please check properly before u said anything, is 3% per month for duration of 6 month dude

QUOTE(Empathy @ Jul 13 2012, 11:48 PM)

Yes ... I heard about this from my agent yesterday. He said 3 percent hibah for 6 months . Minimum 50 grams .

That is 18% in total for 6 months. No investment can make such amount of money within short time. If such thing exist, you will see EPF, KWSP, And other big funds will invest in it until the genneva bank account will explode. 

but then izit u wrote "Looks like the rates are diminishing......from 2% p month.
Now its 0.5% p month......money troubles?'? u actually use 3% divide 6 month so =0.5% per month?

Even 2% per month is still high. That makes 24% a year. Still extremely high for a guaranteed return scheme. Even amanah saham return is around 6-7% with risks. This genneva no risk 24% you think the company can sustain it? For first year maybe can sustain. But this kind of company exist for a good reason. To teach some folks a painful lesson IF and Only IF the company is gone.

We should ask EPF dump ALL our monies in Genneva...then we Malaysians can afford to takeover Berkshire Hathaway in no time

Someone call Warren and warn him of an impending hostile takeover?

That's because the time has not arrived

The 2008 US property-led crash did not happen overnight, right?

Is he? IF he stopped investing and pulled out already, yes.
IF not, the gold is in his hand now or not? Do an Excel calculation - 2 years.. with the buyback by Company at the end of the contract and buy anew again by your friend (higher gold price assumed) for a new contract, U sure he's safe?

genneva will actually buy back from you from your last purchased price

if u keep it, then u will be able to receive the so called hibah if you sell back to the company, u wont be able to get the hibah anymore

For example, if u purchase the gold now , the contract is for 4 month, so after 4 month u need to bring the gold to the office to let them to check, so if u sell away during that period, you wont be able to receive hibah again

either u sell back to the company after the contract end or outside gold smith-25-30% price

Shop A will take Genneva's gold at anytime provided the gold bullion must be accompanied by a certificate. They will buy it at 20% off the RM210/g (their retail price). This is confirmed when I checked with their 3 other outlets.

Another shop quoted me RM202/g for their 999,9 gold and they will buy 22% off RM202/g if Genneva's gold is sold to them.

The third one offered 25% off their recommended retail price.

The marketing strategy always harp on the price between them and retailers like Poh Kong, Tomei. Their pricing sounds very convincing. But when we assess the risk, there are big differences between the retail shops and them :

1. Time Of Delivery
Retail shop one hand give money one hand receive gold bullion. Risk is only on the price fluctuation. No chance being con

The other company ? Got turnaround time - when you renew, the gold has to give back to them. When you sell back to them, they need time to prepare cheque. Turnaround time could go to months. The time when no gold in your hand is same like playing musical chair when you don't have a chair to sit

2. Reputation/status of company

Retail shops like Poh Kong, Tomei, Habib have decades of history in business and are reputable listed company. If these companies offer the same terms as Genneva, I got no hesitation to invest. But only in my dream they will offer 24% pa

The other company ? Similar named company is being investigated by BNM under Bafia (criminal court case, not civil case). And the current company has just been declared non-halal
Price is not the only criteria for investment. You must look at the risk also

This 3% stunt is quite scary.  Its move they are doing in order to get their old customers to top up.  Yes they have to top up in order to get the promotion.  So they can get more money into their cash flow.

This move look like it can either build or bust Genneva.  If gold price were to go up then yes genneva is safe with much more cash flow and this stunt worked.  If gold prices fall hard this stunt will scar them bad!!!

But what is also scary is the new document they are making the buyers sign. In that documenet it states that Genneva guarantees nothing and it will not guarantee it will buy back.  NO MORE GUANRANTEES this time.  Its like a big hint to pull out.

The goldco had subsequently put up 2 forms for ALL their customers to fill up and sign as follows :
Form SCG712-1 Safe custody of gold products
Form NPG712-1 Payment for new purchase of gold products from Genneva Sdn. Bhd.
These forms were actually to transfer all the risks of the goldco’s buyback arrangement to the customer.
Form SCG712-1 is summarized as follows :
We, the undersigned, hereby intend to sell the following gold product(s) to GMSB.
Pending the completion of the sale of these gold product(s), we hereby deliver the above mentioned gold product(s) to GMSB to be held in safe custody on our behalf.
We hereby confirm that we are making the above request and delivery on our own free will.
Form NPG712-1 is summarized as follows :
We the undersigned, hereby intend to utilize the proceeds of the gold products sold by us to GMSB towards payment of our new purchase(s) of gold products from GMSB.
Accordingly, we therefore request GMSB not to issue the cheque for payment of the gold product(s) sold by us to GMSB (“Sales Proceeds”).
We hereby expressedly authorise GMSB to retain the sales proceeds and utilise the same towards payment of our new purchase(s) of gold products from GMSB.
We hereby confirm that we are making the above request and authorization on our own free will.

What the clauses trying to do is "money always come into the company, and make sure it never go out" ?

Time to run......FAST !

Don't waste your time here. Ask the bank, Bill Gates, Apple, Sony how they make money and show you how it is done....please don't ask idiotic questions.

All posts in this forum doesn't tell me anything, just wild guess, rumour mongering, tale bearing, teh tarik talk! Just all that kind of low level thinking. No facts, no figures, cos all never bother to do homework, check out the company, go to their gold talks etc..... even calculation is wrong.

I starting to waste time here.....!!!

Do your homework before yakking nonsense.

When some one

Its becos they got into defensive mode

In simple terms the bank earns money by charging interest more than they are giving out interest.
Bill Gates, Apple, Sony makes money by selling products where the the products have their profit margin after netting off costs and productions.

So now tell me about Geneva? Simple term, how do they earn when they are giving out high interest back to customers? Or how can they afford to pay back interest to the customers?

Yes, it is very innovative. Basically it is an art of managing funds, which need very complex software/formula and PHD in finance to do it right. You got to have 6 way hedge against each other :

1. US$
2. RM
3. Gold spot price
4. Gold retail price
5. Old customer money (hibah)
6. new customer money