Trend forecaster Gerald Celente, known for accurately predicting the global economic collapse years in advance, has long advocated gold ownership as a way to preserve and protect wealth during times of economic strife and political distress.
When MF Global collapsed a couple of weeks ago Celente was among the tens of thousands of clients that had funds from their personal accounts allocated, without their permission (and perhaps illegally), into MF Global trading schemes. We detailed the lawlessness and lack of ethics and morals in Bigger Than Solyndra: Over Half a Billion in Customer Funds Disappear Under Obama’s Top Wall Street Finance Man. The CEO of MF Global, Jon Corzine, a financier for the Democrat Party and a close political ally of President Obama, essentially wiped out the savings of thousands of people – and no one in Washington seems to care.
Those funds now seem to have been locked and it is unclear whether they will be liquidated as part of the company bankruptcy or returned to customers in full. Celente was using these funds to purchase contracts for December physical delivery of gold – essentially, he was in the process of putting in an order that was to be later redeemed for physical gold.
In the following RT interview with Celente, he discusses his experience with MF Global and how they went about robbing him and many others.
They took [my money] out of my account… it wasn’t being traded by anyone… this is like having money in a bank account.
They took my money out of my account – six figures – and they have it, they closed out two of my positions and I can’t get any answers and I can’t get my money.
My money is gone and about 150,000 other people… We can’t get any answers from them.
He’s (Corzine) raising what – he’s having dinners for Obama at $35,000 a pop. This guy is sitting at the casino making bets 36-to-1… and he’s cleaned out and ruined a lot of people.
So maybe the name M – F… I’m thinking the first word of MF is “Mother.” And we can put the other word in there and you can use your imagination, because that’s what they’re doing to everybody.
With respect to his gold strategy, Celente says that the gold contract purchases (essentially paper gold until it is redeemed) is only part of his overall strategy,
I do both. I buy for possession and I trade for possession.
…I also buy gold bulllion, I buy gold coins, but this is another way of investing. And always with the intention of taking possession.
All of us require unique investment vehicles depending on a number of factors like our income, goals, and world view. For some this may mean paper-based investments, whether it’s stocks, bonds, commodities or currencies. Every investment type carries its own risks, and as such, we recommend to all of our readers that you maintain a diversified investment strategy that covers a host of different assets.
Gerald Celente may have lost six figures in the MF global collapse, but we’re confident that he doesn’t just talk the talk, and that he’s taken his own advice about diversification.
In today’s day and age losses are to be expected. The goal is to avoid a total loss in any single event by diversifying as broadly as possible, regardless of whether we’re talking about precious metals, stocks, real estate, cash or disaster preparedness supplies.