Insights
Notes from a commodity bridge finance house.
Occasional, considered writing on origin side commodity finance, the institutional architecture of metal flows, and the development thesis that underwrites the firm.
The bridge is the product
Why origin side finance, not price exposure, is the real business in precious metals trading.
Verifiable provenance as the new institutional floor
What the OECD and LBMA frameworks have done to the economics of metals sourcing, and why the firms that lead on verification will compound.
Capital that returns to its source
On the development thesis that underwrites Aurelian Mercantile, and why a foundation owner changes the meaning of a commodity desk.