The Evolution of Commodities Trading

Published on
May 16th, 2019
72 minutes

The Evolution of Commodities Trading

Tony Greer Interviews ·
Featuring Greg Agran

Published on: May 16th, 2019 • Duration: 72 minutes

Greg Agran, former global head of commodities trading and partner at Goldman Sachs, retired in 2017. In this interview with Tony Greer of TG Macro, he explains how the modern commodities trading environment has evolved over time. Agran also gives his view on global markets, and relates an inside view of both the legendary Sumitomo Scandal and the Aluminum Warehouse Conspiracy. Filmed on May 2, 2019 in New York.



  • FK
    Fabian K.
    22 July 2019 @ 21:39
    cool guy
  • av
    a v.
    20 July 2019 @ 10:02
    Commots edge broadly individual, not institutional a la rest-of-ficc. Development of in cmdty trdg past 10y best understood through thst prism. Cute stories though, enjoyed it, thx!
  • JH
    Johannes H.
    16 June 2019 @ 11:54
    Really great interview and polite and intelligent guy!
  • DY
    Dmytro Y.
    10 June 2019 @ 05:50
    I wish this was more about current state of commodity markets.
  • PG
    Philippe G.
    31 May 2019 @ 13:17
    Amazing. Love hearing about stories from the trenches like this!!
  • DD
    Daniel D.
    24 May 2019 @ 17:06
    How could I not like this. My two favorite subjects, commodities and wine. As a owner of base metals companies (physically long), I have extolled to those who want to learn the knowledge that it brings to your financial market trades. I vividly remember when Goldman and ALL the European houses (Glencore, Trafigura, etc.) bought the warehouses. I thought, well poop now everyone will know. What a great walk down memory lane with Greg as the time frame of our careers line up. It made me hearken back to the halcyon days. Very, very interesting-thank you Greg and Tony.
  • VS
    Vasil S.
    21 May 2019 @ 10:25
    It's great how Tony G is always able to draw out interesting anecdotes from all of his interviewees. Anyone else google the price of the wine Greg refers to at the end (lol)?
  • MB
    Matthias B.
    20 May 2019 @ 09:58
    interesting discussion with lots of valuable background information. but somehow a missed opportunity to shed more light into the at time very opaque trading and reporting of positions - eg. why did the CME allow GS and JPM to pool derivatives position in order not to show granularity or what about the rehypothecation in the gold trade (which was originated by GS' Rubin if memory or sources serve me right)
  • ET
    Eduard T.
    19 May 2019 @ 18:08
    Great interview
  • MS
    Michael S.
    18 May 2019 @ 18:17
    Great insights on a changing industry! And now to hit up Hops on 27...
  • PB
    Pieter B.
    18 May 2019 @ 05:40
    Thanks a lot Tony & Greg!
  • DS
    David S.
    17 May 2019 @ 20:50
    Excellent interview. I was lucky to be enjoying a good, not a great wine. I will watch again, as I am sure I missed some deeper insights. The Sumitomo section was very interesting as the Japanese family worried about honor. Certainly not the major focus today. I would like to know if gold was used predominately as a portfolio hedge before options became a great way to buy insurance. If so, that may explain part of the reason why my gold is not going up as fast as I would like. Thanks. DLS
  • RI
    R I.
    17 May 2019 @ 15:58
    Finally, an old school value-add RV interview. Hope I don’t have to wait another few months for the next one.
  • JS
    J S.
    17 May 2019 @ 14:11
    Great interview. Tony why did you cut short Greg equity market view? Can you share his POV? Please bring him back. Huge interview. Thanks.
  • AC
    Andrew C.
    16 May 2019 @ 11:08
    Why did this have to end? More please. Great great great stuff right here.
    • TG
      Tony G. | Contributor
      17 May 2019 @ 13:12
      Andrew then its decided - we'll keep going.
  • GW
    Geoff W.
    16 May 2019 @ 13:32
    What an engaging guy, really enjoyed his anecdotes and down to earth persona
    • TG
      Tony G. | Contributor
      17 May 2019 @ 13:11
      Greg is salt of the earth.
  • RM
    Richard M.
    16 May 2019 @ 19:28
    Tony, another great interview! You've had some super guests and fantastic discussions with them. I'm really enjoying your interview series - keep up the great work!
    • TG
      Tony G. | Contributor
      17 May 2019 @ 13:11
      Richard - you make my day Sir. I sure will.
  • JQ
    Joseph Q.
    17 May 2019 @ 09:24
    Fantastic Tony!! Bring him back!
    • TG
      Tony G. | Contributor
      17 May 2019 @ 13:11
      THANKS JOSEPH (no doubt...shhhh!)
  • CH
    Colin H.
    17 May 2019 @ 09:31
    I liked that wine story :D
  • JF
    Joseph F.
    17 May 2019 @ 04:03
    Very enjoyable, like a fine wine. Thanks
  • CL
    Chris L.
    16 May 2019 @ 17:16
    Got real quiet on copper 👀
    • CM
      C M.
      17 May 2019 @ 00:31
      Not really. Said copper will follow a melt up in SP 500. Seemed pretty positive that slower growth and some inflation benefits copper.
  • TT
    Trenton T.
    16 May 2019 @ 13:03
    Two sides to every ingot. I already said everything I have to say: