About this podcast

Dive into the intriguing world of commodities trading, where recent scandals have revealed bags of stones instead of nickel and painted rocks instead of copper. This episode of Odd Lots unravels why the commodities market, despite its high stakes, remains surprisingly susceptible to ancient forms of fraud and counterfeiting. Hosts Tracy Alloway and Joe Weisenthal trace the historical roots of such deceptions, from 4,000-year-old Mesopotamian complaints about copper quality to modern-day collateral management failures. Joining them are Anton Posner, CEO, and Margo Brock, President of Mercury Group, both commodities collateral specialists. They discuss the mechanisms of these persistent scams, the critical role of collateral management, and what innovative solutions are being explored—including drone technology—to prevent future instances of fraud in the physical commodities trade. Discover the complex interplay between financialized commodities and their tangible counterparts, and why verifying the 'real thing' remains a perennial challenge.