Euro Gold Outperforming Bunds and Euro Assets / Celente’s MF Global Gold Account ‘Looted’

Wednesday, November 16, 2011
By Paul Martin

by Tyler Durden
ZeroHedge.com
11/16/2011

Gold is marginally lower today but is consolidating in all currencies after French, Belgian and Austrian bond yields gained sharply yesterday as contagion takes hold in the Eurozone. French financial markets experienced turmoil on Tuesday, reflecting fears that France is being sucked into the spiraling debt crisis.

UK unemployment soared to 2.62 million in Q3 and joblessness among young people climbed above 1 million for the first time since at least 1992. Sterling fell against all majors and gold due to the appalling jobs numbers and more indications that the BoE will embark on QE3 – further devaluing sterling.

Gold in British pounds has risen to £1,125/oz and is now only 5% below the record nominal high reached on the 5th of September of £1,179/oz.

COMEX gold options floor trader Jonathan Jossen told Reuters that there were lots of bullish plays on gold yesterday. Out-of-the money bull call spreads and outright out-of-money calls were seen with $1,800, 1,900, 2,000 and 2,100 being popular strike prices.

US regulator, Bart Chilton, the Democratic commissioner at the US Commodity Futures Trading Commission said he thinks “something nefarious” occurred at MF Global, deepening the criticism facing the fallen futures brokerage.

As customers worried about whether they will recoup the full value of their accounts, some filed court papers on Tuesday looking to form a committee to protect their interests.

Chilton told Reuters Insider that US regulators are closer to finding out what happened to roughly $600 million in missing customer money.

“The money is not where it should be. I think something nefarious has happened, potentially something illegal,” he said.

The Rest…HERE

Leave a Reply

Support Revolution Radio