Posted on 11/17/2011 8:24:25 AM PST by Library Lady
Everyone's buzzing about Trends Research founder Gerald Celente's recent interview on RT America, where he railed on MF Global for taking his money and closing his positions on gold.
On RT America, Celente denounces MF Global, saying he was building up collateral in his account in order to receive gold contracts due to deliver in December. But then, he received a margin call and a broker told him his money (up to 6-figures) was with the court-appointed trustee.
Celente has every right to be angry -- he's experiencing what every MF Global client (from hog farmers to hedge fund mangers) is going through. Everyone thought they were protected by law from this kind of situation, but that obviously isn't the case.
(Excerpt) Read more at businessinsider.com ...
Pick you broker carefully. The large, reputable ones that don’t trade much themselves are what you want.
Hard to sympathize with anybody who entrusted money to thuggish Jon Corzine.
Since laws were broken and regulations not followed, I think we need more laws and regulations.
I cannot believe Celente did not own “gold in hand”. Maybe he owns both and this side is a loss.
ALL of my PM is where I can get at it in less than a half hour. Any thing else would defeat the whole purpose.
Also, it will all go one of three ways:
It will be stolen
It will be used as “barter” after the real collapse.
It will pass on to someone else after I die.
I read the article to mean he expected to receive the actual gold in December.
ping
Since laws were broken and regulations not followed, I think we need more laws and regulations.
The law would be at my door in 2 minutes if I said what I’m thinking and wishing we need. Enough said.
Sorry dude. RottenToTheCorezine has it in the offshore account so he can trickle it back in under the radar in small donations to Obama’s Committee To Re-Elect. /sarc
Needless to say,it’s a pity that Corzine survived the car accident.Could have saved a lot of people a bunch of trouble.
Gerald, there is no such thing as a gold account. Either you own the gold and have it physically in your possession or you own worthless paper.
Ain’t rocket science, genius.
I thought Celente was a pretty knowledgeable guy until this came out. I heard him ranting and whining on Alex Jones yesterday. My fiancee’ and I just looked at each other and the only expression that came to mind was “dumb azz”. Who in their right mind would buy gold and not have physical control of it? Celente has been preaching the collapse of the system for a couple of years and he’s buying gold through a brokerage firm? “dumb azz”.
The people he ripped off are very rich and powerful and connected.
He should have stuck to ripping off the little people.
I’m surprised he didn’t see this coming.
He didn’t entrust his money to Corzine or to MF Global.
He had it with a different broker, who (it turned out) had his account stored with MF Global.
Thanks for the info.
Bet he has another name for “MF” Global.
I imagine there is a heck of a lot of tongue biting around here as of late.
He has said that he employs a multi faceted approach to investing in PM’s and that he does hold physical. This was merely one aspect of his overall strategy and it looks like he lost. Hard to have sympathy when he preaches this stuff every day and knowingly took a risk for part of his money for a bigger return. He is not an idiot, he just lost a bet.
This is a simple case of a one-time theft. Celente did not fall to an on-going scam like some folks think is going on at GLD.
Theoretically, this was a segregated account, and laws were broken. But it will be interesting to see if even minor players are charged. My money is on a financial wrist slap and no jail time (at most) for folks at Corzine's level.
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