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Old 05-07-2010, 10:21 PM   #5
Shiny Things
Supremacy Member
Join Date: Dec 2009
Posts: 7,131
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".
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