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Gold scams

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A few days ago, I saw a Channel 8 news bulletin on Genneva Gold Trading Firm, which is a company that offers gold buyback scheme to investors. Apparently, it is being sued by its customers for not meeting its financial obligations. Quite a number of Singaporeans had actually invested with the company.
In the news, one customer even showed the reporter that he had invested hundred of thousands in such scheme but is now desperate to get back his monies. At the back of my mind, I doubt he can ever get back any of his principle investment. Even if he does, the amount he can get back is most probably a fraction of his initial investment.
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Know the rules
Should there be no sympathy for investors who had sunk in their monies and lost their life savings in these gold buy-back schemes?
In the news, a lawyer was interviewed and he pointed out that the contract agreement between buyer and seller clearly indicated that such schemes are high risk investments and that the returns are not guaranteed. So to be fair, people who chose to invest in such dubious schemes should play by the rules and realize that they are buying a risky financial product.

High risk, high return. That is the golden rule in the world of investment. So is it fair for them to sue the company when they lost money? Did they make any noise when they made some money? So the point I am trying to make is that investors have to be responsible for their own actions and be discerning of potential scams before they commit their monies. It is not right for them to claim ignorant and take legal actions to claim back their losses without having a clue to what financial products they have purchased.

Singaporeans are educated but can be stupid sometimes
Many of these so-called “investors” are not actually investing, they are just greedy and foolish people who are easily conned into get-rich quick schemes. They are not investment practitioners and don’t do their homework before they invest. They let greed rule their head and thought they had discovered the secret to making big money when it was actually a scam awaiting for them to walk in. They think they can outsmart the rest of the world. How can that be?

Wealth builders have to realize that if something is too good to be true, it probably is. So get yourself financially educated by following my blog. Stop being stupid and greedy.

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SG Wealth Builder

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