Problems with Genneva Payout

[sinvestg]

For those who check out the market to sell back gold, can you share what are the options to sell back the gold in the market assuming the gold are not fake ?

Does UOB always offer the best price for 1kg gold or there are better options out there? I read in this forum that different shops offer different prices and their willingness to take also differs.

(Please do not introduce other schemes, just plain sell gold and get cash immediately)

Thanks.

There is a 2nd hand gold shop located at China Square Central which sells/buy gold. The last time I checked they offered to buy UOB 1kg gold with seal intact at prevailing the UOB buy price less $100

 

[peterchan75]

Why so hurry to sell the gold bar ? For the past 2 months, gold has been trending up. Here is the chart for gold ETF(GLD).
SPDR Gold Trust ETF Chart - Yahoo! Finance

Some still believe in such scheme is a good investment and don't mind investing in the new company. Don't Sunshine Empire also tried that stunt when they were financial trouble and in the end.. kaput. Investing in any business, one must have an idea how the business generate income. In the case, someone shouted "Rumpelstiltskin" and the goblin ripped itself into 2 halfs. No one can spin hay into gold.

Then again .. why.. why.. why... let the tree that bears forbidden fruit grow in the garden. It should chop down soonest.

 

[redname]

no UOB receipt

no wonder they charge u $300. Is it per transaction or per oz?

 

[blurboiboi]

anyone here sold bars that has been opened up??..
wonder which shops accept...

 

[GeorgeBoron]

any one managed to sell off the genneva Label Gold? care to update us? Thanks.

Please, i do not like seeing postings of this nature. Genneva label gold can be sold. You just need to try harder than the other labels. Some may not want to take it, some others will play it smart and will try to cheat you by offering 6500 or below. do accept 6900 and not less that this for this week. Always check against UOB published prices for 100 pamp grams. The Genneva labelled one can be solved very close to the Pamp one. Go around and you will find someone to buy it.

And another advice do not rush to sell all of it now. There may be a small chance GV world to start paying you interest on this as some other people believe here. So why to rush now while there is still a chance to get money on this later in interest form?

 

[bearbearfury]

my only concern was the purity of the genneva gold bar. thus i was hoping to hear fromthe experience of those who has happened to sell.

 

[makav31i]

how can anyone compare prices of Genneva labeled gold with PAMP which is in the list of LBMA good delivery bars is beyond me... Of course there is no rush to sell gold but trying to measure the price of gold spot which is based on the price of LBMA good delivery bars price is an insult to the refineries which is certified to be traded in the commodities market. Even Ministry of Finance states that only gold or silver bars in the LBMA list is exempted from GST...

 

[bearbearfury]

how can anyone compare prices of Genneva labeled gold with PAMP which is in the list of LBMA good delivery bars is beyond me... Of course there is no rush to sell gold but trying to measure the price of gold spot which is based on the price of LBMA
good delivery bars price is an insult to the refineries which is certified to be traded in the commodities market. Even Ministry of Finance states that only gold or silver bars in the LBMA list is exempted from GST...

i agreed thus i was.hoping to.hear from.those who has managed to sell.the.genneva label gold...

Below is the link to lmba.

http://www.lbma.org.uk/pages/index.cfm?page_id=29#currentau

 

[Laneige]

camp here
i actually asked abt this co too but didnt follow to buy coz i think risk is big, dont know when boat sink.. n also telling my mum abt it n my mother akthough is mkt type tell me dont get cheated ah. nag n nag although i dont plan to put liao but juz tell her.... she knew abt it coz her siblings buy yrs ago n show her the gold... n my mum she is low sch education one

 

[Laneige]

My agent just call me, told me my contract will be migrated to Genneva world, all remains the same and I will receive my payout by this mth, latest next mth. It will be a 3 mth payout, 2% x 3.
Not sure true a not, just wait and see...
So far he did not tell me to park gold or pay him more.. etc.. no other schemes..

So cross fingers and hope for the best. Call was just yesterda

then be careful of what u signed
u may bring yrself there but dont bring yr pen/energy with u to sign anything without looking thru
dont bring the gold there. if u pass gold to anyone, u dont know what will happen when gold is out of yr sight
u heard of the news where cheaters bluff old people say house got what taichi, asked them bring valuables they bless it then fine liaoz. cannot open after going home.. must wait days later. some check hrs later but already cannot see their valuables liaoz.


Maybe smarter one maybe change to another one u think is the one u have but it may not be
really hor, why the co bor tai chi so good give u the %? MAYBE its to fish u further. u get $ think reliable so u continue. in this case, u can let them fish u. u say wana wait till get interest first. so u get interest liaoz u run road lor and never never never put any gold with them, not even for a sec. aand if the co so rich then they shld clear the balance thing first if they r from same people. why start a new co?


not sure wols...... but

http://thestar.com.my/news/story.asp?file=/2012/10/2/nation/12110572&sec=nation

Gold trading firm Genneva's offices raided
The Star Online‎ - 18 hours ago



their sg site can link to a letter ....

http://www.genneva.com.sg/280912-GVSG-GM.pdf
so they also made police report.......

 

[BillaBOy08]

I have invested with Genneva.. The last month my agent say have to put my gold in Company for 3 days to inspect the gold b4 I can recontract and also get the discount.

After I put in the gold they never return.. Do I need to consult a lawer to get back the gold? Or just wait for CAD investigation? Anyone pls advise.. Is there a used to hire a lawer?

 

[stargazer008]

I have invested with Genneva.. The last month my agent say have to put my gold in Company for 3 days to inspect the gold b4 I can recontract and also get the discount.

After I put in the gold they never return.. Do I need to consult a lawer to get back the gold? Or just wait for CAD investigation? Anyone pls advise.. Is there a used to hire a lawer?

For many of us who still have physical gold with us, we are adopting a wait-and-see approach.

If my gold is stuck with them, I would report to Police so that there is a record.

Some have gone to Police, so your details would be consolidated.

 

[Laneige]

Studying how GV shareholders operate and what they aim to do It is my personal feeling they will not run away with the gold. So all of us having gold parked with them need to be patient but also vigilent as if the company closes down or goes under liquidator or CAD stops temporary its operations it would be hard to retrieve our gold back. What we see is a company with cash problems. If u get ur discount 2 weeks later and not now is not the end of the world. Also if we get our gold back a week later and not now is not that bad. The problem we have now is we worry for the worst and bad psycology creates bad thoughts. But at the end who has given gold to them will probably get it back sooner or later.About the discounts we can probably forget that for a while.

how come u talked machiam like those interviewed in the msia papers, where customers go block authorities from doing things, citing will cause co to fall.
but if co so zai, why others will file police reports, this n that that's led to this raid?

 

[makav31i]

how come u talked machiam like those interviewed in the msia papers, where customers go block authorities from doing things, citing will cause co to fall.
but if co so zai, why others will file police reports, this n that that's led to this raid?

He also say to look at PAMP price to gauge the price to sell the Genneva labelled gold... You think he have vested interest or not?

Please, i do not like seeing postings of this nature. Genneva label gold can be sold. You just need to try harder than the other labels. Some may not want to take it, some others will play it smart and will try to cheat you by offering 6500 or below. do accept 6900 and not less that this for this week. Always check against UOB published prices for 100 pamp grams. The Genneva labelled one can be solved very close to the Pamp one. Go around and you will find someone to buy it.

And another advice do not rush to sell all of it now. There may be a small chance GV world to start paying you interest on this as some other people believe here. So why to rush now while there is still a chance to get money on this later in interest form?

 

[nakorius]

Thought I share this since I saw Gold bars being involved. Not sure if it was shared earlier.

10 More Tungsten-Filled Gold Bars Discovered In Manhattan | SilverDoctors.com

There is a surge of fake gold bars appearing apparently.

 

[transform]

how come u talked machiam like those interviewed in the msia papers, where customers go block authorities from doing things, citing will cause co to fall.
but if co so zai, why others will file police reports, this n that that's led to this raid?

This raid was well planned by Genneva since early this year so they can blame it on the authority. Just use some brain juice to think was there any GOLD bars left during the raid ?
IT IS A SCAM FROM DAY ONE. WHEN THE SOLDIERS CAN'T PERFORM ANYMORE (To Lure in new contract $ to pay the old com) THAT'S THE TIME TO ESCAPE.

 

[drago88]

I have invested with Genneva.. The last month my agent say have to put my gold in Company for 3 days to inspect the gold b4 I can recontract and also get the discount.

After I put in the gold they never return.. Do I need to consult a lawer to get back the gold? Or just wait for CAD investigation? Anyone pls advise.. Is there a used to hire a lawer?

You did not mention whether you buy in KL or SG.
In Sg Genneva was sued last week for SGD190,000 and did not bother to send lawyer to defend. This means they are abandoning ship, and next step is to wind up Genneva. You have to line up with all the others and hope there are some assets left to distribute.
In MY, Genneva raided and frozen. Genneva 1st generation was similarly raided in 2009 and until today not yet fully resolved, with RM47 million missing. The prognosis is BAD.

 

[consigliere]

Please, i do not like seeing postings of this nature. Genneva label gold can be sold. You just need to try harder than the other labels. Some may not want to take it, some others will play it smart and will try to cheat you by offering 6500 or below. do accept 6900 and not less that this for this week. Always check against UOB published prices for 100 pamp grams. The Genneva labelled one can be solved very close to the Pamp one. Go around and you will find someone to buy it.

And another advice do not rush to sell all of it now. There may be a small chance GV world to start paying you interest on this as some other people believe here. So why to rush now while there is still a chance to get money on this later in interest form?

You do not like to see such post then do not come into this forum

 

[GeorgeBoron]

You do not like to see such post then do not come into this forum

You guys go and find a buyer. There is a big gold market out there. If some do not buy not get discouraged. There are pawnshops and gold smiths taking Genneva gold from last time i searched. And of course price vary as some try to rip you off. So saying over here u cant sell ur Genneva labeled gold panic the others with no reason. At the end it is gold what you have....

There is also online companies buying gold and they give good price. Do not recall the name but do search on the internet. I am not selling my gold now so not bothering on working further on this. Best is to hold on for a while. GST on gold is removed and trading activity is to pick up in singapore. Prices may slightly go up from the trading volume and anyway price of gold is in the uptrend past years .if u put ur money in a fixed term deposit you get peanuts 0.22% perhaps...? So better hold on to the gold and seel when price is even higher to reduce your losses here.

 

[irene04]

I have invested with Genneva.. The last month my agent say have to put my gold in Company for 3 days to inspect the gold b4 I can recontract and also get the discount.

After I put in the gold they never return.. Do I need to consult a lawer to get back the gold? Or just wait for CAD investigation? Anyone pls advise.. Is there a used to hire a lawer?

Hi, how many days has it been since you parked your gold? Did you follow up with your agent for the gold? Did you go to genneva office to request they give it back to you? In my opinion its best to try get it back from genneva although im not so sure whether the office is still open. You can report police or try to consult lawyer as last resort which im not sure whether you will be able to get it back. All the best to u. i hope u get it back.