if this company is genneva, i dont think so they can still survive till now

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

i know thei plans.

My question is IF one keeps the bar, hows he going to sell and to whom later on?   

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

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

Yes ... 3 percent per month for 6 months during this special promotion . Ordinary rates is 2 percent if you invest at least 100 grams . If you invest at least 2 kilos , you will get 2.5 percent hibah .
.

Exactly........  Big discount

i know thei plans.

My question is IF one keeps the bar, hows he going to sell and to whom later on?    

My friend said the 3% ONLY offer to the OLD investors who ALREADY purchased before. NEW customer not qualify.

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Added on July 14, 2012, 3:43 pm

You will NEVER gain the gold bar with the market price. If the gold price UP, Genneva will asking u to top up the $. So, u all the way will buy higher 20% to 25% high price compared with market price.

I have checked with a few major goldsmith shops regarding selling Genneva's gold. Retail price of gold differs from one another.
There are a few gold councils in Malaysia that determine suggested selling price to their members.

For instance I checked with a major goldsmith shop (A) today, their retail price is RM210/g for gold bullion while Genneva's is RM203 as for today.
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.

Spot price is RM162.45 today.

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Added on July 14, 2012, 9:19 pm

Market price is the retail price. All gold sold by goldsmith shops are at market price which is between 20% and 30% marked up off the spot price. It varies from shops to shops. Genneva mark up their at 25%.

Even if you buy gold from other retailers, you are still paying a premium price and make a loss when you sell back immediately.

I have checked with a few major goldsmith shops regarding selling Genneva's gold. Retail price of gold differs from one another.
There are a few gold councils in Malaysia that determine suggested selling price to their members.

For instance I checked with a major goldsmith shop (A) today, their retail price is RM210/g for gold bullion while Genneva's is RM203 as for today.
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.

Spot price is RM162.45 today.

---

Added on July 14, 2012, 9:19 pm

Market price is the retail price. All gold sold by goldsmith shops are at market price which is between 20% and 30% marked up off the spot price. It varies from shops to shops. Genneva mark up their at 25%.

Even if you buy gold from other retailers, you are still paying a premium price and make a loss when you sell back immediately.

The things is: If he keeps the bar, who is gonna buy it from him after the contract?
genneva does not need to....the jewellers?  Thats a 25% cut off the spot prices....

OR will the banks buy???

I have checked with a few major goldsmith shops regarding selling Genneva's gold. Retail price of gold differs from one another.
There are a few gold councils in Malaysia that determine suggested selling price to their members.

For instance I checked with a major goldsmith shop (A) today, their retail price is RM210/g for gold bullion while Genneva's is RM203 as for today.
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.

Spot price is RM162.45 today.

---

Added on July 14, 2012, 9:19 pm

Market price is the retail price. All gold sold by goldsmith shops are at market price which is between 20% and 30% marked up off the spot price. It varies from shops to shops. Genneva mark up their at 25%.

Even if you buy gold from other retailers, you are still paying a premium price and make a loss when you sell back immediately.

25% only apply for 'jewellery' provided with its own company receipt.
If sell Genneva gold bar to jewellery shop at least lose 40% or more

Are u sure ? Why su much lose ?

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

My friend said the 3% ONLY offer to the OLD investors who ALREADY purchased before. NEW customer not qualify.

---

Added on July 14, 2012, 3:43 pm

You will NEVER gain the gold bar with the market price. If the gold price UP, Genneva will asking u to top up the $. So, u all the way will buy higher 20% to 25% high price compared with market price.

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.

Caught this from another forum

After the non compliance decree by The FATWA Committee of the National Council of Islamic Religious Affairs ,
apparently
http://www.martinlee.sg/genneva-gold/comme...ge-14/#comments

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

Time to run......FAST !