117rc
    @kevin0117rc Рік тому +10

    Hold the money in something like an escrow account until the goods have arrived and been verified.

  • @MrRedsjack
    @MrRedsjack Рік тому +2

    LoL from Theranos, to ftx, to greensill, to Adani to this if there is a scam be assured there is an Indian involved at the top 🤣

  • @laughongaming2152
    @laughongaming2152 Рік тому +74

    Gotta love how they only investigated it thoroughly when it wasn’t Citibank on the hook

    • @Jinkypigs
      @Jinkypigs Рік тому

      Doesn't make idiot gupta any less guilty dude. While I think citibsnk is one greedy bastard with lousy services, you do know that it will not be immune if it was exposed in this fraud?

    • @johndoe-so2ef
      @johndoe-so2ef Рік тому +6

      Too big to fail, as they say.

    • @Ravi-fx6vf
      @Ravi-fx6vf Рік тому +2

      Moral hazard - economics 101

    • @Chrisfrom_Dallas
      @Chrisfrom_Dallas Рік тому

      Was wondering about that.. couldn't spend a few bucks to validate a half billion dollars deal until it's your own half billion dollars on the line? Ponzi scheme.

  • @mikestanmore2614
    @mikestanmore2614 Рік тому +12

    Obviously, wooden nickels must be made of mahogany, not pine, in order to retain their value. Pine counterfeits led to the collapse of the currency.

  • @1lcp1
    @1lcp1 Рік тому +99

    Still baffled about how they thought they were going to get away with this fraud... Ships come in eventually.

    • @Jim-Tuner
      @Jim-Tuner Рік тому +45

      Its a shell game played at sea with cargos. The cargos are constantly being traded while they are at sea. They get a crude form of leverage by having twice as many cargos out at sea than they really have.
      All they generally need to guarantee is that at the time of delivery, real cargos are going to real customers. The not real cargos inevitably end up being delivered to not-real customers who then inevitably put them back into the system.
      As long as nobody makes a mistake, doesn't take it too far and doesn't examine the cargos, it will work for a long time.

    • @iandakariann
      @iandakariann Рік тому +12

      @@Jim-Tuner let me see if I'm getting the idea right on that.
      The'not real' folks I'm imagining are flippers, like house flippers who don't even look at the home. Try buy the shipment then try to sell it while it's still in sea. That's where the fake silver goes to. Then as they flop hands the real nickel is gathered and shuffled on the sea. Once a real seller comes, you can just swap the shipment to the real thing. That's the boat that gets inspected. Meanwhile, the flippers keep selling. So you can have 10 boats with 10 sellers with only 2 holding the real thing so long as 1. The right boat goes to the right place and 2. You don't have too many people start looking too closely. Fractional commodities.
      If that's the case that sounds like a nightmare to manage and would make you feel like a genius if you can pull it off. It also means the flippers aren't really locking down the nickel market since their boats are just props.

    • @Sean006
      @Sean006 Рік тому +9

      @@Jim-Tuner It's like something from an episode of the Sopranos...only on a grander scale. Makes me wonder why they don't check the cargo at the port before it leaves and before payment is made. But I guess that's all part of the scam.

    • @Jim-Tuner
      @Jim-Tuner Рік тому +10

      @@iandakariann It is like house flipping. A house flipper signs a contract with a buyer to deliver "A" house in a city in six months. The flipper can trade houses for six months as long as "A" house is available in the city that they can give the buyer at the end of the six months.
      It probably works really well in a very liquid market for nickel with rising prices which is what existed while they were doing it.

    • @Jim-Tuner
      @Jim-Tuner Рік тому +14

      @@Sean006 The main source of Nickel are Indonesia, Philippines, New Caledonia and Russia, None of them have a reputation for honest regulation or port officials.

  • @jaybee4577
    @jaybee4577 Рік тому +3

    Indian rich elites are always involved somehow. 😅

  • @thatguygreg
    @thatguygreg Рік тому +73

    The Gupta name is well known in South Africa. That family basically pillaged the country during the Zuma years and I believe they continue to do so. The sa Guptas have since relocated to Dubai so the SA authorities are powerless to do anything. It’s somehow heartwarming to know these crooks have swindled more advanced nations…. Seems like the entire family should be behind bars.

    • @Jim-Tuner
      @Jim-Tuner Рік тому +20

      Gupta literally means "secret". Its a whole class of people in India with a name rather than a family.

    • @thatguygreg
      @thatguygreg Рік тому

      @@Jim-Tuner oh interesting, I didn't know that. 😂

    • @slim11shock
      @slim11shock Рік тому

      By your logic, since you are singling out Gupta, all people with family names bankman, Holmes, Martins, musks, Paul are frauds.

  • @TheLazyEconomist
    @TheLazyEconomist Рік тому +323

    After looking into the history of Credit Suisse and Swiss banking, I have come to the conclusion that the Swiss may be the most untrustworthy people in the finance industry.

    • @ursodermatt8809
      @ursodermatt8809 Рік тому

      that must be the reason so many foreigner deposit their money in swiss banks, i am sure

    • @ashwinbalu
      @ashwinbalu Рік тому

      They hold majority of Indian politicians corruption money.

    • @TremereTT
      @TremereTT Рік тому +27

      As a German, I can confirm that impression about Swiss banking! Swiss banks make a all the profit while Germany does all the work.

    • @ursodermatt8809
      @ursodermatt8809 Рік тому

      @@TremereTT
      as a swiss i can confirm most germans do not trust the german government concerning banking. several times in the last century the german people lost all their savings because of ineptitude and lebensraum dreams of the german government. stripping off assets of ethnic minorities. etc

    • @blizzardBad
      @blizzardBad Рік тому +37

      They're like goblins from harry potter world

  • @gslim7337
    @gslim7337 Рік тому +12

    Trafigura again! Back in 2010 I contacted the journalist involved in the investigation on what actually happened when the Proto Koala landed in Abidjan. Having expertise in dealing with airborne toxins, I was more than curious as to what was trying to be achieved. Sad to see yet again one of their "Projects" go badly. I will remind myself at some stage to shed a tear for their loss.

  • @Shannon_Vlogs
    @Shannon_Vlogs Рік тому +16

    “Clay tablet beefs” 😂

  • @galvint2
    @galvint2 Рік тому +43

    This seemed too weird but it is true. Kupfernickel, meaning “Old Nick’s copper". Curious, I looked up Pumpernickel, which means farting devil. Nickel means nick, means the devil. Its durability, combined with its resistance to oxidization and corrosion, made it ideal for small, everyday objects like coins, filling in the role between copper and silver in terms of value for coinage, hence between a penny (copper) and a dime (silver).

    • @dikbozo
      @dikbozo Рік тому +1

      TIL THIS.
      Thanks.

    • @-oiiio-3993
      @-oiiio-3993 Рік тому +4

      The original U.S. five cent coin was the Half Dime (1794 - 1873), the original Cent and Half Cent were pure copper.
      Pennies were British.
      Present day 'nickels' are composed of 75% copper, 25% nickel. Such alloy was first used for the Three Cent Nickel of 1865 - 1889 and then the Five Cent Nickel of 1866 to present and, since 1965, has been the outer layers of 'copper nickel clad' Dimes and Quarter Dollars as well as Half Dollars from 1971 to present, the center layer being pure copper.
      The U.S. Cent has been minted on planchets of zinc with a thin copper plating since mid 1982, replacing the bronze alloy that had been introduced in 1864.

  • @dingusfinance8931
    @dingusfinance8931 Рік тому +22

    Legit one of two UA-camrs who I look forward to seeing new videos from.

    • @TWCH
      @TWCH Рік тому

      Who is the other?

    • @ThatSocialloner
      @ThatSocialloner Рік тому

      Who’s the other… if you love him I trust your taste.

    • @ntombi105
      @ntombi105 Рік тому

      Say Money & Macro 🤞🏾

  • @philmckay9973
    @philmckay9973 Рік тому +3

    Should use irish pubs as clearing houses.
    Diversify risk with irish whisky and scandi ice wine

  • @MARKETMAN6789
    @MARKETMAN6789 Рік тому +8

    These are the kind of people that banks trade with ,using our hard earned money ,and when they loose out our interest rates go up ,and when they make money they party and give themselves huge pay rises and perks

  • @TheJesterHead9
    @TheJesterHead9 Рік тому +13

    I was very disappointed in Credit Suisse that they weren’t one of the major players but was glad at minute 7:00 when they made an appearance.
    To quote Boyle: “A financial scandal wouldn’t be a financial scandal without Credit Suisse.”

  • @C8zzzD
    @C8zzzD Рік тому +4

    Was about to recommend some youtuber regarding some fraud by another Indian billionaire... only to find that I heard about it here a few days ago