Gerald Celente Lost Six Figures In MF Global Crash by Not Taking Gold Delivery
Former New Jersey Governor Jon Corzine's MF Global has gone bust and a good deal of money may be missing as well. Here at the Daily Bell we've often preached the merits of gold, including physical gold. Delivery is always good. Then you know where it is.
Ironically, one of the brightest of the Internet's alternative media analysts, Gerald Celente (founder and director at Trends Research Institute and publisher of The Trends Journal), has apparently lost a lot of money by buying futures rather than gold.
He was waiting to take delivery, he said, until he had enough money to buy. Meanwhile, his money was lodged in an MF Gold account, and now he can't find it, no matter how hard he presses.
Here, in this Russia Today clip, he tells in profane detail how he apparently became a casualty of MF Global's bankruptcy to the tune of six figures. And while MF Global went belly up due to bad bets on European sovereign debt, as the RT promo points out, the eurozone is next to go. Here's more from the promo:
Celente responds to Nouriel Roubini's forecasts of an exit from the eurozone. This after technocrats are installed in Rome and Athens to calm markets. Yet we see Italian and Spanish bond yields on the rise. Meanwhile, Spanish, French and Belgian CDS hit new records.
Celente is really furious, not that it takes a lot to set him off.
(Video from RTAmerica's YouTube user channel.)
Posted by MetaCynic on 11/17/11 11:17 AM
I recently read ( I don't recall where) that the Koch brothers also had trading accounts at MF Global but liquidated them just before the collapse. Insider knowledge of what was to happen?
Posted by thebell on 11/17/11 09:11 AM
MF GLOBAL CANADA CIE
1959, UPPER WATER ST., SUITE 800
123 FRONT STREET W., SUITE 1601
16 les Sorbiers Laval (Québec) H7R1E3 Canada
33, CLUB STREET, #07-21 EMERALD GARDENS 069415 SINGAPORE
Major Shareholder of MF GLOBAL CANADA CIE
4298632 CANADA LIMITED
4000-1 place Ville-Marie Montréal (Québec) H3B4M4 Canada
Major Shareholder of 4298632 Canada Inc
MAN FINANCIAL HOLDINGS LIMITED
SUGAR QUAY, LOWER THAMES STREET LONDON EC36DU ROYAUME-UNI
48 JEFERSON AVENUE SHORT HILLS NEW JERSEY 07078 ÉTATS UNIS
16 rue les Sorbiers Laval (Québec) H7R1E3 Canada
Posted by thebell on 11/17/11 08:46 AM
who are the shareholders of this group? ?
Click to view link
Posted by thebell on 11/17/11 08:45 AM
Name & Registered Office:
MAN GROUP SERVICES LIMITED
2 SWAN LANE
Company No. 00459151
Date of Incorporation: 25/09/1948
Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC):
7499 - Non-trading company
Accounting Reference Date: 31/12
Last Accounts Made Up To: 31/03/2011 (FULL)
Next Accounts Due: 30/09/2012
Last Return Made Up To: 31/05/2011
Next Return Due: 28/06/2012
Last Members List: 31/05/2011
Date of change Previous Name
01/11/2001 E D & F MAN SERVICES LIMITED
27/08/1991 E.D. & F. MAN (SERVICES) LIMITED
31/12/1976 BERKELEYS LIMITED
Posted by thebell on 11/17/11 08:44 AM
MF Global Announces Price Range for its Initial Public Offering
NEW YORK, June 21, 2007 - MF Global Ltd. (currently operating through Man Financial Ltd, Man Financial Inc. and other subsidiaries of Man Group plc) today filed with the U.S. Securities and Exchange Commission (SEC) an amendment to its registration statement on Form F-1 for the initial public offering of its common shares. The estimated price range for the initial public offering is $36 to $39.
Man Group plc (LSE:EMG) currently plans to offer 97.4 million common shares of MF Global, representing approximately 80% of the outstanding share capital. Man Group has also granted the underwriters an option to purchase up to 9.7 million additional common shares of MF Global in the offering.
On March 30, 2007 Man Group announced its intention to separate Man Financial, its brokerage business, through an initial public offering. Man Financial will be renamed MF Global upon completion of the separation and IPO. MF Global's common shares have been approved for listing on the New York Stock Exchange under the ticker symbol 'MF.'
Citi, JPMorgan, Lehman Brothers, Merrill Lynch & Co. and UBS Investment Bank are serving as joint book-running managers for the offering. The joint lead managers are Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co. and Morgan Stanley. Other co-managers include ABN AMRO Rothschild LLC, Banc Of America Securities LLC, BMO Capital Markets, HSBC, Keefe, Bruyette & Woods, Sandler O'Neill + Partners, L.P., and Wachovia Securities. Lazard is acting as a financial advisor to MF Global in the matter.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained by contacting any of the joint book-running managers whose contact information is listed below.*
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
About MF Global
MF Global, currently operating through Man Financial Ltd, Man Financial Inc. and other subsidiaries of Man Group plc, is the leading broker of exchange-listed futures and options in the world, providing execution and clearing services for exchange-traded and over-the-counter derivative products, as well as for non-derivative foreign exchange products and securities in the cash market.
MF Global has offices in Bermuda, New York, London, Chicago, Paris, Mumbai, Singapore, Sydney, Toronto, Tokyo, Hong Kong, Taipei, Dubai, and other locations.
About Man Group plc
Man Group plc is a leading global provider of alternative investment products and solutions as well as one of the world's largest futures brokers. The Group employs over 4,000 people in 16 countries, with key centres in London, Pfaeffikon (Switzerland), Chicago and New York. Man Group plc is listed on the London Stock Exchange (LSE:EMG) and is a constituent of the FTSE 100 Index. Further information on the Man Group can be found at Click to view link.
*Copies of the written preliminary prospectus related to the offering may be obtained by contacting any of the following joint book-running managers:
Citigroup Global Markets Inc.
Brooklyn Army Terminal
140 58th Street, 8th Floor
Brooklyn, N.Y. 11220
Phone: (718) 765-6732
J.P. Morgan Securities Inc.
4 Chase Metrotech Center, CS Level
Brooklyn, NY 11245
Attention: Chase Distribution & Support Service Northeast Statement Processing
Phone: (718) 242-8002
Lehman Brothers Inc.
c/o Broadridge Integrated Distribution Services
1155 Long Island Avenue
Edgewood, NY 11717
e-mail: qiana.smith@Click to view link
Fax: (631) 254-7268
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4 World Financial Center, 5th floor
New York, NY 10080
Phone: (212) 449-1000
UBS Investment Bank
Attention: Prospectus Department
299 Park Avenue
New York, New York 10171
Phone: (212) 821-3000
Posted by AnarchoLibertine on 11/17/11 01:42 AM
You don't "have it" until its in your hand.
Posted by Justin on 11/16/11 05:59 PM
What would be interesting is a detailed account from Celente of what is involved in having an account with a broker who 'invests' in gold futures. For example, exactly how does he go about getting enough money to take delivery?
There is a lot of misinformation on the net regarding futures contracts. You would be doing a service to your readers if you had Celente lay it out for them. Presumably he knows the details.
Posted by MetaCynic on 11/16/11 01:23 PM
Actually, Gerald Celente doesn't appear any more agitated in this interview than he normally does. Nor does he appear as distressed over this loss as most people losing 6 figures would be. So he must be doing pretty well. Perhaps he's also already made arrangements with a Gambino to stage a friendly demonstration for Jon Corzine of a few of the things possible with a baseball bat.
He did mention in the interview that he is accumulating physical gold, and that since 1978 he has been purchasing gold futures contracts for the purpose of taking delivery of the metal. He expected to once again take delivery this December upon the expiration of the December contract. Clearly he is not a neophyte in taking physical possession in this manner. What happened was that the money in his account simply vanished as did that of thousands of other clients. Clients' money must be placed in individual accounts, segregated from the broker's money. That it wasn't is an indication of fraud.
It's one thing to lose a bundle recklessly speculating in futures trading, which Celente was not doing. It's quite another to place one's trust in long established institutional safeguards and then be defrauded. This can happen to anyone who, for any reason, entrusts his money to others. Anyone who doesn't hide his money underneath his mattress can be a victim of fraud. And even then he can be defrauded unless that money is gold!
Posted by herrfaust on 11/16/11 11:55 AM
To be expected. Paper gold is paper gold.
And nothing new either. The Hunt brothers got screwed buying on leverage when the COMEX changed their rules during the last silver peak 30 years ago.
Funny to see Celente get so angry though :)
Reply from The Daily Bell
Yeah, just as entertainment ... He is not going to the poor house over his loss in our view, so that allows it to be a bit funnier. (Though we are sorry for his loss.)
Posted by onebornfree on 11/16/11 11:26 AM
Hate to say it, but Mr Celente should know better, a lot better.
Many lessons here, from the fallibility of "infallible" forecasters of future events [as Mr Celente supposedly is]; the necessity [which the Bell touches on] of knowing exactly where you money is and how safe it really is or is not, _at_ all_ times_; to the foolishness of using a method of leverage [futures contracts] for a pure speculation [ I say "speculation" because no one, not even Mr Celente really knows for certain what the future price of gold will be] - the inherent risks of which were not fully understood, even by this apparently otherwise sophisticated investor. Regards, onebornfree.
Posted by TerryWriterFromPortCredit on 11/16/11 10:28 AM
Here we go - the next phase in crashing banksters - a huge blunder. They just pissed-off the wrong financial/trends researcher.
Geralde has access to millions of people worldwide what with his connections and links and vlog - documented fraud and actual robbery against this guy - lookout money elite! Geralde's coming for you - and he has the most powerful backers in the world - Us! Why? We trust him. And we will go to the wall with him. All the rest of the 99 percenters needed in order for them to turn off the alarm clock and get out of the sleepy-slumber bed of the last so-many decades was proof - and it was just handed on a platter to us - breakfast in bed - Wow. Thank you 'Fellers and 'Schilds.
Add to this to the TSA (one of the many symptomatic manifestations of Central Banking's minion's policies [albeit a recent one] - pissing off the wrong ex-marine - Jesse Ventura. He has access to not only the same amount of people that Geralde has - but the same people - The Re-Awakeners. Can anyone spell exponential? We're cresting the hill. How about a re-write of The Myth of Sisyphus - instead of a rock it will be a snowball running downhill? - one than can potentially reach the diameter of about 7 billion people world wide.
"Oh, the times, they are a' chaye, aye, aye, 'gin... "
Things just kicked up a notch, Bob.
Best to all Global Villagers - A Mohandas Movement = A Gandhi Outcome!
Posted by Reader on 11/16/11 10:02 AM
This is f-----g Surreal.
(I'm sorry DB)