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Message:: [QUOTE="GoldFinger1969, post: 2355291, member: 73489"]True....in THEORY, if you sell the same amount at rising and falling price levels, it shouldn't matter.  But of course, folks will buy when prices lag on the upside and cancel orders or not buy when prices fall and you are locked into inventory at above-market prices. For low-volumes, most commodity moves don't matter.  But for a larger buyer, it does.  And if there is a big move in gold or silver in 1 day or 1 week -- we've had a few every few years -- that could also impact someone like Tulving. Easiest way to hedge would be to just short or buy the gold or silver ETFs, IMO.  Low-commissions, done in a brokerag account, 100% hedge effective. Yeah, Ponzi Schemes are tough to figure out.  BARRON'S had a few articles and that guy from Boston had talked to the SEC. But even the SEC couldn't find anything wrong with Madoff.  Most people thought at worst he was using his past ties to NASDAQ to rig the trading tape or something. Biggest red flag was no succession plan if Madoff died and the lack of support staff (portfolio managers, analysts) to help him run that much money.  As I understand it, the amount of money he managed did not jibe with the size of the options market daily volume that was his supposed trading strategy.[/QUOTE]