RSS FeedRSS

One of the great things about purchasing gold coins is the freedom it gives you from banks and bankers.

November 16, 2011 – One of the great things about purchasing gold coins is the freedom it gives you from banks and bankers. Jon Corzine’s MF Globals has been implicated in a $63 billion bet against European sovereign debt in which it used customer funds. Unfortunately for customers of the bank, this was entirely legal per CFTC rulings. That same ruling made it entirely clear that any interest or gain in profits made in such bets is to be kept by the bank itself. So if the bank wins, it keeps the money.

But when the bank failed, the losses were passed on to the customers. Famously, Gerald Celente, a longtime advocate of buying not only gold but physical gold, had his account confiscated in the proceedings. Celente is the Director of the Trends Research Institute and the Publisher of its journal and has been warning about bank failures for years. Celente had been planning on taking delivery in less than a month on a December contract after managing an account of gold futures.

Last Monday, Celente got a call from the big bank explaining he had no access to his account and his money was with a “trustee.” His account was worth six figures.

Generally, people reading this story are shocked that Celente would be caught up in it as the forecaster of trends who has been warning against such bank failures for years. Sadly, however, this story is all too common and too easy to happen in current day. Good customers, solid wealth managers, and responsible people everywhere are having their funds taken from under them as the too big to fail banks are forced to make bets that fail.

Perhaps it makes more sense to consider that Celente, had he taken delivery of his physical gold last month, would now be in possession and ownership of it. The physical ownership of gold cannot be overstated. Once you hold it, you own it. And, as Celente’s experience indicates, a bank cannot hold it for you.

If it could happen to Gerald Celente it could happen to any of us. Taking money away from bankers who would use it to finance bad bets, purchasing gold coins, and taking possession of the physical gold you purchase is truly taking power.

Kevin Johnson

Senior Staff Writer – GoldCoin.net

Get Your Complementary Award Winning Guides Below

 Publish Real Money Magazine

 Publish Gold Investment Magazine

 Publish IRA 401K Kit Magazine

 Real Money Magazine

captcha