[camotorpedo]

A possible Gold scam, is anyone vested in this set-up?

A google search revealed that they have already been busted in Malaysia by the authorities but their Singaporean incarnation is doing very well with many uncles/aunties crowding its CBD outlet.

http://www.genneva.com.sg/trade.html

[camotorpedo]

- Returns does not corresponds with the risk. It seems to be a high return and low risk investment and that is not possible at all.
- Business model of Genneva Gold seems to be unsustainable. Not much is said about how is the profits of the company being generated.
- Read more @ http://www.moneytalk.sg/2009/12/genneva-gold.html

[hwmook]

Its a scam, see the gold price quoted by them. $70 per gram while UOB & spot price is about $54+ per gram only. They are just inflating their selling price.

[Cashcow]

Report to CAD.

[Shiny Things]

hwmook wrote:

Its a scam, see the gold price quoted by them. $70 per gram while UOB & spot price is about $54+ per gram only. They are just inflating their selling price.

Yeah, it's pretty filthy. They're selling gold at about US$1500 an ounce when it's trading at $1200.

If you buy it from them upfront, they've already got you, because you've overpaid about 20%.

If you try and put it into their rollover program, then you'd better not screw up and try and redeem it on day 30 or day 38 or forget to redeem it altogether, because if you miss that redemption window, you'll be stuck with a lump of the shiny yellow stuff and you'll have overpaid about 20%.

I suspect the CAD would want to have a look at these guys - if they aren't already, they damn well should be. Unfortunately, it also seems like it falls into the same little loophole that the land banking scumbags fall into - i.e., the MAS says "it's not a financial product so it's not our problem", Small Claims says "it's a financial product so it's not our problem", Commercial Affairs says "...", and you end up with massed crowds at Speaker's Corner.

In Australia, ASIC (the securities regulator) also takes action against unlicensed investment providers (like, say, Profitable and Genneva). In America, the SEC does the same thing; in the UK, the FSA does that job. In every case, the financial regulator has the power to prosecute unregistered investment fraud as well as registered investments.

Consumer financial protection in Singapore would be massively improved if the MAS had the power to do more to unregistered crooks than just put them on a "watch list".

[lin.ci84]

nothing new. singapore authorities are lazy haha :x

[wanker88]

def a scam la...

[arty79]

Yes it is.

And I have heard of this name before.
Please DO NOT put a single cent in it.

[Yorixz]

Conster coy lah..

[dreant]

I've listened to one of their agents before... They were effectively offering me 24-36% pa, and were unable to explain how the company makes money or is able to support such payouts...

No thanks.

[stevetan2010]

dreant wrote:

I've listened to one of their agents before... They were effectively offering me 24-36% pa, and were unable to explain how the company makes money or is able to support such payouts...

No thanks.

cheapo scammers.... online one pay by daily 1% to 2% they pay 24-36% per year??? Wa lau.....

Anyway there is no free lunch in the world. Anything that gives good returns always requires risk..... But I hope authorities really comes in fast to catch them else it is many ppl will up lorries again...... haizzz...

[weird]

stevetan2010 wrote:

cheapo scammers.... online one pay by daily 1% to 2% they pay 24-36% per year??? Wa lau.....

Anyway there is no free lunch in the world. Anything that gives good returns always requires risk..... But I hope authorities really comes in fast to catch them else it is many ppl will up lorries again...... haizzz...

online one? got such thing meh?

please share!

[stevetan2010]

dun want anyone in trouble because of me. sorry.... maybe you can check with others...

--->> After some thoughts I guess it is better to share with you all to raise the online scam awarness....

Anything that tells you
1) Surf to pay -> SCAM!!!!
2) Pay you X% per day if you invest $X amount -> SCAM!!!

if you are inside this get OUT now!!! It is not safe!! Those not inside DON'T try!! Place these kind of sites as online scams!!

[finclk82]

actually if u understand how commodities companies make their money, you'll understand it's not a scam. It's about properly hedging and controlling risks so that things do not go out of wack.

Nothing is truly risk free. But I must say that the risk/return is quite out of proportion. But a year about 24% returns is really good and i'm enjoying the returns for more than a yr already. I understand how it works although most pple do not know how money is made, that's why they say it's a scam.

[tth1311]

finclk82 wrote:

actually if u understand how commodities companies make their money, you'll understand it's not a scam. It's about properly hedging and controlling risks so that things do not go out of wack.

Nothing is truly risk free. But I must say that the risk/return is quite out of proportion. But a year about 24% returns is really good and i'm enjoying the returns for more than a yr already. I understand how it works although most pple do not know how money is made, that's why they say it's a scam.

i have yet to find what you have described, please tell us more about the product/commodities that made their money, the company and the web link to it