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

D-FENZ

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Platinum Bling
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#1
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.
 

Lancers32

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#4
I know that. I was one of the lucky few who got paid out in 2011.