Global Economics
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Gerald Celente loses money on gold futures in MG Global collapse
Posted on 17 November 2011 with 4 comments from readers
Trends pundit Gerald Celente would seem an unlikely victim of the MF Global collapse but here he explains his recent loss on gold futures. If only he had stuck to physical gold as he so often advises others.
Its a sign of the times that even the brightest contrarians are getting burned as the markets turn and churn. But the warning on third party risk is clear enough. Be very careful about who actually has your money under their control…
Posted on 17 November 2011
Categories: Global Economics, Hedge Funds, Investment Gurus, Video Channel
4 Comments posted by readers:
Well, I don’t know whether to feel sympathy for this guy or not!
He admits that taking out a contract on futures is “like gambling”. It’s like gambling because he willingly exposed himself to counterparty risk, which he knows is absent with the ownership of physical metal.
He’s enjoyed himself over many years now at this gambling, to use his own word, on futures, and for once he’s caught out. Well, I think he complains far too much and I expect his credibility as a talker to exceed his credibility as a financial guru from now on.
I watched his interview with Alistair Macleod on GoldMoney, and his verbal diarrhoea completely took over from the highly intelligent but shy interviewer. The video became totally boring with prolonged anecdotes in Gerald’s life.
We can all sympathise that his gambling has been unsuccessful this time, but his verbal abuse at those who “took his money from him” is unforgiveable. He rolled the dice and he lost. So, try to be a good loser, Gerald!
I see no difference than going to Vegas, and dropping your load on throws of the dice
only doing it non stop (or untill the bag is empty)…the future determines that, plus incidentally, in Vegas , at least you get a show or two and it with a a little taste ‘on the rocks’ occasionally it helps sooth the strain of losing on occasion….besides ..every tick of the clock is a yesterday…
Perhaps no one has actually watched the video? There was no gambling. Celente had money in a brokerage account (not MF Global). This money was stolen. It had nothing to do with his futures contract.
Exactly. It was a simple breach of fiduciary duty. And no one went to jail.
Check out the first commenter, who thinks that Celente “deserves” to lose his money because he gave a bad interview! Straight from the pages of an Ayn Rand novel!