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Thread: Genneva Gold

  1. #91
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    Yesterday I had lunch with a good friend. He joked that even the gold bars are real, there are probably on average 10 pieces of gold bar for 50 investors, like a musical chair game. That's why the contract is every quarter and it takes them so long to verify and return the gold bar and they tried to encourage holding of paper gold.
    U won't miss what U don't know and U won't know what U are missing!

  2. #92
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    I think that some of us are picking up bits and pieces and it really depends on who you speak to. If you speak to a goldco agent they will tell you that the goldco has been diligently paying their hibah and if the investors want, they can take their gold to keep under their pillows. Which is all true. They will also tell you that by holding on to physical gold they have no fear, they can still sell their physical gold even if the goldco collapse or directors run away. This is also true. What some of us here are trying to say is that whilst all that is true (if it was not they would have been stopped intheir tracks long long ago), the way the operations is being run is such that human nature has been exploited by these people to give them a false sense of security.

    As i explained in an earlier post, the way they have strutctured their business right from the start has given the investors confidence in accepting their gold certificates instead of physical gold because they 'care for the investors by not exposing them to robbery/theft if they were to hold on to physical gold and also to make it convenient for them so that the gold certificates can be renewed without them having to go back to the goldco for verification which would take a few days and even the hibah cheques are delivered to their home by their CONsultants as long as they do not take physical delivery of the physical gold. This convenience overwhelms the investor and so they accept the certificates willingly. They do not refuse to give you physical gold and that is something that they will make sure that they abide to. In the case of singaporfe it is a different case whereby there were investors who did not get their physical gold after they paid up, reasons offered was that there was too great a demand for physical gold and there was not enough in the market so they had to queue to buy and as such were not able to deliver to the investors after the couple of days that was initially promised.

    As for whether the physical gold can be sold it is not in doubt if it is real gold and so far it has not been reported here anyway that any of the gold is fake. The questionis if there are people who would buy if from them at spot price , to which the answer is no because if they are jewellers they would offermaybe 15-20 percent below spot and from sm's experience maybe even higher rate below spot because only they can take up the volume and put it to use. gold by itself is useless.

  3. #93
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    Quote Originally Posted by cml View Post
    As for whether the physical gold can be sold it is not in doubt if it is real gold and so far it has not been reported here anyway that any of the gold is fake. The questionis if there are people who would buy if from them at spot price , to which the answer is no because if they are jewellers they would offermaybe 15-20 percent below spot and from sm's experience maybe even higher rate below spot because only they can take up the volume and put it to use. gold by itself is useless.
    That's what I thought. Many people including myself don't seem to realize that you can't just go to the pasar and sell off a bar of 999.9 gold, at 'market prices'...

  4. #94
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    They are using the handicapped, the sick and the needy as the excuse for them to pressure the authorities to perpetrate their scheme. They say the handicapped, the sick and needy need the hibah to pay for their expenses. To me if they have so much money to invest then they can afford to pay for whatever they need.

  5. #95
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    Actually, anyone here bought and sold gold products before ie Canadian Gold Maple Leaf etc?

  6. #96
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    Why not call and ask how much they are willing to pay for 100g gold?

  7. #97
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  8. #98
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    there is a wide chasm between a con man and a con artist... BUT it makes no diff to a typical bolehlander lah

    What did Mighty Nibokanizer said again in chapter VII verse 69?


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  9. #99
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    D day is next monday or so they think. BNM 'must' reinstate their status quo (1malaysia owes them it seems) . If not there will be a lot of people who cannot pay for their medical fees/cannot afford to go for dialysis, cannot send their children to oxford, cannot have lobster meals every other day, cannot afford to pay the instalments on their 3 million ringgit bungalows or 1 million ringgit panameras. The effect has already been felt. People have to resort to stealing panameras instead of paying for them with their hibah.

  10. #100
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    If their goldco is not reinstated on monday, all the 60 k investors together with their 4 dependents (according to their senior consultant) totalling 300k people will march to putrajaya to hand over a golden memorandum of protest to our pee em. They will all be wearing golden t shirts and golden caps (maybe hot on monday). maybe our boys in blue should come out with tear gas and water canons ready just incase the thing go ugly and they are hit with gold bricks thrown at them by the angry investors.

  11. #101
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    The SUN: Raid aftermath: People have a right to know

    "IF of late gold traders have come under Bank Negara Malaysia's (BNM) spotlight, 11 years ago it was a company called Ivory Multi Million Sdn Bhd."

    "After a crackdown on its operations by BNM in 2001, a manhunt was launched for six of the Ivory Multi Million's directors and when produced in court were fined RM100,000 and sentenced to a two-year jail term each last year."

    "However, nary a mention of what happened to the RM180 million that came from some 9,000 investors."

    "SunBiz's queries to BNM on the status of the monies from the Ivory Multi Million case also went unanswered.

    Isn't such an omission a grave injustice to investors? And isn't that the crux of the uproar raised by investors of Genneva Malaysia Sdn Bhd as well as the three gold trading firms that were recently raided by the authorities including BNM?"

    Read the rest here > http://www.thesundaily.my/news/513564

  12. #102
    eddychan is offline Banana - 04Nov12 - name-calling and generally being rude
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    Quote Originally Posted by Fabe18 View Post
    Actually, anyone here bought and sold gold products before ie Canadian Gold Maple Leaf etc?
    The Canadian maple leaf was made available circa 1992. That time,gold price was on the rise, and I bought some as per financial diversification advice from a bank. Later, sold it back to the same bank at a small profit because became slightly nervous at the thought of price slump

  13. #103
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    I didn't know it was Dr Mahathir who launched Genneva Gold... all the while I thought it was PM's wife reading all the posts above...

    Here's where I discovered what I didn't know at all: http://www.financetwitter.com/2012/1...onzi-scam.html

  14. #104
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    Quote Originally Posted by SiangMalam View Post
    I didn't know it was Dr Mahathir who launched Genneva Gold... all the while I thought it was PM's wife reading all the posts above...

    Here's where I discovered what I didn't know at all: http://www.financetwitter.com/2012/1...onzi-scam.html
    He didn't launch the company....he launched their 'Shyriah' product.

  15. #105
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    Quote Originally Posted by totoro View Post
    Lesen for trading gold....but the scheme is a complex pyramid ponzi style where they are taking deposits and playing the musical chairs while it last. And there is no statement or balance of account of gold leftover for the deposits. Imagine if there is not enuf gold if the purchaser demand the physical gold or when the gold spot on prices dropped!

    I questioned the Emas agent what she meant by having a bank Negara lesen......Her reply - Bank Negara approved lor and it has been operating for years with many VVIP promoting it mah. I said so what?
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