Perhaps Celente’s scarf has been wrapped a little too tight all these years. Celente admitted in an interview Friday that he has been caught up in the MF Global client fund scandal.
Apparently Celente, a major gold proponent, did not own phyzz, but rather COMEX gold futures contracts (paper), and would continually roll profits back into more futures paper!
Are you beginning to understand why The Doc so strongly urges ownership of PHYSICAL gold and silver held in your own possession!?!
You heard this MF Global thing with Corzine? I was caught up in that. I trade commodities, and I have an account with Lind Waldock. I didn’t know Lind Waldock except by looking at the fine print was owned by MF Global. I got a call Monday by my broker, that I needed to meet a margin call for my gold positions. I said what are you talking about? I’ve been playing this thing for a long time. All I do is I keep my profits in my account. Well the profits aren’t there anymore, and neither is the account. They took all my money and they put it in the hands of a trustee. I said are you kidding me or what? They’re not trading for me, this is my own money in my own account! It’s my money! No, it’s not. Who decided this? Oh, the CME group.
Fast forward to 9:35 for Celente’s discussion of MF Global funds