Mr Celente did buy bank futures, but he also was taking delivery of them. It wasn't as if he was letting it ride. He knew the amount of Gold he was buying would take some time to get delivered, therefore while waiting for physical delivery he could make money on it. If it went down, he would buy more...etc. So it's not a shame it is a calculated risk yes but it was as smart one IMHO.
G, They stole a lot of gold from Libya so they can manipulate the metals markets for a few miles more down the road, that is why the prices reversed direction... that is why they whacked Qadaffi . . Not sure if Syria has a hoard but if they do I would place bets that they are the next target, then Iran.
bank....its not easy to take hundreds of thousands out of the bank and go out to buy gold bullion and coins, As he has been buying bullion for decades I am sure having that money for trading futures for future delivery was a calculated risk.
If you only have a few thousands dollars its a different story...just cash them and buy physical
@dervburner1 I was thinking the same. He's been speaking up and down about holding physical in favor of paper & derivatives, but he got burnt by MFG?? Makes one think...
I heard Gerald got burnt by MF Global .That came as a surprise as I thought he held Au physical but it seems he held some Au paper.Shame I like the guy.
Mr Celente did buy bank futures, but he also was taking delivery of them. It wasn't as if he was letting it ride. He knew the amount of Gold he was buying would take some time to get delivered, therefore while waiting for physical delivery he could make money on it. If it went down, he would buy more...etc. So it's not a shame it is a calculated risk yes but it was as smart one IMHO.
bvd2004 3 months ago
G, They stole a lot of gold from Libya so they can manipulate the metals markets for a few miles more down the road, that is why the prices reversed direction... that is why they whacked Qadaffi . . Not sure if Syria has a hoard but if they do I would place bets that they are the next target, then Iran.
automan1223 3 months ago
In defence of Celente, a bank is a bank is a
bank....its not easy to take hundreds of thousands out of the bank and go out to buy gold bullion and coins, As he has been buying bullion for decades I am sure having that money for trading futures for future delivery was a calculated risk.
If you only have a few thousands dollars its a different story...just cash them and buy physical
seamaverick1 3 months ago
@dervburner1 I was thinking the same. He's been speaking up and down about holding physical in favor of paper & derivatives, but he got burnt by MFG?? Makes one think...
alsh2010 3 months ago
I heard Gerald got burnt by MF Global .That came as a surprise as I thought he held Au physical but it seems he held some Au paper.Shame I like the guy.
dervburner1 3 months ago