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Hi Hawkin. You probably know better than I do. But I have the impression that investors rarely own commodities. Instead they invest in futures contracts, ie contracts to buy specified commodities at a given price some time in the future.

Although commodities may not be covered, what about the futures contracts? If missing from the account are they covered?

I suppose gold and related precious metals might be an exception, but even then I would suspect the gold is in a vault somewhere and an MF Global account merely holds a receipt for gold in storage.
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