I do learn something from below statement.
Cory
"Q: What is your worst investment to date?
I would say it would be the money and time I invested in my real estate agent career as I hated the job.
.... I invested a total of $240,000 during that time, mostly on marketing, and I made $400,000. I went into it thinking it was the best way to learn about property investments, but it wasn't."
"With his strong leadership and vision, the Gold Guarantee is born and it packed $80 million sales within three months of business, making it an industry leader almost overnight."
http://thegoldguarantee.com.sg/biography.html
This guy runs a gold ponzi scheme. Current gold price is ard $67 per gram but he sells his gold bars at $87. $80m sales will generate $23m of gross profit before cost n buy back guarantee obligation.
Not difficult to afford a Bentley with that kind of money.
(15-01-2012, 05:04 PM)MrValue Wrote: [ -> ]"With his strong leadership and vision, the Gold Guarantee is born and it packed $80 million sales within three months of business, making it an industry leader almost overnight."
http://thegoldguarantee.com.sg/biography.html
This guy runs a gold ponzi scheme. Current gold price is ard $67 per gram but he sells his gold bars at $87. $80m sales will generate $23m of gross profit before cost n buy back guarantee obligation.
Not difficult to afford a Bentley with that kind of money.
You are right. It looks very dubious.
(15-01-2012, 05:04 PM)MrValue Wrote: [ -> ]"With his strong leadership and vision, the Gold Guarantee is born and it packed $80 million sales within three months of business, making it an industry leader almost overnight."
http://thegoldguarantee.com.sg/biography.html
This guy runs a gold ponzi scheme. Current gold price is ard $67 per gram but he sells his gold bars at $87. $80m sales will generate $23m of gross profit before cost n buy back guarantee obligation.
Not difficult to afford a Bentley with that kind of money.
You are good!
My worst fears confirmed! The worst is, Sunday Times, through this article may be giving them credibility and results in 'helping' many unsophisticated investors decide to put in their hard-earned money to 'invest' in their gold 'scheme'.
(15-01-2012, 05:04 PM)MrValue Wrote: [ -> ]This guy runs a gold ponzi scheme. Current gold price is ard $67 per gram but he sells his gold bars at $87. $80m sales will generate $23m of gross profit before cost n buy back guarantee obligation.
Not difficult to afford a Bentley with that kind of money.
Hmm, i dont quite get it. Though gold price is at $67/gram, if one pops into a jewellery shop, the shop owner wont charge their products at 67/gram right? I thought should compare with another company selling gold bar at what price? Also, the customer are getting the real gold bars and not any gold bar's certificate so how is it a ponzi scheme?
I think the plan will fail due to the buy-back guarantee if gold price plunge over the next decade. Well, if it fails, at least the customer still holding on to their real gold bars.
About 5 years ago my wife's cousin offered me almost the same type of scheme. Please wake up and run away as fast as possible whenever someone offers you some sorts of investments with guarantee. In investment there is no such thing as guarantee. If there is, it's definitely not an investment. Now even sovereign bonds are not guarantee. So don't ever believe when someone tell you there is a guarantee investment product. If there is why should he sell it to you? He might as well keep all the investment to himself, right? No? HA! HA!
Cheers!
It just say buy back guaranteed. Noting about price right ?
So is just an avenue for investor to offload. Ofcourse he will skim another huge margin off it.
Cory
My neighbor has been boasting about a monthly gain of ~1k when gold price was going up - not sure if she bought from the same company. Anyway, I have not heard about her "investment" recently. Like what WB likes to say, something just cannot be explained to a (investment) virgin.
I doubt it is a ponzi scheme as the customer will have the gold bar with them after the purchase. But I don't like this statement found on their page
"Gold purchased in the past, is more valuable now than ever. This gives reassurance that previous purchases were good decisions, and provides confidence that gold purchased today will offer lasting value."