Problems with Genneva Payout

[ruzmidah]

A gold kilo bar is at least worth SGD 60K (if its a real bar of course).

Offer her 50K and see how lor =p

Again, this is one of the reasons why I do not want to buy many bars. Harder to authenticate. Most of mine are in coin form =D

 

[ruzmidah]

scam also? heard members got steady return. Company going to be listed soon... I not into it, just heard.

I wouldnt say its a scam but the business model really looks like a ponzi scheme... similar to Genneva...

So be careful.

My advice: Trust no one; esp with ur money....

 

[bendwolf]

Post a picture of the gold and I will tell you if the bar is recognised or not. If you really want to find out the purity,head down to a pawnshop and see if they are willing to buy. If not can go to Singapors Assay Office to do test.

Welcome to Singapore Assay Office

Please post a picture of the gold bar especially the hallmark.

There are pictures people posted online and in other threads.

 

[dustychelsea]

Hi all,

Yesterday I am scheduled to receive my second month discount from Genneva. But to my shock, they told me that they are having financial difficulities and need to delay my discount payout for a few more days...

Do anyone of you experience the same thing?

U nvr read/ do search on Genneva sdn bhd/Genneva pte ltd????

I summarise/BACKTRACK everything for u

15 July 2009- Genneva sells gold and is not a ponzi scheme, says firm - Story | The Star Online

21 July 2009- Bank Negara raids Genneva, Etika Emas Estet for suspected illegal deposit taking

16-03-2011- INVESTMENT COMPANY DIRECTORS CHARGED WITH ILLEGAL DEPOSIT TAKING - Yahoo! News Malaysia

19-02-2011- http://forums.hardwarezone.com.sg/53423115-post20.html

more recent[ Wed, Jul 11, 2012 ] : NCIRAM ISSUES EDICT AGAINST TRANSACTION WITH GENNEVA MALAYSIA - Yahoo! News Malaysia

trial for genneva

REFER to source:
Status of Cases Investigated

u can seek help from the 1 of the moderator who also invested.

 

[makav31i]

There are pictures people posted online and in other threads.

If it is as the above which is PAMP a swiss refinery,it should be recognisable worlwide. For me personally I prefer the one in the assay card than the one with the certificate is a cast gold bar. While I have not heard of any fake PAMP bar in assay card like the one below the cast bar which is the older version of of PAMP bars should have matching serial number on the assay card and the certificate. The PAMP in the assay card have 2 type which is without any serial number on the bar which is the older bars and the new bars which have matching serial number on the bar and on assay card. The PAMP cast bar can be taken to a pawnshop to ask if they would buy back gold to verify that it is real. If that is the gold that they give,should not be a problem.

 

[bbmars1128]

scam also? heard members got steady return. Company going to be listed soon... I not into it, just heard.

Listed? I don't think so as far as the current company situation of selling gold is concern. How could MAS let it be listed when they are on their black listing.

Their business model is not recognised and can only registered with the retail association. You have been warned in the press about these company, so if you want re-dress.... likely choice is to go to the police. There again, subjected to investigation by CAD, takes time to complete investigation and tehn... more time before company is taken to court. So easily few to several years.

I am one stupid fool too, buying from another such company that had since been investigated, company operation as per normal but all investment being suspended ended up only with that **** piece of gold which cost 5k damage and worth some 20-30% lesser

 

[SuperHunk3488]

Post a picture of the gold and I will tell you if the bar is recognised or not. If you really want to find out the purity,head down to a pawnshop and see if they are willing to buy. If not can go to Singapors Assay Office to do test.


Please post a picture of the gold bar especially the hallmark.

She dun even dare to show us the gold bar!!! but i did ask her to email the gold bar picture to me... let's wait and see...

 

[makav31i]

She dun even dare to show us the gold bar!!! but i did ask her to email the gold bar picture to me... let's wait and see...

Why should anyone be afraid to show the gold bar that they want to sell? Expecting people to agree to buy without looking at the gold? In denial and afraid to find out the truth in the event that the gold turn out to be fake? If it is like the previous poster picture of PAMP in assay card,only an idiot will break the seal in the assay card to test the gold as if the seal is broken,the value of the PAMP gold is only worth at melt value. I am not saying that she have fake bars,but why is she so afraid to show the gold bar and acting suspiciously? If it is PAMP bars,she should have no worries. By the way what size are the gold bar?100gram or kilo bar? If it is 100gram and she want to sell at 80k, i really got nothing to say.

 

[kumgongkia]

i dont understand..
want trade gold why trade physical gold?
why not CFDs? why buy some funky gold from some funky company?

 

[Mecisteus]

Buy SPDR Gold only. The next closest to buying physical and as good as buying the real thing.

There is a silver lining at the end to this scam. You better pray gold is going to surge further so that there will be renewed interests in buying gold. If that happens, your scammers can potentially resume your interest payments.

 

[peterchan75]

Buy SPDR Gold only. The next closest to buying physical and as good as buying the real thing.

There is a silver lining at the end to this scam. You better pray gold is going to surge further so that there will be renewed interests in buying gold. If that happens, your scammers can potentially resume your interest payments.

Why can't "they" make it illegal for businesses that use new investors' money to pay for the interest due to existing investors ? Err.. with exception for Greece.
BUT, GLD is good as long as HSBC act as an honest custodian of the gold.

 

[Mecisteus]

Why can't "they" make it illegal for businesses that use new investors' money to pay for the interest due to existing investors ? Err.. with exception for Greece.
BUT, GLD is good as long as HSBC act as an honest custodian of the gold.

for a ponzi scam to work, you need to have an ever increasing, more and new investors to come in. for that to happen, gold must rise. if it rises, then only more people will be suckered in.

you can visit the gold vault in london if you want.

 

[makav31i]

i dont understand..
want trade gold why trade physical gold?
why not CFDs? why buy some funky gold from some funky company?

I don't think those who buy from Geneva wants to trade in gold but attracted to it because of the interest payout. Some people really have no idea on trading and would rely on others to do the job for them. They are not even trading in the first place so I don't understand what you don't understan?if they are using Geneva to trade in gold,I can understand your confusion, but they are not. You are correct that if you want to trade in precious metals that it is better to trade in paper gold rather than physical possession because of the liquidity and ease of trade.

 

[SuperHunk3488]

Why should anyone be afraid to show the gold bar that they want to sell? Expecting people to agree to buy without looking at the gold? In denial and afraid to find out the truth in the event that the gold turn out to be fake? If it is like the previous poster picture of PAMP in assay card,only an idiot will break the seal in the assay card to test the gold as if the seal is broken,the value of the PAMP gold is only worth at melt value. I am not saying that she have fake bars,but why is she so afraid to show the gold bar and acting suspiciously? If it is PAMP bars,she should have no worries. By the way what size are the gold bar?100gram or kilo bar? If it is 100gram and she want to sell at 80k, i really got nothing to say.

She did mentioned is 1kg bar!!! asking for 80k... but gold spot price I checked is now 66k++. But without looking at the physical bullion no way I gonna buy. But if I gonna buy I will not pay anything higher than 50k...

 

[SuperHunk3488]

I don't think those who buy from Geneva wants to trade in gold but attracted to it because of the interest payout. Some people really have no idea on trading and would rely on others to do the job for them. They are not even trading in the first place so I don't understand what you don't understan?if they are using Geneva to trade in gold,I can understand your confusion, but they are not. You are correct that if you want to trade in precious metals that it is better to trade in paper gold rather than physical possession because of the liquidity and ease of trade.

This kind of business is like selling a toyota camry(2.5) 2012 at $245k
(market price is $178k) You get to drive the car and you get discount every month.... until the company got no more NEW sales then delay the discount! worst to worst stop buying back from those buyers...
But they can still get to drive that car....
not a total loss but is a damn stupid deal!!!

 

[makav31i]

She did mentioned is 1kg bar!!! asking for 80k... but gold spot price I checked is now 66k++. But without looking at the physical bullion no way I gonna buy. But if I gonna buy I will not pay anything higher than 50k...

If the bar is quite recognised, she should not have any problem selling at least at spot price or slightly below spot.

This kind of business is like selling a toyota camry(2.5) 2012 at $245k
(market price is $178k) You get to drive the car and you get discount every month.... until the company got no more NEW sales then delay the discount! worst to worst stop buying back from those buyers...
But they can still get to drive that car....
not a total loss but is a damn stupid deal!!!

Of course it is a stupid deal, I never say it is a good deal. People who buy into the scheme is due to the monthly interest payout not because of them wanting to invest in gold. It is just buying the toyata camry and you have no license and have no intention of ever driving the car or don't even know what you gonna do with the car. You just collect your discount each month and sell off your car after the period is over. That is unsustainable and I have warned many including family members and friends not to join the scheme and they still got into it anyway. I rather that I am wrong and that for their sake the scheme can go on forever and everyone is happy. But me personally would never ever buy into this scheme.

 

[peterchan75]

If those who profit from will have to cough it out, then it should discourage people from investing such scheme.

 

[sAVaGEmP5]

There's so many asset classes and the only 2 classes that doesnt give payouts are Commodities and Derivatives. Since when Gold got payout one ?

N i guess they likely managed to siam the MLM rule + since they are not selling a financial product no need to be backed by MAS too.

Good luck.

 

[SuperHunk3488]

If the bar is quite recognised, she should not have any problem selling at least at spot price or slightly below spot.



Of course it is a stupid deal, I never say it is a good deal. People who buy into the scheme is due to the monthly interest payout not because of them wanting to invest in gold. It is just buying the toyata camry and you have no license and have no intention of ever driving the car or don't even know what you gonna do with the car. You just collect your discount each month and sell off your car after the period is over. That is unsustainable and I have warned many including family members and friends not to join the scheme and they still got into it anyway. I rather that I am wrong and that for their sake the scheme can go on forever and everyone is happy. But me personally would never ever buy into this scheme.

One of my friend sent this to me based on some Possible Scenarios on the following Options on Challenge, Risk & Reward!
If You choose to:
1) Sell-Back
Challenge - Suspended Temporarily
Risk - Legal action can be sought but no guarantee & can be costly.
Reward - Full buy-back value!

2) Renew Contract
Challenge - Gold with Genneva for 3 days.
Risk - Genneva closes down during waiting period. Delay>3 working days.
Reward - Receive all discounts & contract continues.

3) Keep Gold
Challenge - Wait for gold price to rise. Sell at market price (approx. 35% below purchase price).
Risk - Gold price may fall. Genneva contract expires without buy-back.
Reward - Gold with you.

Hope this chart may help more people around us...

 

[SuperHunk3488]

If those who profit from will have to cough it out, then it should discourage people from investing such scheme.

people still believe it gonna work cos of the company back ground and genneva can generate with the 35% marked-up and pay off 2% based on 100% contract value...
eg: 1 kg gold bar spot price is $66k but Genneva sell it at $96k...