Trends Research Institute founder and director, Gerald Celente, told Russia Today (RT) in a Nov. 14 interview that the fall of MF Global took his futures account down with it. Celente cannot access his account nor get answers to his inquiries from representatives of Lind-Waldock, the firm with whom he opened an account.
“They took my money; they took out of my account . . . it wasn’t being traded by anyone . . . this is like having money in a bank account,” Celente forcefully said. “They took my money out of my account, six figures, and they have it. They closed out two of my positions, and I cannot get any answers, and I can’t get my money.”
So far, Celente is the highest profile victim of politico operative John Corzine’s MF Global. The firm filed for bankruptcy protection in October following credit downgrades of its debt and a collapse in its stock price weeks prior to the filing event.
Within days of the news of MF Global’s demise, it was learned that in addition to the bankruptcy, more than $600 million in 33,000 client accounts were unaccounted for, including Celente’s money, in an apparent case of MF Global’s ‘commingling’ of clients accounts with its corporate accounts.
Ironically, Celente, who advocates holding physical gold as protection from a collapsing financial system, uses a futures to buy paper gold, temporarily, with the intention of taking delivery of physical gold at the COMEX in the future, which in his case is the most active delivery month of December. Physical gold is the safest form (only form) of true ownership, according to Celente. He stands as the most recent high-profile proof of the risks involved with entrusting savings and investment capital in today’s financial system.