Just to re-cap why Genneva is illegal deposit taking in simple terms.

Pay 100k to genneva, genneva give back change 75K (not in cash but in gold)
GM give you fixed deposit certificate for 3 months tenure (they call it non binding contract)
The indicative rate is 2 - 3 % (on 100k) per month depending on promos. They call it non binding hibah
Effectively you are placing 30k fixed deposit with Bank Genneva for returns of 6k to 9k for 3 months tenure. But they call it gold purchase at premium.
Someone earlier said all banks assets less than liabilities also. Thanks for the tip. I did not know this, I 'd better sell off all my Public Bank shares. Maybe they pakat with auditors to cook their books to deceive us. They claim their net asset as at 31.12.11 is 27 billion. maybe they are lying and have net liabilities. I shall consider selling my PBbank shares and buy physical gold. At least this I can see and  feel. Only thing, takut kena rompak. Maybe spray green colour and use as paper weight.

Someone earlier said all banks assets less than liabilities also. Thanks for the tip. I did not know this, I 'd better sell off all my Public Bank shares. Maybe they pakat with auditors to cook their books to deceive us. They claim their net asset as at 31.12.11 is 27 billion. maybe they are lying and have net liabilities. I shall consider selling my PBbank shares and buy physical gold. At least this I can see and  feel. Only thing, takut kena rompak. Maybe spray green colour and use as paper weight.

I wonder why is it that I never ever hear of any dodgy MLM or ponzi scheme until it blows up in a very public way. I've never even heard of Lampaberger until it was brought up here.

Than again, I'm pretty selective about my friends and who I mix with. Anyone who would dabble in this kind of nonsense, I would have cut ties with them ages ago. Heck, I even warn my friends to never forward any chain letter/jokes/stories to my personal e-mail or I will punch them in the face when I next see them. If the e-mail is not personally written by them, I'm not interested in reading it.

Suffice to say, I have minimal exposure to scams and spam even.

Who the hell is talking cock?

Bank's cash reserves are less than liabilities, yes. That is normal. Assets less than liabilities? Never - not without it being a major scandal once the auditors pick up on it. There is a reason why it is called a balance sheet. It must balance. A = L + E.

To give a real-life example to those thick-skull GMS folks. Let's say they take out a loan from the bank to buy Genneva gold. They will not hold physical gold as an asset (assuming Genneva delivered) and owe a liability to the bank.

As for the bank. the bank's cash reserves goes down, but the money that you owe them goes back into the balance sheet as an asset (Accounts Receivable, or something like that. I don't fully remember the accounting details). The value of their assets actually doesn't change at the point of the loan.

So you see, the bank's balance sheet balances. By right, your own balance sheet should also balance. Except...well, I do believe Genneva doesn't always deliver the gold on time. So you have no gold, no money, and a loan on your hand. You're broke and you owe people money. Yet you still seem to think you made a good decision to trust in Genneva.

I have to disagree. Gold only has value because modern civilization perceives it to have value. If we were to regress back to a primitive state, gold is next to useless. In a way, that makes it no different from fiat money.

Think about it, what practical use do people actually have for gold? It has a unique property of being both conductive and is chemically stable. This makes it useful it electronics, along with some minor uses in medicine and dentistry. However, the amount needed is actually very small and for the most part, recyclable (except for tooth fillings which don't get recycled until the owned bites the dust).

Aside from that, the fact that it is shiny and does not corrode makes it suitable for jewelry and coinage except that it is rather soft and needs to be alloyed. However, I think you will agree when I say that this is not very practical at all and jewelry really doesn't use that much gold as well.

That is the reason why gold, as a commodity, mostly just sits around in vaults. We have no reason to convert the bullion into something else. Petroleum, as a commodity, will eventually be pumped into vehicles. Copper, as a commodity, will also be eventually used. There will be a point when demand for copper outstrips supply for it. Why do you think there are people in the US who are hoarding pennies by the millions? Supply is running low, and people expect the penny to eventually be taken out of circulation as the production cost far exceeds the face value. When that happens, those copper hoarders are going to earn far more than any gold trader.

I really wish I hung on to those 1 sen coins but I don't think their copper content was as pure as the US penny.

Debbie oh debbie:

Peter Conelly I really pity those who take what RPK wrote as the truth, cos surely ur brain is as small as peanut and morally bancrupt as well. Why bother to reply to that debt-it rowe?? Those ppl will forever upload image that they never can afford to buy.

imo in real chaos and anarchy, u will be rip with 1gold bar for 1 loaf bread or u can exchange 1piece meat with 1loaf bread 
precious metal is condense weatlh, which mean it come into use when u got too much $$$ ie. billion or trillion
to use condense wealth as transaction medium is inefficient at all
gold in the pass serve as condense wealth for elite class, and it will do so in future as well
for a commoner to hoard it to condense their little $$ isnt worth it

i rasa lah
dont bash me :handshake:

Today's world, Gold have value and usage compare to last generations. It does not sit in the vault but in technology.

   
You see:
- Bank do not you give you 6 hours lecture or make you go training center
- Bank do not talk till make you feel so good so saved so peace in mind
- Bank usually won't tell you how evil other investment is and won't tell you something like fixed deposit isn't investment
- Bank would not ask you to sell your property or end your business and put all the cash to them
- Bank is no trade secret, and they don't have to make you so saved like after a church session

So, if I am a Gm customer and sing I luv GM everyday 7am+pm, I will feel hella good and waaaay above all human being because I am on the same side of this *trade secret*. Not just that, all my families and friends are saved too because I hv brought them in!

And I won't understand a thing about why the hell bnm raided my capital letter G.
   

Who the hell is talking cock?

Bank's cash reserves are less than liabilities, yes. That is normal. Assets less than liabilities? Never - not without it being a major scandal once the auditors pick up on it. There is a reason why it is called a balance sheet. It must balance. A = L + E.

To give a real-life example to those thick-skull GMS folks. Let's say they take out a loan from the bank to buy Genneva gold. They will not hold physical gold as an asset (assuming Genneva delivered) and owe a liability to the bank.

As for the bank. the bank's cash reserves goes down, but the money that you owe them goes back into the balance sheet as an asset (Accounts Receivable, or something like that. I don't fully remember the accounting details). The value of their assets actually doesn't change at the point of the loan.

So you see, the bank's balance sheet balances. By right, your own balance sheet should also balance. Except...well, I do believe Genneva doesn't always deliver the gold on time. So you have no gold, no money, and a loan on your hand. You're broke and you owe people money. Yet you still seem to think you made a good decision to trust in Genneva.

bosan already this case... very good tactic both BNM & Genneva directors & management, silence ... until no one bother anymore.. lol otherthan ppl who lost their life saving

Why it still sound like Insurance agent and their plan? 

   
No no no no
- it is not investment
- it's not fixed deposit
- it's neither loan
- and of course it is not insurance, not property, not stock market, not unit trust, not buying and selling chicken rice too.

Its merely gold trading, hibah, if you having hard time imagining, its similar to credit card give rebate, or Jusco card give points, or bonuslink....
But of course it is not what it sounded like, coz it is our trade secret 
   

PBbank
current net asset 31/12/12: 22,945,954 million RM
current asset: 245.336.870 million; liabilities: 222,465,029 million
Of course I wouldn't sell my PBbank shares. I have kept them for years and years and their returns on investment (dividends and capital gains) far exceeds the performance of gold.

Agree with you. Unless BNM come out with datas, Genneva victim won't wake up. And no point debating with them. 

   
You see:

- Bank would not ask you to sell your property or end your business and put all the cash to them
   

- Bank would not ask you to quit your job to be a full-time CON artist.

- Bank would not ask you to refinance your house to buy into a scam

- Bank would not ask you to make a personal/term loan to participate in a ponzi scheme

- Bank would not ask old retirees to take everything they have in EPF, FD's, and their life savings for this crap.

- Bank would not cheat and con their closest relatives, friends and acquaintances so that agents can earn crazy commissions monthly
- Bank would have nothing to do with this shit, period.