Gerald Celente loses his paper gold

pmbug

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Seraphim

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I'll be honest - I would have thought Celente to be a physical holder.
 

DCFusor

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Gheesh, even though I AM a fan of paper for trading purposes, even *I* hold some phyzz as a core holding. Duh.

More details would be good - how did he actually wind up losing his paper? Margin problem? Because I've not yet heard of any contracts not delivering anywhere - if you still had them...
 

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I think it is likely that the Silver Doctors may have made a tenuous assumption there. I'm guessing Mr. Celente does own some physical too.

DCF - He lost his paper because his trading accounts with MF Global got FUBARed.
 

DCFusor

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Ah, that was my guess. So far...it seems no one has lost the gold attached to the paper, imaginary as that might be. If you've got the paper (again, so far) you've got the gold. There are reasons to think that might not be true forever, and I'm always on the lookout for that one, so I get out before it goes bad.
It does have the feeling of picking up pennies in front of a steamroller.

And of course, that's where phyzz comes in.
 

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I don't really care for Celente but he certainly does have physical and wasn't shy about showing it.
 

DSAbug

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oh snap.

At least it was only 6 figures.

I'm sure Celente has more than enough gold to make up for this loss.
 

danda

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Does anyone think that fallout from this MF Global thing will affect SLV or GLD? Why or why not?
 

white&yellow999

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I feel bad and I would be upset too but he should know there is always counterparty risk no matter how many years you have been doing it. At the point in time they took it, the gold was a mere digital number and they probably didn't have the physical gold yet to even deliver. At least he is getting the word out there to get the physical and not to trust these "mf'ers" (and i don't just mean MF global).
 

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DCFusor

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http://www.zerohedge.com/news/guest-post-run-global-banking-system-how-close-are-we

Points out the dangers of all paper when the authorities in a crony-capitalist society change the rules - JPM got money that should have been customer priority in any bankruptcy due to deliberate misreading of the law...so we know what happens when the next paper-house fails, precedent has been established that customer segregated funds needn't be anymore - this makes all paper, of any kind, no good in a crunch.

I doubt it reaches down to land/home deeds/titles anytime soon, but paper is just paper. It represents an agreement between humans. Should one decide not to keep his side of the bargain, all bets are off - this is why we had laws. But since we no longer seem to have much morality as a society, and bend the laws to suit the large over the small - the opposite of why they existed - paper is just trash.

It is just as illegal for the rich to sleep under bridges and steal bread as it is for the poor - but the rich don't care, because they don't want to do those things. And now, it's not actionable-illegal for the rich, while it remains so for the poor. Something to ponder. Corzine can steal a billion - OJ can murder his wife - examples abound...do you think you'd get away with any of that?
 

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I doubt it reaches down to land/home deeds/titles anytime soon, but paper is just paper. It represents an agreement between humans. Should one decide not to keep his side of the bargain, all bets are off - this is why we had laws. But since we no longer seem to have much morality as a society, and bend the laws to suit the large over the small - the opposite of why they existed - paper is just trash.
I think it's quite a risk to not own your property outright.. Who is to say the bank you are making payments to even have legal rights to the deed in question?

Especially when you start having banks take on accounts of bailed out companies that are in lawsuits. The chances of someone else having a claim to your property is pretty damn high.
 
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