<![CDATA[Gold trade]]>anyone has anything to share on this? my friend is into this gold trade, when he buy the gold, he paid only 90% of the amount and she is given a piece of gold (physical) to keep. can trust? he said he has been doing this for few years now and been earning abt $200 per month.

]]>https://forum.kiasuparents.com/topic/21434/gold-tradeRSS for NodeSat, 18 Apr 2026 22:27:45 GMTTue, 19 Apr 2011 06:37:14 GMT60<![CDATA[Reply to Gold trade on Mon, 08 Oct 2012 05:44:30 GMT]]>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…

]]>https://forum.kiasuparents.com/post/871152https://forum.kiasuparents.com/post/871152Mon, 08 Oct 2012 05:44:30 GMT<![CDATA[Reply to Gold trade on Wed, 03 Oct 2012 00:44:45 GMT]]>this is just so expected… !!!

]]>https://forum.kiasuparents.com/post/866808https://forum.kiasuparents.com/post/866808Wed, 03 Oct 2012 00:44:45 GMT<![CDATA[Reply to Gold trade on Tue, 02 Oct 2012 07:53:05 GMT]]>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

]]>https://forum.kiasuparents.com/post/866263https://forum.kiasuparents.com/post/866263Tue, 02 Oct 2012 07:53:05 GMT<![CDATA[Reply to Gold trade on Wed, 26 Sep 2012 02:45:20 GMT]]>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).

]]>https://forum.kiasuparents.com/post/859656https://forum.kiasuparents.com/post/859656Wed, 26 Sep 2012 02:45:20 GMT<![CDATA[Reply to Gold trade on Wed, 26 Sep 2012 02:06:21 GMT]]>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

]]>https://forum.kiasuparents.com/post/859612https://forum.kiasuparents.com/post/859612Wed, 26 Sep 2012 02:06:21 GMT<![CDATA[Reply to Gold trade on Tue, 20 Dec 2011 17:14:22 GMT]]>Best to do some research on ur own. Good luck!

]]>https://forum.kiasuparents.com/post/667815https://forum.kiasuparents.com/post/667815Tue, 20 Dec 2011 17:14:22 GMT<![CDATA[Reply to Gold trade on Mon, 19 Dec 2011 11:47:04 GMT]]>It’s business is speculating and hedging gold.

]]>https://forum.kiasuparents.com/post/666560https://forum.kiasuparents.com/post/666560Mon, 19 Dec 2011 11:47:04 GMT<![CDATA[Reply to Gold trade on Mon, 19 Dec 2011 07:55:36 GMT]]>

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?

]]>https://forum.kiasuparents.com/post/666371https://forum.kiasuparents.com/post/666371Mon, 19 Dec 2011 07:55:36 GMT<![CDATA[Reply to Gold trade on Sat, 17 Dec 2011 05:18:40 GMT]]>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.

]]>https://forum.kiasuparents.com/post/665029https://forum.kiasuparents.com/post/665029Sat, 17 Dec 2011 05:18:40 GMT<![CDATA[Reply to Gold trade on Fri, 16 Dec 2011 12:43:02 GMT]]>When a deal is too good to be true, it probably is. There are many Ponzi like schemes around where promises are made to buy back the amount invested if the price drops. These promises are only good if the company making the promise is still around.


Imagine how the company making such a promise makes money if it had to buy back the investment made when the price drops.

]]>https://forum.kiasuparents.com/post/664635https://forum.kiasuparents.com/post/664635Fri, 16 Dec 2011 12:43:02 GMT<![CDATA[Reply to Gold trade on Wed, 14 Dec 2011 00:01:30 GMT]]>

jolim26:
peapot:

Now seems abit late to go in. perhaps wait till prices drop but Genneva gurantee principal sum since its like a loan.


there is never a good time... cos when it is up... you hope.. it will come down.. when it is down.. you worry tt it will go further... just go in with an open, well informed mind... make the investment and earn the interest:)

It does not really matter whether the price goes up or down since your returns depends on the amount invested, not on the price of gold.

]]>https://forum.kiasuparents.com/post/661942https://forum.kiasuparents.com/post/661942Wed, 14 Dec 2011 00:01:30 GMT<![CDATA[Reply to Gold trade on Tue, 13 Dec 2011 15:08:50 GMT]]>

peapot:
Now seems abit late to go in. perhaps wait till prices drop but Genneva gurantee principal sum since its like a loan.

there is never a good time... cos when it is up... you hope.. it will come down.. when it is down.. you worry tt it will go further... just go in with an open, well informed mind... make the investment and earn the interest:)

]]>https://forum.kiasuparents.com/post/661791https://forum.kiasuparents.com/post/661791Tue, 13 Dec 2011 15:08:50 GMT<![CDATA[Reply to Gold trade on Tue, 13 Dec 2011 00:50:03 GMT]]>Oops! I meant it as a question. Do they?

]]>https://forum.kiasuparents.com/post/661063https://forum.kiasuparents.com/post/661063Tue, 13 Dec 2011 00:50:03 GMT<![CDATA[Reply to Gold trade on Tue, 13 Dec 2011 00:48:29 GMT]]>Now seems abit late to go in. perhaps wait till prices drop but Genneva gurantee principal sum since its like a loan.

]]>https://forum.kiasuparents.com/post/661060https://forum.kiasuparents.com/post/661060Tue, 13 Dec 2011 00:48:29 GMT<![CDATA[Reply to Gold trade on Mon, 12 Dec 2011 02:59:25 GMT]]>i still du have the guts to go in… if only i do it earlier…now will be smilingall the way… sigh… timing timing…

]]>https://forum.kiasuparents.com/post/660354https://forum.kiasuparents.com/post/660354Mon, 12 Dec 2011 02:59:25 GMT<![CDATA[Reply to Gold trade on Sun, 11 Dec 2011 07:33:03 GMT]]>

peapot:
do you buy Gold from Genneva like trading shares?

It is similar.

But I think loaning money to the company using gold as a collateral may be a better way to describe the concept. The loan is renewed on a monthly basis.

]]>https://forum.kiasuparents.com/post/659937https://forum.kiasuparents.com/post/659937Sun, 11 Dec 2011 07:33:03 GMT<![CDATA[Reply to Gold trade on Sun, 11 Dec 2011 03:03:33 GMT]]>do you buy Gold from Genneva like trading shares?

]]>https://forum.kiasuparents.com/post/659791https://forum.kiasuparents.com/post/659791Sun, 11 Dec 2011 03:03:33 GMT<![CDATA[Reply to Gold trade on Sat, 10 Dec 2011 17:53:11 GMT]]>I have been good returns from gold investment too..:)

]]>https://forum.kiasuparents.com/post/659733https://forum.kiasuparents.com/post/659733Sat, 10 Dec 2011 17:53:11 GMT<![CDATA[Reply to Gold trade on Sat, 10 Dec 2011 03:18:55 GMT]]>Phsical gold trades can only be done at bullion.

]]>https://forum.kiasuparents.com/post/659365https://forum.kiasuparents.com/post/659365Sat, 10 Dec 2011 03:18:55 GMT<![CDATA[Reply to Gold trade on Tue, 15 Nov 2011 00:48:46 GMT]]>

WeiHan:
It sounds quite ok to me as long as the gold they give you is real. The most you risk is 25% of your capital. But I guess, getting a gold bullion from genneva is 7% GST exempted? If the gold price goes up, you just keep the gold bullion on top of the 24%/per annum interest.

As of now, the gold is exempted from GST.

]]>https://forum.kiasuparents.com/post/635286https://forum.kiasuparents.com/post/635286Tue, 15 Nov 2011 00:48:46 GMT<![CDATA[Reply to Gold trade on Mon, 14 Nov 2011 07:28:04 GMT]]>It sounds quite ok to me as long as the gold they give you is real. The most you risk is 25% of your capital. But I guess, getting a gold bullion from genneva is 7% GST exempted? If the gold price goes up, you just keep the gold bullion on top of the 24%/per annum interest.

]]>https://forum.kiasuparents.com/post/634748https://forum.kiasuparents.com/post/634748Mon, 14 Nov 2011 07:28:04 GMT<![CDATA[Reply to Gold trade on Mon, 14 Nov 2011 03:21:01 GMT]]>

micollh:
DesertWind:

Sounds really familiar. I was approached by one insurance agent about this physical gold investment before. Problem is the gold is sealed and you cannot break the seal. So how you know the gold is real? It takes trust. The risk is if the co. decides to close shop, you end up having the gold and the gold is not real, then how?


The returns are very attractive indeed. But if really interested may be better to go OUB and buy their physical gold cert. or bar.

For me, I siam by saying my father was in hospital (which was true) and escape that period of pestering.
😐

but he told me he bring the gold to pawn shop pretend want to check the value.. and it's confirm is real

As far as I know, the gold given by Genneva is real. The downside is that your risk is 25% of your capital should the company go bust. The upside is 2% /mth is a real good deal. I classify this investment as moderate risk and high return.

]]>https://forum.kiasuparents.com/post/634484https://forum.kiasuparents.com/post/634484Mon, 14 Nov 2011 03:21:01 GMT<![CDATA[Reply to Gold trade on Fri, 02 Sep 2011 08:05:13 GMT]]>Thanks for the confirmation and clarification, Uncle Lim.

]]>https://forum.kiasuparents.com/post/573685https://forum.kiasuparents.com/post/573685Fri, 02 Sep 2011 08:05:13 GMT<![CDATA[Reply to Gold trade on Fri, 02 Sep 2011 06:44:50 GMT]]>

pojo:
Does anyone know whether 7% GST is charged when you buy physical gold, say, from UOB? I believe so. Also similarly is 7% GST charged when you buy gold jewellery at a goldsmith. If so, then buying physical gold seems like a bad investment because of GST. Compared with the 1% or so brokerage fee for shares, the transaction cost for physical gold is 7%. Which means that the gold price must rise more than 7% before you breakeven. Please correct me if I am wrong.

You are correct about the 7% GST. That is if you take delivery of the physical gold bars and bring it home. If you buy and leave it with UOB, you will collect your Gold Certificate of ownership, in which case GST does not apply.

]]>https://forum.kiasuparents.com/post/573606https://forum.kiasuparents.com/post/573606Fri, 02 Sep 2011 06:44:50 GMT