From the June 01, 2010 issue of Futures Magazine • Subscribe!

Editor's note: Frank McGhee cover story

Our May cover story featured a Q&A with longtime metals trader Frank McGhee. Following publication, a reader brought up a 1986 CFTC settlement that detailed how McGhee had been sanctioned both civilly and criminally as a result of events occurring in 1980, when McGhee was the president of Chicago Discount Commodity Brokers, Inc. He was in his early 20s at the time. While it may have been an oversight for us not to acknowledge the case, we do not believe that these events, which occurred almost 30 years ago, undermine our story or McGhee’s views on the metals markets. We found that Frank provided a unique insight into both the current fundamentals and the history of the gold market and have had much positive reaction to our story. In addition, we commend Frank on his success as a metals trader and analyst and on his ability to overcome his past and carve out a significant niche in the cash metals business, which he operates in full view of regulatory bodies. We believe every reader who saw the story is a better educated trader as a result, which is one of our goals.

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