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<p>[QUOTE=&quot;InfleXion, post: 1304237, member: 29012&quot;]Gerald Celente had paper gold, and he like thousands of other traders now has his funds locked up because they don&#039;t actually exist. Sure he had enough paper to request physical delivery on his contract, but he was playing the paper game nonetheless. Even though he had 6 digit funds, he was still told he needed to put up more money to cover his margin calls because that money just wasn&#039;t there. </p><p><br /></p><p>$600 million went missing, some would speculate due to the Greek bond haircuts, but regardless these people are not going to get their money back any time soon, if at all. The SIPC does not cover losses in this case because of a technical loophole differentiating stocks (covered) from futures contracts (not covered). What we do know is that customer funds were usurped (which is illegal) to make bets on Eurozone bonds, and that bet failed. Best case scenario would be after all the litigation pans out, but even then the money is gone and nobody knows where it went except for Mr. Corzine so even if they do get paid back it will be at the expense of the tax payer. It should come as no surprise that JPM and Goldman were able to get their money out.&nbsp; </p><p><br /></p><p>I don&#039;t think people quite realize the gravity of this situation. MF Global was a Federal Reserve authorized primary dealer for big time traders on the NYMEX which sets futures pricing for the regular traders, so they can have some sense of stability in their price forecasting. Farmers and miners use this price forecasting in their models as well as these futures as a hedge against risk. Unlike the dissatisfied speculators who can go elsewhere, the people who depend on this market functionality have no alternative. These are not your average day traders that got screwed over. </p><p><br /></p><p>Not only that, but MF Global was audited a week prior to their bankruptcy, and nothing was found. This highlights the inept regulation abilities of the CME Group of their customers, of which MF Global was one, as well as the lack of enforcement of the CFTC which was trusting of a private company (CME) to do what they should have been doing. The Fed says it&#039;s not their responsibility either even though they put MFG into a position for this to happen. There&#039;s no reason to think this can&#039;t happen again. Existing regulations are more than sufficient to prevent this sort of thing, but they are not being enforced, and nobody is taking any responsibility. This is yet another reason why physical gold and silver are the only safe recourse. Even though this was the paper market, the fact that delivery of physical metal could have been demanded is noteworthy IMO. </p><p><br /></p><p>The good news is that Bart Chilton is still a lone voice of reason in all this: </p><p><a href="http://sgtreport.com/2011/11/cftc-commissioner-bart-chilton-suspects-nefarious-mf-global-activity/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://sgtreport.com/2011/11/cftc-commissioner-bart-chilton-suspects-nefarious-mf-global-activity/" rel="nofollow">http://sgtreport.com/2011/11/cftc-commissioner-bart-chilton-suspects-nefarious-mf-global-activity/</a> </p><p><br /></p><p>&nbsp;Other info at:</p><p><a href="http://www.youtube.com/watch?v=WJ65-9X4SdQ" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.youtube.com/watch?v=WJ65-9X4SdQ" rel="nofollow">http://www.youtube.com/watch?v=WJ65-9X4SdQ</a></p><p>MF Global, Fraud, Debased Currencies &amp; Precious Metals : Jeff Nielson Update (SgtBull07 channel) </p><p><br /></p><p><a href="http://www.youtube.com/watch?v=Pj1NwVE2h4U" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.youtube.com/watch?v=Pj1NwVE2h4U" rel="nofollow">http://www.youtube.com/watch?v=Pj1NwVE2h4U</a></p><p>In depth analysis by BrotherJohnF (very long video with a massive amount of details)[/QUOTE]</p><p><br /></p>

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