Genneva Premier

[richardthebrave]

Hi, can anyone of you knows anything about Genneva Premier? They sell gold and they just setup a business selling gold bars here in the Philippines. They have an office supposedly there in Singapore and I am too far away to actually check if they are legit. Can anyone please help me out verify if they're not a scam company?

they are located here:

GENNEVA Pte Ltd
Main Office
1 Claymore Drive
#08-09 Orchard Towers Rear Block
Singapore 229594

Premier Centre
1 Claymore Drive
#08-06 Orchard Towers Rear Block
Singapore 229594

[PJL001]

The name sounds familiar - like it was a company operating in Malaysia and had been under some investigations by the Malaysian authorities. The investigation results, I don't recall reading any.

[siginah]

See this:

http://www.martinlee.sg/genneva-gold/comment-page-11/

For me, I am just amazed that there are people in the comments (such as Merigold) who claims to go in with their eyes wide open and try to justify why paying 25% above spot for gold makes sense.



I fail to see why one should complicate one's life by participating in such a convoluted scheme when one can simply buy gold coins and put them away.

[Silver bull]

We see them around in Singapore too however it seems like the way they are operating won't be sustainable. If I'm not wrong they are under investigations in both Malaysia and Singapore.

I believe this is another ponzi scheme so please find out more before you buy bars from them!

[anlok]

If I'm not wrong, they advertised in Straits Times Classified before & I've call them up. Totally not convincing!

[alor]

Originally Posted by anlok

If I'm not wrong, they advertised in Straits Times Classified before & I've call them up. Totally not convincing!

If you find it again, don't mind to share the page and the date on the paper, I seldom search the ST Classified section.

Just one of this last night.

http://www.youtube.com/watch?v=BLtA-...layer_embedded

from what I can remember, silver bond was defaulted in the past American history, read it from history book long ago. no one get their so call promised silver, the mines were closed down. all the land was liquidated, everyone gone broke!

I hope to hear all opinions from older/more experience people not just silver.
please comment about the u-tube video.

[AgAu]

They are on MAS warning list. Avoid.

http://www.moneysense.gov.sg/check_o...tal_IAL.html#g

[javacoffee]

Another similar company was Gold Label, operating the same business model in Singapore but already shut down this year. Ran into liquidity issue. It was a Ponzi scheme. They were under MAS watchlist, likewise with Geneva

I was approached by them. Selling gold at 30% above spot to customer. Payout is 2% per month, which is 24% per year. That leaves them 6% to pay their agent commission, operating cost etc. How can their operate on such a thin margin is questionable.

[prana]

*shudder* scary to hear all your stories.
at least we seem to be cautious. i am worried for those 'auntie' +
'uncle' investors who may get suckered. my mom is always approached by "nice young man" at the bank, offering all sorts of tempting funds to invest. i have to keep warning her not to listen to them, no matter how charming!

[javacoffee]

Originally Posted by alor

If you find it again, don't mind to share the page and the date on the paper, I seldom search the ST Classified section.

Just one of this last night.

http://www.youtube.com/watch?v=BLtA-...layer_embedded

from what I can remember, silver bond was defaulted in the past American history, read it from history book long ago. no one get their so call promised silver, the mines were closed down. all the land was liquidated, everyone gone broke!

I hope to hear all opinions from older/more experience people not just silver.
please comment about the u-tube video.

Royal Silver Club membership will not be offered to Singaporeans. Already asked them. Fee is USD$5000, you get 1 ounce round from them every month x 24. At the end of 2 years, you get back your capital (plus accumulated 24 ounces of the .99999 silver rounds).