It all started when Genneva director management found there was a financial improprieties that led to a delay paying back the money and returns on time. Some complaint to the Malaysia authority and checks were done on Genneva; and they were raided in Sept 2012. Read more about it here.
The Gold Guarantee (TGG) and Asia Pacific Bullion (APB) offered to buyback the gold from the Genneva clients in hope to help the Genneva’s customers to get their money back. There are terms and conditions for the Genneva’s customers however. Read about their rescue scheme here.
Because of this unfortunate incident, both The Gold Guarantee Ltd (TGG) and Asia Pacific Bullion (APB) are on the alert list of MAS.
The Gold Guarantee Pte Ltd is owned by Lee Song Teck (1 million shares) and it is located in Singapore (listed in ARCA), Malaysia, Hong Kong and Thailand. What the business does is to trade gold (physically) in exchange for cash from the customers. The transaction comes with an option to sell back the gold at the rate the contract stated. The price of each contract differs as the price of gold fluctuates daily.
The customer in return will get a discount or interest for holding the gold for a certain number of months. The longer the holding period, the more the interest they have. This is how the customers get their returns on the investment.
From what I observe from these gold companies, they provide a warranty to buy back the gold at a specific period at a fixed rate according to the transaction contract. To tell the truth, most of the banks in Singapore sell gold as well, and they are at least 10 to 15% cheaper than what these gold companies are selling!!!
Why would anyone be Interested and buy from them?
The main reason is that the gold companies are using the fact that fiat currency especially the U.S and European currency are losing confidence, and thus making gold increase in value and confidence.
What they are offering is an option (after a specific period) to sell back the gold to the companies at the selling prices stated in the contract. The buyers will earn a profit from the discount they received when they first purchased the gold.
The Gold Guarantee Contact Information
Address: 42A Boat Quay Singapore 049831
Phone: +65 6535 4052
Fax: +65 6535 4076
Gold investing has exists since man started to use gold as jewellery and became valuable. If you are planning to join in the gold investment, you can attend their free previews. Their sales consultants will be able to answer your questions.
There will be risks involved in everything we do; we MUST use calculated risks in investment and business that we are comfortable with. We have to be careful and research on investments that you are not familiar of.
You can read more about gold investing posts in this website.