Celente going crazy about his lost "investment".
 

Like I told you guys, Celente will be raising hell about this till the day that he dies.

http://www.pakalertpress.com/2011/11...Alert+Press%29

Yes ,no one will be able to forget this....

If you were swindled out of six figures, your life savings, you'd be raising hell too.

Where's Jon Corzine?

According to GoldSeek Radio this week Chris said that Celente told him this money lost is a small portion of his PM holdings. Not that this takes away the loss of 6 figure money but at least he isn't out of his entire life savings.

Not to disagree with your point, just thought I'd clarify. Hell I railed against jewgle for months whenever they closed my adsense account when it had 50 bucks in it (needed 100 to get a payout).

Back in 1988 I lost part of my savings ($40.000) in a housing develpment "investmet", the guy went bye bye with around 88 million dollars........did I cry about it? NO, I simple went looking for the guy but he was goneeeeeee for good, I believe that he went overseas.........so, I simply went back to working with no worries about it.......I learned my lesson.

Celente should have known better

Plus he lead alot of people to believe that he was 100% physical.

I dont fault anybody for making money but he is text book example of why I dont play paper markets and I got a piece of timely advice for the old chap.

If you keep your money on the casino table ............ The house eventually gets it.

No charge for good friend

What about when you lost that farm?

IIRC, Celente referred to the account at MF Global as his "life savings." Let's hope that's not true, for his sake.

Well at least he practices what he preaches. 'When people have nothing to loose, they loose it'

That was not an "investmet" because I had the paper work that made me believe that it was mine......only problem was that I am not an attorney so that I didn't know that I was missing part of the ownership papers.......same way that I believe that this property is mine.

By the way Titan, I also believe that he was 100% in physical.

First post of the day.........good morning to one and all.

http://i721.photobucket.com/albums/w...E/gerald-1.jpg

It doesn't matter that he was trying to take delivery of a contract.

He handed his FRNs to the White Shoe Boys to play paper games.

He of all people should know better.

They have destroyed the PM commodities market.

Celante needs to place a call to Tulving, IMO.

No more paper games, folks.

We need to take ALL the physical off the market.

there must be something i don't understand here.

i don't know exactly how much Celente lost. i know it's in 6 figures. let's say $200K. but it was money he put into the account over time. so let's say, for example, the he made deposits into the trading account over the past few months, in anticipation of a purchase.

why wouldn't he just put the money into a bank account, checking or savings, and then just buy a Monster box here and a roll of Gold Eagles there ?

before it became obvious that MF Global could not be trusted, what was the perceived advantage of putting the money with them, instead of just piling it up with a bank, in anticipation of a large purchase from Tulving or whoever ?

did MF Global pay interest on the account ? if he thought he could get 3% or 5% on his money, while waiting for silver to drop to $26 an ounce - maybe that's what happened ?

Buying gold through the futures market incurs much less in taxes. 50% is treated as long term capital gains and 50% is short term gains. Even short term gains are preferable to bullion which is taxed at 28%.

However if he took delivery he would have to pay the higher rate on any gain after delivery.

When Celente says he's building the account, he probably started with 10% and had a few contracts finish in the money, so he rolled them over for a nice profit and left it in the account. He may have taken more contracts as he built the account, to increase his leverage. To take delivery you have to have 100% of the cash. If he was taking delivery in December on a 100-oz contract, he would need $170,000.