Euro Gold Outperforming Bunds and Euro Assets / Celente’s MF Global Gold Account ‘Looted’

Tyler Durden's picture

From Gold Core

Euro Gold Outperforming Bunds and Euro Assets / Celente’s MF Global Gold Account ‘Looted’

Gold is trading at USD 1,775.20, EUR 1,318.30, GBP 1,125.30, CHF 1,630.20 , JPY 136,576 and CNY 11,263 per ounce. 

Gold’s London AM fix this morning was USD 1,773.00, GBP 1,124.43, and EUR 1,311.49 per ounce.

Yesterday's AM fix was USD 1,765.00, GBP 1,113.99, and EUR 1,302.39 per ounce.

Euro/Gold Outperforms Stoxx 600, German Bunds and Euro Assets  (Reuters Chart)

Gold is marginally lower today but is consolidating in all currencies after French, Belgian and Austrian bond yields gained sharply yesterday as contagion takes hold in the Eurozone. French financial markets experienced turmoil on Tuesday, reflecting fears that France is being sucked into the spiraling debt crisis.

UK unemployment soared to 2.62 million in Q3 and joblessness among young people climbed above 1 million for the first time since at least 1992. Sterling fell against all majors and gold due to the appalling jobs numbers and more indications that the BoE will embark on QE3 – further devaluing sterling.

Gold in British pounds has risen to £1,125/oz and is now only 5% below the record nominal high reached on the 5th of September of £1,179/oz.

COMEX gold options floor trader Jonathan Jossen told Reuters that there were lots of bullish plays on gold yesterday. Out-of-the money bull call spreads and outright out-of-money calls were seen with $1,800, 1,900, 2,000 and 2,100 being popular strike prices.

US regulator, Bart Chilton, the Democratic commissioner at the US Commodity Futures Trading Commission said he thinks “something nefarious” occurred at MF Global, deepening the criticism facing the fallen futures brokerage.

As customers worried about whether they will recoup the full value of their accounts, some filed court papers on Tuesday looking to form a committee to protect their interests.

Chilton told Reuters Insider that US regulators are closer to finding out what happened to roughly $600 million in missing customer money.

“The money is not where it should be. I think something nefarious has happened, potentially something illegal,” he said.

Reuters also reports how CFTC Commissioner Bart Chilton, who recently acknowledged silver market manipulation, said the regulator's budget should not be cut.

One of the more high profile victims of MF Global’s fraud is economist and trends forecaster Gerard Celente.

Celente became the latest victim of the MF Global bankruptcy when funds, in the six figures, in his gold futures account were taken (or ‘looted’ as Celente called it) by Chapter 11 trustees. Celente was hit with a margin call within days of the corporate shutdown despite his account being fully funded.

(YouTube) – Gerald Celente on His Gold Account Being ‘Looted’ by MF Global


Celente told Russia Today (RT), “I really got burned, I got a call last Monday, I have an account with Lind-Waldock, and I have been trading gold since 1978, and I have a very simple strategy. As you well know, I’ve been very bullish on gold for many years…  So I was building up my account to take delivery on a contract, and I got a call on Monday, and they said I needed to have a margin call.  And I said, what are you talking about, I’ve got a ton of money in my account.  They responded, oh no you don’t, that money’s with a trustee now.”

He said that MF Global “have cleaned out and ruined a lot of people. So maybe the name MF, I’m thinking the first word of MF is ‘mother’ and we could put the other word in there if you use your imagination . . .  because that is what they are doing to everybody.” 

Celente is astute and is on record regarding the importance of owning physical gold bullion. The incident shows the increasingly fundamental importance of owning physical bullion (see table above) – either by taking delivery or by owning in personal allocated accounts.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

Silver is trading at $34.47/oz, €25.55/oz and £21.83/oz

Platinum is trading at $1,629.20/oz, palladium at $655.50/oz and rhodium at $1,600/oz.

Gold tracks euro down on contagion fear

(Wall Street Journal)
Gold Ekes Out Increase As Dollar Pares Gain

(The Telegraph)
The Banknotes That Could Return If The Euro Collapses

Gold is the Only Winner from the Euro Crisis

(Financial Post)
Could Europe’s gold solve the debt crisis?

(DJ Financial News)
The Demise of Monetary Unions Past: Austro-Hungary

(Gold Standard Institute)
Gold Standard Institute's November Newsletter

Is Gold Headed For $3,000?

Gerald Celente on His Gold Account Being ‘Looted’ by MF Global

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AngryGerman's picture

you want your money back from MF? sorry, JPM already got it. go phone them...

duo's picture

or drop by your nearest Police Station/Chase branch...same thing, aren't they?

Big Slick's picture

Not sure where this quote came from, but its profound:

"In financial crises, events can move from impossible to inevitable without ever passing through improbable."

Imagine your worst nightmare and take a step further.  Then prepare.

In other news Kyle Bass gave an interview to BBC:


Big Slick's picture

Laugh of the day - Bass: "You know Europe is in trouble when they have a German pope and an Italian central banker."

                 (I love that guy!)

Hard1's picture

Definition of a MF'er:  Someone who has Big Bank and/or Big Government Big Positions in ther resume. If you have both, you are in!!!  Prime examples:  Corzine, Paulson, Turbo Timmay, Rubin, Orzag.  Prime examples that don't have both (yet) but clearly fall in the category: Pelosi, Blankfein, Bandit with a P

Vergeltung's picture

thanks for the link. Can't get enough KB.


Momauguin Joe's picture

Bullish for physical PM as the word get's out of Celente's "paper" loss.

Upswaller's picture

Um, what happened to all the "Take Phys" talk?  Was ole' Gerald not walking the talk?

msamour's picture

If you had bothered to watch the video, you would know that this is ONE type of investment for him. He also has possession of physical metals. If you only put a low percentage in a high risk type of investment, it enables you to buy more physical eventually. May, or may not be worth it though. In this case, knowing what we all know, it is not.

I hope the day where all the bankers are dragged in the street and shoot comes during my lifetime. I have no time for parasites!

BigJim's picture

Didn't you watch the video? He uses futures (paper) contracts to secure actual delivery of physical in the near future... exactly what futures were originally devised for.

NotApplicable's picture

Well, this answers my question about the effect the MFG collapse had on draining PMs from the Comex. They basically torched the place.

ToNYC's picture

How fitting then that JPM of the impossible silver short position gets first push at the curing cash from their $2 oops $10 a share for the Bear.....didn't want to be snapshot picking up 383 Madison for a the cost of recording the document.

defencev's picture

Precisely. At least if you idiot enough to hoard a Gold, take physical delivery.

And if not GLD ETF is, in fact, pretty safe despite all these talking heads tells you. I am pretty happy with my Maple Leaves in HK safe deposit box.

I am sick and tired of all these idiots complaning about bankers. O'K if you think that all of them are evil, pick up your lazy ass and take physical delivery of coins.

Socratic Dog's picture

So, your maples are being watched over by the HK bankers for you?  Yes, I can see why you feel so safe.  NOT...

bernorange's picture

Yeah, but how is anyone going to know?  There is no real metric one can easily watch to measure the physical PM market.  Takes a bit of work to track premiums, delivery delays, etc.

theMAXILOPEZpsycho's picture

...When Gerald Celente loses everything, and Gerald Celente`s got nothing left to lose, Gerald Celente loses it...

theMAXILOPEZpsycho's picture

...When Gerald Celente loses everything, and Gerald Celente`s got nothing left to lose, Gerald Celente loses it...

Robot Traders Mom's picture

Makes me think twice about Gerald Celente...How would you ever trust former squid/corrupt politician Jon Corzine with your gold???


I am just baffled.

Big Corked Boots's picture

Apparently Celente never lived in New Jersey, and didn't do his diligence.

But really, who would have thought that a supposed reputable firm would do this? If there was an eydropper's worth of integrity on Wall Street the other players would have called him out and would be helping with the investigations. Apparently there isn't, because they aren't.

Now I'm worried about Vanguard.

GoldBricker's picture

According to the article snippet above, he had his account with a broker, whose custodian was MF. If you read the terms & conditions on your brokerage account, you hold them harmless if there's a failure upstream (counterparty, custodian, exchange).

slewie the pi-rat's picture

this is the first time i've read goldCore's daily drivel in a while

poor celente!

don't be baffled, RTs_MoM!  consider the number of celente troll-bots which have been launched and operating on zH, and rejoice that maybe he won't be able to pay them, and maybe they'll leave!

i have called celente out on these boards before, and i'll do it again, today

either celente is ignorant of zH (in whci case he is truly ignorant)

or he allows/condones these asswipes to defile these sacred boards with countless thousands of name-mentions and "links" to his "boards" (even worse than ori), in which case he is a fuking cunt

therefore i have been warring against his weird psuedo-presence here on zH and calling what i see.  not wishing to be too judgmental, i combine the 'either' and the 'or' and get this:

E + O = celente is an ignorant fuking cunt

today, we see he has swooned to sub-moron stautus w/ his hot-shit "investing" in paper gold on the crimex via a fuking PD such as corzine's baby

also, he has more than a few "fans" here @ zH (baby_B comes to mind, offhand), none of whom have ever (to my limited piratical knowledge,ok?) stood up to his use of zH as his own personal toilet

youse BiCheZ will recall that slewie has!

that said, maybe his black little heart is in the right place on things beside zH and gold, so i hope he has a wunnerful, wunnerful day

Panafrican Funktron Robot's picture

It's kind of weird that people of incredibly average or below average intelligence inherently understand the value of physical possession of gold, but for some reason this is lost on the supposedly "educated" class.  

Captnkirk's picture

I don't post much on the web but this hits me as some thing to address just called my congressman and asked his office why Corzine is not in jail? These types of crimes could destory futures markets if not controlled. The OWS group maybe a bunch of wackos but here is their sliver of truth.

silver500's picture

Bank of England playing the same game.

pmcgoohan's picture

Thanks for the link.

Just signed it.

silver500's picture

Thanks, if you are willing to help please email

disabledvet's picture

As i've said "you must channel your inner Frenchman" in here. They literally bury their gold in their back yard. And people laugh about that!

Clam McCain's picture

bullish bitchez!!

dwdollar's picture

My, my... who could have known how a simple looting would affect even the biggest voices against The Great Ponzi that is our monetary system. Maybe Gerard Celente should take more of his own advice.

tarsubil's picture

He was preparing to take delivery. If I had that kind of money, I would have done the same thing as you get the gold so cheap. He was robbed and has every right to be angry.

dwdollar's picture

There's a reason why you pay a premium for gold and silver you can hold in your hand immediately before buying. It's real.

theMAXILOPEZpsycho's picture

true but if you get your timing right you can make a killing in futures, while your physical will only appreciate at 25 percent or so a year (nothing wrong with that)

like the above poster says, if I had his kind of money Id do it, as it is I have 800 oz of silver and 7 oz gold...Im young and poor, though richer than my peers

GoldBricker's picture

How much can you save that way? A 100-oz Comex bar is about equal to 3 kilo bars, which you can buy cash-and-carry all day long for 0.6% over spot (e.g.,

) scroll down a bit to see the kilo buy/sell. So you're gonna take that kind of risk, this late in the game, for a fraction of a percent? I subscribed to Celente for a couple of years, during which he banged on about the coming collapse, how GLD and SLV were un-backed, among much else. And now he puts major cash into some of the weakest links in the system? Something here is being left un-said.

i-dog's picture


  "Something here is being left un-said."

You are indeed correct. The "alternative media" is not all that it seems!

Many of them think they are "protected" for doing their assigned jobs and playing along, but they are disposable small fry to TPTB and will get burned along with the rest of us.

Pegasus Muse's picture

I presume the bulk of his wealth is in physical gold and silver and that he was speculating with funds in his Lind Waldock account, building up his cash balance in order to take delivery of another bar of gold.  He was playing the same game the Spec Longs have been playing for years now -- hoping to get his contract bought out at a premium by JPM then rolling it over into the next contract.  Unfortunately, MF Global is a criminal enterprise and the CME/COMEX/NYMEX is run by a cabal of thieving banksters.  He got taken.  He rolled the dice one time too many it would appear.  His stragegy for building ounces of physical is not at odds with what he's been advising.  Many commodity traders were doing the same thing. 

dwdollar's picture

Right... As if MF Global and CME/COMEX/NYMEX are the only corrupt financial institutions. THE WHOLE FINANCIAL SYSTEM is rigged from A to Z. What does it take to get that through peoples' monkey skulls? It happens over and over AND people come back again and again begging to be slaughtered.

GoldBricker's picture

True. His newsletters allow for speculation with money you can afford to lose, once you have your defensive plan in place. His going public, while embarassing, may be his way of alerting other speculators who can't afford the loss. So he's walking the walk.

jcaz's picture

Shoot Corzine on sight......

caconhma's picture

The USA is a banana republic where fraud, thievery and corruption are the Law of the Land.

I am just curious what does it mean "an economic recovery" our politicians and MSM are talking about? More lies and more fraud?

Mae Kadoodie's picture

Sellente fiat, buy physical.

Dr. Engali's picture

Outright theft and the market barely blinks. I have never seen anything as screwed up as this. I wonder how many firms are having a run silent bank run and we just don't know it.

dwdollar's picture

It's only a surprise if you ignore everything that's been going on AND continue to engage this ponzi on their terms. Apparently a lot of people are all talk.

Hmm...'s picture

it is astonishing, isn't it.

Nothing, and I mean nothing, is illegal when it comes to the Masters of High Finance.

It does have a surreal feeling to it.

Perhaps this is the end game?  Law is disintegrating and thus they loot all they can while society still functions?

CH1's picture

Outright theft and the market barely blinks.

Plain denial, albeit massively widespread.

If they admit that something's wrong, they have to face reality, unprotected by their comforting illusions. That's too much for them, especially not if they can flip on the TV, get hope, and avoid the thought.

Smiddywesson's picture

Absolutely DrE, we don't know what's really going on.  It's all propaganda and stall.  The patient is dead, but everyone is focused on its pulse, as Bernanke continues to do CPR to give the illusion of life. 

You will not see the end coming because you have not even been allowed to see the progression of the decline, and the progression towards the end is accelerating.  It will take everyone, including us, by surprise.

Canaries in the coal mine:

  • Rating agencies punished for downgrading AAA ratings.
  • China shifts to panicked gold purchases in July-Sept.
  • EU and US reaching 75% gold to foreign currencies on the asset side of their balance sheets
  • Open bickering about using central bank gold reserves to back bail outs
  • Countries like Venezuela demanding their gold
  • Bank runs in the EU
  • Open protests regarding economic conditions all over the world
  • soverign bankruptcy and debasement of currencies
  • Intervention in lifeboat currencies like the Swiss and Japanese actions
  • Zero interest rates forever
  • Political leaders, finance ministers, and central bankers retire to spend more time with their families.
  • Markets responding to rumors of rumors spread by political leaders who have run out of options.
  • $1534 shuts down gold vendor sites and nearly decouples physical
  • China hits a brick wall
  • Defaults are not defaults, just a voluntary 50% haircut
  • Looting of individual accounts by a big market player gone bankrupt is hushed up 
  • War drums 
cossack55's picture

How in the world could he miss this TREND?  You have money with a business run by Corzine?

pepperspray's picture

You have to wait till 2:15 to see her legs