My friend attended a Gold seminar and gave me this report a month ago.
QUOTE: The company was rated among the Top 100 SMEs in Singapore. They showed pictures of the boss with political and influential people and favorable write-up by media.The company said that they are trading in gold and the GST on the trading will be waived in October, as part of a plan to make Singapore into a GOLD HUB.The investor buys 1 kg of gold for $91,000 and is given the gold bar on full payment. The investor is paid 1.7% or $1,500 every month for 3 months. After three months, the investor can renew the contract every quarter. If the investor return the gold bar, the company will pay you back the $91,000. The price of the gold bar is 20% higher than market price.It attracted many retirees with money. UNQUOTE
Here are my views.
If a stranger approaches you and ask you to give him $18,000 and he will pay you $1,500 a month, will you trust him? If this stranger tells you that he is approved by MAS, will you take his word for it? After collecting your money, the stranger can run away with it. He can also lied to you about being approved by MAS.
If a stranger approaches you and ask you to give him $18,000 and he will pay you $1,500 a month, will you trust him? If this stranger tells you that he is approved by MAS, will you take his word for it? After collecting your money, the stranger can run away with it. He can also lied to you about being approved by MAS.
Even if the gold company is able to pay the return to you for a few months, it is likely to be a Ponzi scheme. The company takes money from the later investors to pay the earlier investors and pocket the difference! When new investors stop putting in the money, they will fold up and run away. This has happened many times in the past. It is not possible for the gold tracing company to earn a return o 17% from gold trading.
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