This is sort of a companion piece to the Armstrong article that talks about something goldbugs will find very familiar.

http://tinyurl.com/7vntjbo

A while back I said that MF Global was THE story. I'm more convinced of that than ever, but in all the noise being generated it's important to note the CME's role (or lack thereof) in all of this. I'm with Bernhardt on this one (bless her soul). People have lost money here not because it was stolen (that's a separate issue) but because the CME failed to live up to it's mandate.

ebear