Gross said buy gold and real assets

[phantom_opera]

Unless we begin to close this gap, then the inevitable result will be that our debt/GDP ratio will continue to rise, the Fed would print money to pay for the deficiency, inflation would follow and the dollar would inevitably decline. Bonds would be burned to a crisp and stocks would certainly be singed; only gold and real assets would thrive within the “Ring of Fire.”

[Arcachon]

By Magdalen Ng
THE Commercial Affairs Department raided the offices of gold trading firm Genneva yesterday, while a similar operation was conducted by the Malaysian authorities across the border.

Officers were seen taking cardboard boxes and computer hardware from the firm's eighth-floor premises in Orchard Towers when The Straits Times visited yesterday afternoon.

One of the firm's agents - they sell the gold to customers - said some employees, including the operations manager and the marketing director, have been asked to help with investigations.

Customers who called at the office yesterday said they had not been given any explanations but were told to get in touch with their consultants. There was also no mention as to when the office would be reopened.

The raid in Malaysia was carried out by the police and financial regulators. The police action is the latest problem for Genneva, which has been unable to meet financial obligations to customers and agents for some months.

One customer has sued Genneva for $190,000 and won a provisional judgment in her favour. The Straits Times understands that many other clients are thinking of taking similar action.

In a letter addressed to customers and consultants dated last Friday, Genneva said the directors had discovered "financial improprieties that led to delay in the payment of discounts and commissions and fulfilment of buy-back guarantees".

It added that the necessary police reports have been filed. It is unclear if the authorities acted on the firm's reports, or of their own accord.

The letter was signed by Mr Justin Lim, who said he had been appointed the new general manager and that fresh management had been appointed.

"The directors are in the midst of negotiations with an external party who is prepared to assist the company and see it through the financial crisis," he stated. "The objective is to ensure that all obligations to the company's customers and consultants are met."

It is unclear if this means a third party might invest in Genneva. The firm could not be reached for further comment yesterday.

Mr Lim's letter also asked customers and consultants to remain calm and to cooperate with the company to work out amicable solutions.

Genneva's website repeated the same message and included: "Keep the faith. We will be back soon. This is our promise."

A Genneva consultant, who wanted to be known only as Mr Koh, said he and his colleagues had not been given any official instructions and have not been able to access the Web portal assigned to them.

Genneva is not regulated by the Monetary Authority of Singapore and has been placed on its Investor Alert List of unlicensed entities. Consumers deal with these companies at their own risk.

[email protected].s

[kane]

is this a new case?

By Magdalen Ng
THE Commercial Affairs Department raided the offices of gold trading firm Genneva yesterday, while a similar operation was conducted by the Malaysian authorities across the border.

Officers were seen taking cardboard boxes and computer hardware from the firm's eighth-floor premises in Orchard Towers when The Straits Times visited yesterday afternoon.

One of the firm's agents - they sell the gold to customers - said some employees, including the operations manager and the marketing director, have been asked to help with investigations.

Customers who called at the office yesterday said they had not been given any explanations but were told to get in touch with their consultants. There was also no mention as to when the office would be reopened.

The raid in Malaysia was carried out by the police and financial regulators. The police action is the latest problem for Genneva, which has been unable to meet financial obligations to customers and agents for some months.

One customer has sued Genneva for $190,000 and won a provisional judgment in her favour. The Straits Times understands that many other clients are thinking of taking similar action.

In a letter addressed to customers and consultants dated last Friday, Genneva said the directors had discovered "financial improprieties that led to delay in the payment of discounts and commissions and fulfilment of buy-back guarantees".

It added that the necessary police reports have been filed. It is unclear if the authorities acted on the firm's reports, or of their own accord.

The letter was signed by Mr Justin Lim, who said he had been appointed the new general manager and that fresh management had been appointed.

"The directors are in the midst of negotiations with an external party who is prepared to assist the company and see it through the financial crisis," he stated. "The objective is to ensure that all obligations to the company's customers and consultants are met."

It is unclear if this means a third party might invest in Genneva. The firm could not be reached for further comment yesterday.

Mr Lim's letter also asked customers and consultants to remain calm and to cooperate with the company to work out amicable solutions.

Genneva's website repeated the same message and included: "Keep the faith. We will be back soon. This is our promise."

A Genneva consultant, who wanted to be known only as Mr Koh, said he and his colleagues had not been given any official instructions and have not been able to access the Web portal assigned to them.

Genneva is not regulated by the Monetary Authority of Singapore and has been placed on its Investor Alert List of unlicensed entities. Consumers deal with these companies at their own risk.

[email protected].s

[Arcachon]

Today paper

[kane]

any company named? sometime back I remember my friend bought into some forward priced gold. but it didn't look sustainable. i wonder if it was the same company?

[kane]

stocks could stage a surprise rally with the amount of liquidity in the market.

[phantom_opera]

stocks could stage a surprise rally with the amount of liquidity in the market.

but it seems these few days there are signs of selling into strength ... of course no big move probably until election is over

[kane]

but it seems these few days there are signs of selling into strength ... of course no big move probably until election is over

after such a strong Q3, it is only normal the consolidate for the coming weeks.

[Laguna]

any company named? sometime back I remember my friend bought into some forward priced gold. but it didn't look sustainable. i wonder if it was the same company?

I know there are three, Genneva Gold, Gold Guarantee and one more, cannot recall.

Now a lot of people go to Gold Guarantee, working on the same principle...

[kane]

After I explained the concept of the risk feee rate to them, they weren't so sure of "bao jiak" investment.

[DC33_2008]

Had someone from this company who has introduced this investment 4 years ago. Those who have gone in earlier would have made the money. Hopefully, the are out otherwise they may be caught with a much larger investment.

By Magdalen Ng
THE Commercial Affairs Department raided the offices of gold trading firm Genneva yesterday, while a similar operation was conducted by the Malaysian authorities across the border.

Officers were seen taking cardboard boxes and computer hardware from the firm's eighth-floor premises in Orchard Towers when The Straits Times visited yesterday afternoon.

One of the firm's agents - they sell the gold to customers - said some employees, including the operations manager and the marketing director, have been asked to help with investigations.

Customers who called at the office yesterday said they had not been given any explanations but were told to get in touch with their consultants. There was also no mention as to when the office would be reopened.

The raid in Malaysia was carried out by the police and financial regulators. The police action is the latest problem for Genneva, which has been unable to meet financial obligations to customers and agents for some months.

One customer has sued Genneva for $190,000 and won a provisional judgment in her favour. The Straits Times understands that many other clients are thinking of taking similar action.

In a letter addressed to customers and consultants dated last Friday, Genneva said the directors had discovered "financial improprieties that led to delay in the payment of discounts and commissions and fulfilment of buy-back guarantees".

It added that the necessary police reports have been filed. It is unclear if the authorities acted on the firm's reports, or of their own accord.

The letter was signed by Mr Justin Lim, who said he had been appointed the new general manager and that fresh management had been appointed.

"The directors are in the midst of negotiations with an external party who is prepared to assist the company and see it through the financial crisis," he stated. "The objective is to ensure that all obligations to the company's customers and consultants are met."

It is unclear if this means a third party might invest in Genneva. The firm could not be reached for further comment yesterday.

Mr Lim's letter also asked customers and consultants to remain calm and to cooperate with the company to work out amicable solutions.

Genneva's website repeated the same message and included: "Keep the faith. We will be back soon. This is our promise."

A Genneva consultant, who wanted to be known only as Mr Koh, said he and his colleagues had not been given any official instructions and have not been able to access the Web portal assigned to them.

Genneva is not regulated by the Monetary Authority of Singapore and has been placed on its Investor Alert List of unlicensed entities. Consumers deal with these companies at their own risk.

[email protected].s

[hopeful]

Such a high premium .

how come developer cannot sell, eg ECO for 2000psf and offer rental guarantee 10% for 5 years?

People will say use own money to pay back.
Then in this case, how come "investors" never think they use their own money to get back the 2% ?