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California Precious Metal Dealer Gets Soaked Trading WTI Crude Oil As it Went Negative


Gold Chaser
Midas Supporter
Platinum Bling
Jan 24, 2011
Robert Mish, president of Mish International Monetary Incorporated, a Menlo Park, California precious metals / coin dealer is leading a class action lawsuit alleging market manipulation for his losses as he traded WTI crude on April 20, the day the May, 2020 futures contract settled at a negative $37.63. He had closed his 10 (long) contracts for a loss of $92,490.

But on the other side of the pond and on the other side of that trade, a small group of kids in London reportedly raked in somewhere around $500 million, buying the close and then selling the contracts the following day.
The Mysterious London Traders Accused of Manipulating Oil Markets — and the Anonymous Hedge Fund, Rare-Coin Expert, and Day Traders Who Are Fighting Back | Institutional Investor

Yeah, it sucks to lose. But it sounds an awful lot like sour grapes to me.

I did poke around at the coin dealer's website at Mish International Monetary Inc. and found this gem:
MIMI encourages precious metals investors to take delivery and control their own holdings. We are concerned that the risks of default or conversion as to 2nd & 3rd party "stored" metals, ETFs, Stocks, futures, and other paper promises exceed the risks of protecting your own in-hand reserves.

I had to LOL.


Gold Member
Gold Chaser
May 10, 2020
I know that. I was one of the lucky few who got paid out in 2011.