Has Anybody Seen This?

Yes, I have heard this. It is an interesting tale for sure. I am not surprised that anything that Jon Corzine is involved in might not be on the up and up but I AM surprised that a man like Celente would be caught in the web of deceit that is the futures market. He says that he was just doing the futures thing until he could take delivery. My question would be, "Why was he not taking delivery from the get go rather than dabbling in the futures market at all?". Could it be that he was seduced by the dark side of greed? I don't know and pass no judgment on the matter. I DO have a lot of questions to ask, however.

Some of the metals futures markets are only financial instruments that are designed to mimic the prices of precious metals. They never claim that they are for anyone wishing to take delivery. Other metals futures offer the possibility of delivery for their LARGE clients... typically those who can pay for at least one 400 oz. London Good Delivery Bar (400 oz.) That is a lot of money and well beyond the range of all but the wealthiest of us. Still, they offer no delivery and the people investing in they do not expect any. Other futures investments do offer delivery under various conditions. I do not know the conditions for delivery for the account that Celente had but presume that he does and is telling the truth as he sees it.

From the minimal information available, it looks a lot like MFG did a very unethical and illegal thing by mixing company money and shareholder money into one big pot. They then made bad bets on European bonds that went sour and that lost a lot of money belonging to the MFG company AND to the shareholders alike. If this is the case, then the US Justice Department and the SEC and who knows who all else should be in their with Federal Marshals and arrest warrants for the MFG brass, their files, and their computers. So far, however, there seems to be no sign that this is imminent. If not, then this would be clear evidence of appalling political cronyism at the highest levels of the US government.

This underwhelming confidence in the integrity of the US Justice system and signs of it's involvement in financial corruption schemes as well as all we have seen about it working to manipulate prices of commodities is the beginning of a collapse of the system and the start of a true valuation of physical PM, IMO.

I camped out near Timmons Ontario a few years back. Beautiful untouched woodlands there. I would so move there well south west of there to goganda area. Not to mine for gold but to live and raise my family. If we hit gold just a bonus. LOL