Further reading: Gold hits fresh high as US dollar falls to three-year low

Cheers!

no..don have..hav2 go physical

No wonder...i try to look at silver ...but cant find any bank with silver account. I read from news that silver raise higher then gold during the same period.

@pateagle,
You haven't addressed this previous query:
What's the verdict of the court case?

Gold surpasses 1540 tick now:

1,543.00 +12.20 +0.80%

Hi b00n, thanks for the reminder.

Believe it or not, I heard that the prosecutors couldn't find witnesses to charge the defendants for money-laundering. Look out for the next hearing date. All are invited to attend.

Meantime, please note that Genneva Sdn Bhd and Genneva Malaysia Sdn Bhd are two separate entities.

The directors of Genneva Sdn Bhd were under suspicion of conducting illegal deposit taking activities in breach of Banking and Financial Institutions Act 1989 (BAFIA) and Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and were subsequently charged. However, all pleaded NOT GUILTY and claimed trial as seen at http://mygoldgoose.wordpress.com/2011/04/1...ectors-charged/

Genneva Malaysia Sdn Bhd has fulfilled all Bank Negara’s requirements as a scheduled Institution under Section 21(1) of the Banking and Financial Institution Act, 1989 (BAFIA); and classified under First Schedule of Anti-Money Laundering and Anti-Terrorism Financing Act, 2001(AMLA) as a “Reporting Institution”.

In addition, GMSB's gold products are Syariah compliant; policy governed by the Syariah Committee.

Just reread the following articles at Genneva Directors Charged
The Star article, Thursday March 17, 2011: Trio claim trial to charge of illegal deposit-taking

The Star, Friday October 15, 2010: Four hit with 796 charges

And under Geneva Sdn Bhd, 21 July 2009 at http://www.bnm.gov.my/microsites/fraudalert/0301_status.htm

With 707 counts of money laundering and 796 charges...
1. Don't you find it odd the prosecutors can't find witnesses since they have all the relevant documents?
2. Where are the witnesses, the members of the public who complained? Could they be competitors?

---

Added on April 30, 2011, 4:43 amBTW, I had the pleasure of meeting Genneva Founding Member Dato' Ng Poh Weng on many occasions. Someone who is most unassuming, humble and helpful. I respect him very much.

FYI, Dato' Ng was ex-Poh Kong co-founder with more than 50 years of knowledge and experience in the gold industry; started in the gold industry with family who owns a gold factory equipped with manufacturing, retailing and refining gold... hence my confidence in investing in Genneva Gold and would recommend it to everyone based on my first-hand experience dealing with Dato Ng and his dedicated and committed management team.

This post has been edited by PatEagle: Apr 30 2011, 04:43 AM

This week closing:

1,556.00 +32.20 +2.10%

BTW, David, what is +32.20 +2.10% ? Thanks.

Here, everyone, read: AFP: Gold rockets to nearly $1,570 as dollar sags

This post has been edited by PatEagle: Apr 30 2011, 05:45 PM

China aims to have more gold than America

THE CENTRAL BANKS of developing countries will Buy Gold at an increasing rate in coming years, with China being a leading player, according to a major industry figure.

“China is out to have more gold than America, and Russia is aspiring to the same,”said McEwen, who is now chairman and CEO of junior miner US Gold. “When you have debt, you don’t have a lot of flexibility. China wants to show its currency has more backing than the US.”

Read full story at http://mygoldgoose.wordpress.com/2011/04/3...d-than-america/

Cheers!

Change and Percentage of change for the day

Bretton Wood Agreement v2 anytime soon?

The huge hike in gold price isn't only because of the demand for gold, but because they are measured in USD which is in pitfall. Valuing gold in different currencies gives you a better picture.

http://www.goldprice.org/spot-gold.html

AUD, CHF, NZD, CAD and SGD are now the stable currencies.

This post has been edited by HuorEarfalas: Apr 30 2011, 09:27 PM

If USD get back and got strenghten, it will make the gold price more cheaper right? Will this occur in the near time because the price of gold is 'still' skyrocking right now.

There are two problems that are contributing to the USD pitfall: Stupidity and more stupidity, which ironically, rest within the brains of MIT and Harvard alumni Ben Bernanke and Obama.

It wasn't since 2008 after the financial crisis that the USD started falling. It was wayyyy earlier than before that the USD was already devaluing.

Way earlier back in 1971 when America decided to put their dumbest president in office just to see what happens. Richard Nixon told the nation the Gold Standard was bad for the economy, and decided to take USD out from the Bretton Wood Agreement. He even went on and told the world's central banks to empty their gold inventories and replace them with worthless US$. This is why the US$ is the world's largest reserve currency until today, and China is making noise for a new reserve currency.

The series of war between America and Soviet and the Iranian Revolution followed on. War cost money, and America didn't have the money to pay. So what's the solution? Print more money! And then put circulate them in the public! This massive QE programme led to the unprecedented gold spike of US$850 an ounce in 1980, which is equivalent to US$2,000 if measured in 2006. The massive monetary inflation had brought the country to its knees and America was on the verge of a social collapse.

To tackle the problem, Henry Paulson, then treasury secretary, was forced to raise the interest rates to 20%, and it did what it was meant to do. Gold price dropped, US$ rose and the inflation controlled. Gold continued to drop until 1999 when the value was US$250 an ounce.

And then the Internet Bubble in 2001, America was experiencing another economic crisis. Alan Greenspan then chairman of the Federal Reserves reduced the interest rate from 7% to 1% in an effort to encourage spending in the economy. This was the cause for the housing bubble that led to the financial crisis 2008.

And pouring more fuel into the fire, America put another dumb president in power. Obama raised the debt ceiling, proposed his healthcare reforms(more government spending) and forced the Congress to approve his massive stimulus package to bailout companies. This ballooned the already exploding national debt of US$14 trillion (which is higher than the world's GDP combined ) and America is trying to pay back all its debts by QE2.

Investors now know 2 things :- low interest rates will no doubt create another bubble and QE2 helps nothing but devalue the US$. If interest rates does not rise, QE2 not stopped and the national debt not controlled, investors will stay away from the US$ and you will continue to see the gold price skyrocketing (in USD).

EDIT: Those who do not know history are bound to repeat history. If you have the time, google Depression of 1920-1921 which was worse than 1929 and look how the government solved the crisis in just 18 months.

Also, google the German Weimar Republic 1923 and their government bankrupted the country. Whatever their government did back then, is exactly what the Obama administration is doing right now.

This post has been edited by HuorEarfalas: May 1 2011, 03:32 AM

If you are from Australia, Swiss, NZ, or from AUD/those currency pov, you don't see any much appreciation in AUD price of gold rise, even from USD1300 to USD1500.

With trillion of QE of USD, I don't see how USD can strengthen in the near future unless we are heading another global financial crisis again.

If FED not continue its QE program after QE2, will gold goes higher or else ?

Can Obama team manage to setlle the USD weakening problem again? Or else?

HI all,

I am new here, and very much interested in the gold passbook after reading so many pages in this thread. But still i am not sure what/how is the best practice to make profit with the passbook effectively in long run.
I am thinking of 2 practice, but not sure which is better.

First practice, treat this passbook as a saving account, and throw in any extra money every month i have into this gold account. Accumulate as much gold as i can without withdrawing it even in good price. Maybe withdraw only for emergency use. Other than that, will keep buying every once or two month to accumulate for 3-4 yrs. This way, i dont really need to monitor very closely about the the price up or down. Only if extreme case happen.
Not sure if this way can work??

2nd,
Buy as much as i can right now and monitor for good price to sell(cash out). Then wait for best price to buy more again using my profit earned and capital. and keep repeating....

which way you guys think is better way for long run?


i am not a big player and not really an investor.
If you guys can share your good practices and advices on how to make use of this account, is very appreciated here.

If inflation doesn't spike, without QE, the chance of gold price stagnant is high.

But still depended on how hawkish of Fed on inflation.
If Fed still prefer inflation and with cheap money (low interest rate), gold price may still creeping up.

It is all about cheap, and abundant money running wild out there.

It is Fed that dictate how USD position/situation will be.

But of course. Thanks David. Cheers.

The current gold rush is pretty scary. Gold price is currently at all time high. With GPSA, I wonder if it'll end up like the stock market where I never recovered from the paper looses two decades ago till today. I quote from the article Gold accounts gaining popularity -- “Through GSPA, investors have the ability to build a personal gold investment portfolio by purchasing gold in small amounts from a minimum 5gm regularly over a period of time and can enjoy capital gains IF the price of gold (quoted in the international market) appreciates.” -- it does sound like the stock market and that makes me jittery.
Also read Gold Buyer's Checklist at http://goldnews.bullionvault.com/gold_buy_112720092

Long and short of it, personally, I do not want to put my hard earned money and savings into something subjected to speculation and market fluctuations that is beyond my control. I do not want to hold a gold "passbook" -- it is still a passbook, made of paper, not matter what is written on it.

In the end, having invested in all sorts of investment instruments for the past 30-odd years, I settled for Genneva Gold Savings Plan -- whether the price of gold goes up or down, my capital is protected 100% and I get to keep the physical gold and earn an assured return every month (for a tenure of 6 months) similar to putting my funds in fixed deposit.

However, don't let me influence you. Only you can decide the best place for your money, and like it or not, as I've learned, any decision you make will put your money at risk anyway. Most importantly, diversify your portfolio. Don't put all your eggs in one basket.

I hope this helps, cheers and all the best.