Goldman Sachs selling Iran’s one-time uranium supplier

US bank Goldman Sachs (NYSE:GS) and Deutsche Bank (NYSE:DB) are attempting to get out of trading supplies of raw uranium, known as yellowcake, a business few knew they were in.

According to Reuters, these financial institutions have stockpiled more nuclear fuel ingredient than the total amount held by Iran, and enough to run China's nuclear plants for a year.

Both global investment banks entered the uranium market in 2009, when tightening supplies threatened to send prices soaring. The plan was to handle almost a third of all uranium trades in the spot market. Instead, they are adding the division to the list of commodities units up for sale.

The move comes as other US banks, including JPMorgan Chase (NYSE:JPM) and Morgan Stanley, are in the midst of waving their physical commodity trading good-bye.
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