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<p>[QUOTE=&quot;medoraman, post: 1305917, member: 26302&quot;]My takeaway is &quot;he was building up&quot; cash in the account to be able to take possession in Dec. In other words he bought on margin, and due to the bankruptcy and missing funds his positions were closed out. It stinks, I understand, but he never owned that gold, he contracted to buy it but was leveraged and was borrowing MF&#039;s money. Therefor, when MF went bankrupt his account got caught up in the bankruptcy. This is the type of information I was telling Lucy would be reported later. </p><p><br /></p><p>While I do not wish ill to the man, its not like he bought gold and somehow it was taken from him. He contracted for more gold than he could pay for, and unfortunately the firm he did this through ended up bankrupt. If he had simply bought gold he could afford he could have taken delivery and would have that gold today. Instead, (again not faulting the man), he borrowed money to buy more than he could afford and before he could raise additional money got caught up in MF&#039;s bankruptcy.</p><p><br /></p><p>It happened to me once with real estate, firm went bankrupt in the middle of a transaction. Bad luck, but not what I would characterize as &quot;a gold account being looted&quot; as the frequently sensationalistic Drudge Report said.</p><p><br /></p><p>Chris</p><p><br /></p><p>Edit: Btw thank you benveniste for the link.[/QUOTE]</p><p><br /></p>

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