Gold trade
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Hmnn… a ponzi scheme usually comes only with a piece of paper, but for Genneva, we get to keep the physical gold as collateral. There is still a risk that the company defaults and you are left with the gold, which is 75% of the amount of investment. We need to go in with our eyes open and understand the risks involved. I have been with Genneva for more than 1 year. So far, the company has always delivered.
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River:
Hmnn... a ponzi scheme usually comes only with a piece of paper, but for Genneva, we get to keep the physical gold as collateral. There is still a risk that the company defaults and you are left with the gold, which is 75% of the amount of investment. We need to go in with our eyes open and understand the risks involved. I have been with Genneva for more than 1 year. So far, the company has always delivered.
Do you know how the company makes $$$... What's the business model to be able to pay good return to customers? What do they earn? -
It’s business is speculating and hedging gold.
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Best to do some research on ur own. Good luck!
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Old thread... but I really hope no one gets caught with their pants down...
http://news.asiaone.com/A1Business/General%2BNews/Story/A1Story20120925-373694.html -
As you may be aware, I have in another thread, dubious gold companies like
1. Gold Guarantee (Lee Song Teck)
2. Asia Pacific Bullion (Lee Song Teck)
3. Singapore Precious Metals Pte Ltd (Jerry Tan Kim Huat also notorious for all his timeshare scams since the 90s). -
Raids on gold trader in Singapore, Malaysia
Genneva had not met financial obligations to clients for months
Published on Oct 02, 2012
The Straits Time
By Magdalen Ng
The Commercial Affairs Department raided the offices of gold trading firm Genneva on Monday, while a similar operation was conducted by the Malaysian authorities across the border.
Officers were seen taking cardboard boxes and computer hardware from the firm's eighth-floor premises in Orchard Towers when The Straits Times visited on Monday afternoon. One of the firm's agents - they sell the gold to customers - said some employees, including the operations manager and the marketing director, have been asked to help with investigations.
Customers who called at the office on Monday said they had not been given any explanations but were told to get in touch with their consultants. There was also no mention as to when the office would be reopened.
The raid in Malaysia was carried out by the police and financial regulators. The police action is the latest problem for Genneva, which has been unable to meet financial obligations to customers and agents for some months.
One customer has sued Genneva for $190,000 and won a provisional judgment in her favour. The Straits Times understands that many other clients are thinking of taking similar action.
In a letter addressed to customers and consultants dated last Friday, Genneva said the directors had discovered \"financial improprieties that led to delay in the payment of discounts and commissions and fulfilment of buy-back guarantees\".
It added that the necessary police reports have been filed. It is unclear if the authorities acted on the firm's reports, or of their own accord.
The letter was signed by Mr Justin Lim, who said he had been appointed the new general manager and that fresh management had been appointed.
\"The directors are in the midst of negotiations with an external party who is prepared to assist the company and see it through the financial crisis,\" he stated. \"The objective is to ensure that all obligations to the company's customers and consultants are met.\"
songyuan@sph.com.sg
Source: The Straits Times -
this is just so expected… !!!
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my fren is stuck… but she has the physical gold with her… she said can break even once the gold price appreciated to 75% of the physical gold she has now… n the interest rate she earn for the past 2 years also something that cover the loss… but isnt that 50-60k money suppose to be hers but now no more… or maybe will recover once the whole thing settled ? not sure… but im so glad that i din get into it as i find the company background and way of getting the dividen is way too good to believe…
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