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
48 comments:
I doubt he doesnt have any physical metal. I am sure he does some short trades now and then and there is nothing wrong with playing the Futures or Options Markets. I hate it when people think oh its paper paper paper. Well you know what? That so called "Paper" can buy more physical! I've made a lot of money on Options contracts and was able to purchase more physical metal than had I just stuck with 100% physical. If I just stuck with 100% physical, I would have a fraction of what I have...you just have to know what you're doing.
If you have enough money, there is nothing wrong with adding a little risk into one's portfolio.
You gotta be kidding..
sierra
Besides Gerald said he keeps his 'profits' meaning his profits from trading in that account.
It's all good dude, nothing with trading in paper as long as you protect that paper, whether that's by spending it on something that is undervalued. aka - commodities
Don't get stuck on all this buy physical, buy physical. There are numerous strategies, mid to high risk ways, where one can exponentially increase their physical metal/commodity holdings.
If you dont want any risk and if you dont know what you're doing/cant handle the risk, stick to 100% physical.
My idea
Trade some paper
Pinch some profits
Buy some Phyzz
Rinse, lather and repeat.
So, the White Shoe Boys, got him......
Let's Get Physical, Physical.....
I don't believe what I'm reading. People still "trading" paper in a totally rigged market, unbelievable!
JP Morgan just love these guys who think they can outsmart the totally controlled market.
It's only when people stop trading "paper" that we will see a big upside to the REAL stuff.
People who trade paper are part of the manipulation. It is a fractional system. The music stopped and there were only a few chairs. I am surprised celente doesn't know better. Hope he becomes more outspoken about these issues now.
I can't believe Celente traded Futures and options (derivatives) . no.
i think he has loans and get called on that.
I want to hear from him :'i played futures or options (let simply say derivatives) and get caught on cme'
We must be precise.
This OWS stuff is not supported by the vast majority of Americans. There are many incidents of rapes, thievery and attacking the police and leaving areas looking like a pigsty.
THIS NEVER HAPPENED with the TEA PARTY. No incedents of racism available on film.
To call this movement a movement is false. Many rumours flying that there is a lotof Soros money in this.
But I support Celente when it comes to mocking Obama. Worst thing Americans ever did.
Wow that sucks I can't Believe he didn't know better. (Which I'm sure he did but was leveraging himself for a big pay off to buy physical like many here suggest.. Which i'm all for if you know what your doing and have that kinda liquidity to do the paper market but if not then clearly you should just keep it simple and do some cost averaging and when we get good dips then double or triple your cost averaging..Man it seriously sucks to be him right now but hey better him then us.. ::snickers::
Let's say that this column got EVERY person to sell their gold and silver Futures Contract(s) and withdraw their money to buy the same amount of dollars worth of physical...you could (only) afford approx 10% of the 'cash' metal...That sell pressure would drop the price of both..."Good" you say or think...However...no more buyers...The bullion banks win...the prices would drop dramatically...The Futures are wagging the dog and setting the price...for the past 30 yrs or so...You can see it for yourself if you watch a 1 minute chart on Dec Silver day after day...The sell-offs are amazing...whenever the big short decides to...Spot follows the price of Futures up and down...Believe it!
That Celente is being revealed as duplicious isn't unexpected.The ravings of paranoid schizophrenics should always be taken with a heaping measure of salt. It's been quite revealing to hear the litany of folks doing (having done) business with Corzine. Well, you know the old saw ... play with fire and you're bound to get your hands burned. No wonder now, ol' Gerry rails on so vehemently about 'gangsters'. He seems to know the subject of which he speaks ... intimately.
Pat Fields, you are a rather harsh judge of someone's only crime, is to differ from you politically. You have no right to play 'God' here on a man who has more knowledge and sincerity in his little finger than you have tolerance for non red necks. Stick to your mechanical profession, and let the sincere experts- who just happen to be politically different from you- do what they know best. You wont get any support on rubbish this decent man on this forum. Steve Bruce, your red neck mate is at it again, wind him in please!
One of the first lessons my Mom taught me as a boy, was that I can best judge someone's true personality traits by the company they keep.
and you are keeping company with us here on Silver Docs
Man what a fricking nightmare... Oh well.
Now I think we have an idea where the CME is getting there $300 million slush fund from ouch..
Gerald Celente has been truthful and honest to share his misfortune with us, and does not deserve to be maligned by philistines not in the same league as he is in. He has shared honestly with us all, his foresight from the past, and even took the trouble to send me- a NOBODY- a personal response to a question. In my book, this is an open and honest man in the same vein as Ron paul. No wonder red necks will have bile to spew at this great servant
Nobody wants to see Gerald Celente getting burned so badly and I don't think it's the fact that this is happening to him. I think people are more gloating at the fact that as the Doc says in his article this is why you hold physical because these corporations can't just rape yeah and straight up take your wealth.. Sure they could come to your house and try it that way but that sure as hell be a lot of work for them...
Hubris I think. Don't know for sure. Yeah I trade Monetary Metals derivatives. STOCKS. However, if you have accumulated wealth, I cannot see why you would engage a KNOWN (IMO) criminal enterprise, and give them some of your money. Last BK I was thru with a brokerage firm winged me good and crunched my profit profile for a long time. Therefore, learning by experience, I have not gone into an arena I know is infested with sharks and parasites.
I guess "fame" screws with your head. At least he stepped forward and shared it, that was decent, but I have no clue what he was thinking when he did it.............
Gerald is correct. When people start to hit bottom, then MOVEMENTS (like OWS) start to hit the streets. People may not like OWS, but they have been more effective at getting the press coverage than the ineffectual Tea Party movement. Unfortunately, the OWS movement is a catalyst for change and it is going to be an ugly change. Soros and his ilk are the ones backing many of the groups in OWS so the money will be flowing into the fringe elements and as the situation becomes more untenable, the gov. goon squads will be become more violent. Violence begets violence and the next thing you know, there will martial law. Martial law is the end game for the globalists as it needs to be implemented to put the final nail in the coffin which holds our liberties. Martial law against public dissent, no matter how unpleasant it seems to the layman, is the death knell for our representative democracy. The only thing that will bring it back will be the 2nd American revolution and blood in the streets. Prepare yourselves now because in five years you will be looking back at this time and wishing you had got off your ass and done something to change the course of events.
Status quo is dying a miserable death. We need nullification of the current government and a re-establishment of constitutional law. The only way to do that is for MASS population protest with this goal. We need to throw off ALL foreign influence in government and stop ALL monetary influence of our government elected officials. Nothing less will work. Remember Andrew Jackson's removal of the central bank. The same focus must be held for today's removal of the FED.
you do not own it if you cannot hold it...
We should focus on the clear message here. Everyone will get SCREWED by holding PAPER eventually. Get PHYSICAL!!!!!!
You know what I & alot of other are starting to think, this all started a few weeks ago, the investors holding these positions are moaning about losses with higher Gold & Silver prices, leaves only one plausible explanation IMO, not only are they short but they are possibly completely helpless to stop the loss's, yes that's right they are unable to move back that magical thing that set the price free sometimes in big upward spikes like we've seen before =)!!!
He's got no to blame but himself. He's smart enough to know better.
I am a big fan of Gerald Celente, but now I wonder about him. He mentioned "fine print". Well, Lind-Waldock actually changed its name to MF Global back in August, so he should have gotten a letter informing him of that fact. To plead ignorance of Lind's affiliation with MF Global is a pretty lame excuse. Either Celente or his accountants were asleep. Too bad Celente didn't take his own advice. Celente will most likely never get his money back, the regulators can't help him in that matter, he is in for a world of pain.
How the mighty are fallen. Nice story for a future Trends Journal. He must be totally embarrassed, he got bamboozled by his beloved white-shoe boys. I’m pretty sure I’ve heard him say that the stock market is a crapshoot, a giant casino, but apparently he fell for the scam.
The worst part about 'investing' in paper gold or silver is that it diverts capital away from the physical commodity market. If the market is supposed to be about PHYSICAL supply and demand, then trading and investing in 'fractional' (ie, fictional) paper gold and silver can only help to keep the manipulation going. What does anyone think would happen if just 1% of paper gold and silver is redeemed for physical?
The financial institutions realized this long ago. Why does anything think the ETFs have been made so popular, as well as all kinds of derivatives in silver and gold?
Go for physical, or physical funds (eg, CEF, etc). It's the only logical alternative left.
Again, we hear from some that have no friggin idea of what trading is about. You can scream buy physical all day long but that means absolutely nothing sometimes. Some sit in judgement of Celente and you are idiots. I bought gold at $300. What should I do these last 10 years. Sell it? Dumb asses. The market is there to trade, so if you trade, do it. If you don't understand it, shut up. He will get his money back. Can you even imagine what it would be like without the markets? No IRAs, Pensions, Equities, commodities, Bonds, ect. Impossible. That is what would happen though if these people do not get their money back. Who would invest with any one without that guarantee? Why it is so hard for some to comprehend trading is an enigma to me. Just why in the hell I should only buy and hold in 10 and 20% moves with 100% of my holding is ridiculous.
Rookie mistake, Celente.
Daffy and all others expressing a similar sentiment:
When you know by repeated example and the public display of callousness with which these criminals operate, why the hell would you trust any of them with any amount of your money?
I'm just a small fry, but I'm 100% physical and I keep practically zero dollars in a bank account (with a community bank since forever) because I don't even trust them. I saw what happened in the Fall of 2008. It is obvious what game is being played here. Letter any of them hold onto my money is asking for it to be stolen eventually. Celente knows this.
So why did he trust them? I count Celente amongst my teachers. Why didn't teacher follow his own lessons? Tsk tsk. I'm sure he'll be fine, and I'm sure he has a fat pile of bullion, but he should have known better.
As another teacher, Jim Sinclair, says: Hold physical gold, in your personal possession. Be right and sit tight!
On the other hand, could be a ploy by Celente to disclaim any gold ownership when the .gov comes calling to collect up the gold.
"What gold!? I lost it all to that peckerhead Corzine!"
U can buy phyzz in Brazil at BOVESPA.
http://www.bmfbovespa.com.br/pt-br/mercados/mercadorias-e-futuros.aspx?idioma=pt-br
B"esides Gerald said he keeps his 'profits' meaning his profits from trading in that account."
I guess you missed the bit that said "and would continually roll profits back into more futures PAPER".
Chumbawamba - Thanks for the confirmation that I'm not the only one who has thought along those lines - I'm talking about the "could be a ploy" part. That could also serve as yet another indicator as to where we are on the time line.
Ennis
Gerald Celente has made it clear in the past that he has invested in Paper Gold because he has elected to save in a retirement plan for tax reasons. He should have just have paid his taxes and invested the difference in physical gold. This is not rocket science, it is very simple. Just buy physical and no one can steal your money.
When you put money in a bank, you are essentially "investing" in that bank. FDIC insures that deposit as long as they have enough funds. When FDIC is out of money, Congress must approve funding of the FDIC.
When the SHTF, and all the large banks fail, don't be surprised if Congress elects not to fund the FDIC.
The entire financial system is complete Bullshit, a Ponzi scheme.
Celente just went way down I my books.
Playing paper?.
How many times do we have to say it, if you do not POSSESS the real thing you own nothing.
Gerald,shame on you.
I don't fault Celente for having "paper" gold. If you're a trader, you need to be able to shift in and out of things quickly. How many of you have ever held a 1 kg. bar of gold? That's worth approx. 50,000 U.S. clownbucks -- a lot to an average person, but peanuts to a playa. They deal in hundreds of thousands or millions.
Have you ever taken so much as a sheath of 10 Maple Leafs into a coin dealer and tried to get cash money for them? I had to do that in the early 1990s when I hit some hard times and was paying my way through nursing school for a career change. It was a slow way to go, and I didn't get the best value for the weight. (I did OK though based on my purchase price, so spare me any condescension, and I've bounced back in terms of owning stuff that I can drop on my foot.) Now imagine how many kilogram bars you'd need to haul into a bank to get cash for some kind of financial strategy you want to execute.
So if you're Celente and you want to act on the investment advice your intelligence tells you about, you NEED paper gold. And in a financial world that's mostly criminals, you're always dealing with a potential con as a counterparty. Small fry like the people who comment on blogs can say with schadenfreude "Oh, he shoulda stuck to physical." But that's because we're little fish, grasping our tens or maybe hundreds of grubby coins. I don't know Celente other than seeing him on my computer, but I'd bet a Leaf that he's not going to go hungry because of this. He's a bigger boy than the rest of us, and Big Boy games play by different rules.
Words and symbols have meanings. If you deal with MFGlobal but do not understand what the "M" and "F" mean and their "origins", then you do not understand what you are dealing with.
Likewise with all other words and symbols.
Do you ever think that he's been promoting "buy gold" for YEARS.....while playing gold futures? But it bit him in the behind, didn't it? He's not a great trends forecaster if he missed this one. Also, he got one of his employees to take her money out of a 401K and put it into gold...I wonder if she got wiped out, too.
Gerald...we hardly knew ye.
I still think this is just a trial run for the big crash that's looming on the horizon. This shows how banks and trading houses could fall like a deck of cards taking everyone's paper investments along with them.
Maybe everyone missed his comment at 1:15 min. "What I do is buy a future, and I keep buying futures UNTIL I HAVE ENOUGH MONEY TO TAKE DELIVERY."
Too many small minds.
What, you think that is all or most of his wealth? Those of us who play the paper,pinch profits and stack phyz have it going on. That is why we can win lose tens of thousands of fiat. I have 5 different accounts as I was taught, separating trading accounts (2) from others, phyz buried in multiple locations. ALL my trading and PAPER is considered lost in my mind, I wouldn't gamble it if I couldn't afford to loose it. Most stackers will be hosed in the end also because most are myopic. If you can't see Celente's macro situation you can't see YOUR OWN.How many of you have passports? Food, H2o, a plan b,c,d,z,.What's your plan when pms are taxed, illegal etc.. The game is far from over and the rabbits laugh too soon. I prefer to learn from others and concentrate on my on faults rather than take glee in their calamities.Far too much mean spiritedness, perhaps that's why I live on an island in the middle of the Pacific.
Enjoy the collapse!
we had to kill 'em to save 'em sarge.
That is too bad for Gerald but maybe he should of seen it coming. He states "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." Well then he and others had an opportunity to move their money out of MFG. Read the fine print; CYA; caveat emptor all apply. Speaking of which my 401K from a former employer is being moved into JP Morgan. I'm going to roll it over to another account.
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