This is thread for commodity (I have not read anything so far on this thread) but I wish to share a little experience here.
On May 2009 because of some repeated request I opted for opening a commodity account with a broker with its branches here and there in India and the firm is headed by a lady with lots of balck hair on her head (as found her on TV18 at times)! In anyway the account was opened in May 2009 with an investment amount of 75000. Full freedom was given to them and because of any lack of knowledge in commodity I gave them freedom to utilize the money but preferably I requested to play only in GOLD. I do not know why but I am very bullish on that yellow metal (may be because I do not have much of that metal). They promised me that they will give very high return because they get SOLID CALL from Delhi. Initially for 15 days they were in touch with me and informed that they are playing on gold as per my suggestion but profit is not high so they requested me to give them freedom and to trade as per their choice. It was very easy for them to get my consent because I thought that they will be sincere enough to protect my loss. In the month of June I called them and asked about the status. They informed that they are playing on CRUDE and they are short on it. I was worried a little but they assured me that there is a near 80% success in their DELHI CALL so I need not have to worry. They did not ring me almost a month thereafter and I expected things were going great (probably). On July beginning they contacted me again and requested some time to meet me. I asked the reason and they told nothing serious everything is fine but they want to meet me if I have some time for them. Anyway I was little busy with my CA and delayed our meeting by a week. But after two days the main contact person requested again for a meeting. I was curious then and asked the matter. He informed me that there is market loss of INR35000 from my INR75000 invested amount. So they want my suggestion. I told them to close the account immediately and to release the cheque whatever amount is still there. One assistant visited my home and took the signature of my wife on an application for closing the account and thereafter I found a deposit of INR40364 in the bank account of my wife from that commodity broking firm!