More than 20 investors who put around $7 million into a gold buyback scheme run by local firm Suisse International are now worried that they cannot get their money back.

Not only is its owner uncontactable, they said, but the company' s office at Keypoint in Beach Road has also been closed.

The last message the investors received was from the firm' s vice-president Belinda Hah in the first week of January. That was when she informed them via SMS that their money was stuck in a transfer to the firm' s Hong Kong branch - Suisse HK.

No further details were given on how investors could get their money back. At least three of them have gone to the police, and engaged a debt collection agency to locate Ms Hah.

The investors were all introduced by their friends to Ms Hah and her partner Jeffrey Chow. He is believed to be the son of the company' s registered owner, Mr Chaw Soo Ha.

" After we joined, we also brought our friends in because (Suisse) promised to give us better returns and sell us gold at a cheaper rate if we recommended others," said operations manager Louis Tan, 36, who put in $40,000 last June.

It was easy to convince their friends to join because the company promised them about $1,000 a month, which worked out to a 20 per cent return, for every kilogram of gold they bought.

The investors were told that the profit came from melting the gold and turning it into limited-edition coins or other novelty items, which were sold overseas or to other local companies. The investors also said they were told Suisse International was headed by a former police officer, and that bolstered their confidence.

" We also saw other people receiving cheques when we agreed to invest," said housewife Y.H. Yang, 53, who had put in $2.2 million since April last year.

Investors began worrying last December when Ms Hah delayed their payouts, citing cashflow concerns. She also said investors would get cash payouts instead of cheques, as the firm was trying to avoid the Monetary Authority of Singapore' s (MAS) scrutiny.

The MAS had put both the Singapore company and its Hong Kong branch on its Investor Alert List last November. Both firms, despite one being located in Hong Kong, are listed with the same Beach Road address on the list.

" That' s when we knew something was wrong. How can a company claim to be legitimate if it was worried about the authorities?" said Mr Tan.

The Straits Times tried contacting Ms Hah, but calls went unanswered. A visit to the firm' s office yesterday also found it closed.

When The Straits Times went to Mr Chaw' s Bishan flat, neighbours said that they had not seen him for about six months.

Madam Yang, who also sold her ancestral home in Shanghai to bankroll her investment, said: " I' m worried that I' ve been cheated. That was my life savings and money saved for my nine-year-old daughter' s future."

The police said it was inappropriate to comment on the case as investigations are ongoing.

OTHER MAJOR GOLD SCAMS

THE GOLD GUARANTEE

Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.

In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.

GENNEVA GOLD

In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.

The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later. Investors reportedly poured up to RM10 billion into its Malaysian arm as well.

[email protected]

By  Dmitry Kalinichenko  - -  January 25, 2015

Accusations of the West towards Putin are traditionally based on the fact that he worked in the KGB and therefore he is a cruel and immoral person. Putin is blamed for everything. But nobody ever accused Putin of lack of intelligence. 

 

January 26, 2015 - 15:46:46 PST

Two Factors To Continue Pushing Gold Prices Higher In 2015

The momentum for gold prices is strong as the fundamentals (declining supply, rising demand) & the economic picture ... Read More

 

 

January 26, 2015 - 15:31:26 PST

Chinese Currency Plunges To Peg Limit Against USDollar, Strongest Against Euro In 14 Years

Biggest 2-day drop in the Yuan against the USDollar since 2008 Read More

1/26/2015 10:28:04 AM By: Paul Stevens

 

METALS DECLINE FOLLOWING GREEK ELECTION

Precious Metal prices are slightly pulling back during morning trading hours, giving back some of the gains achieved last week. As investors  continue monitoring uncertainty in the marketplace, profit-taking and Sunday' s Greek election pressured Gold and other Precious Metals. Analysts at Commerzbank said, " As we had anticipated on Friday, we are now seeing profit-taking in the wake of the expected victory of the radical left-wing Syriza party in the Greek parliamentary elections."

Equity markets are on the move as investors consider the results of the Greek election and its effect on Gold and the European Central Bank' s bond buying program. When speaking about the election' s effect, Saxo Bank' s head of research Ole Hansen said, " The market expected what we got. Gold' s rise to its highest since mid-August last week left it overstretched and it gave back some of that ground once the uncertainty surrounding the election was resolved. ...  But with trust in central banks reduced, I see this as a buying opportunity once support has been confirmed."

At 11:27 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,281.50 Down $13.70
• Silver, $18.02 Down $0.34

1/23/2015 12:59:58 PM By: Jennifer Carter

 

GOLD DECLINES FROM 5 MONTH HIGH AS ECB MOVE BOOSTS DOLLAR

After Gold moved above $1,300 an ounce Thursday, the European Central Bank&rsquo s plan to put out nearly 1 trillion euros to reflate their economy has hindered the metal, due in part to the euro hitting an 11 year low against the dollar. Saxo Bank Head of Commodity Strategy Ole Hansen said, &ldquo Gold was completely dislocated from the dollar yesterday, meaning that euro-Gold is the best performing commodity this year, helping dollar Gold stay fairly stable around $1,300 [per ounce].&rdquo

Despite oil being at an all-time low, with elections next year, some see soaring gas prices to come. Former Shell Oil President John Hoffmeister said, &ldquo Over the next several years, as demand growth approaches 100 million barrels a day and the industry production falls short, yes, I believe later this decade we' ll see $5 a gallon and possible shortages of fuel in some parts of the world.&rdquo

 

At 12:20 P.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,292.20 Down $11.00
• Silver, $18.32 Down $0.09

 

1/22/2015 11:23:43 AM By: Marcey Hollon

 

Gold Reacts to Draghi&rsquo s words U.S. jobless claims fall

Aimed at reviving the eurozone economy, the European Central Bank launched a multi-billion-euro bond-buying program Thursday, which erased Gold' s earlier losses. " Gold is reacting to what [ECB President Mario] Draghi has to say, to the bigger package that was announced and to rebounding inflation expectations in the [eurozone]," ABN Amro analyst Georgette Boele said. Driven by economic and political uncertainties, the metal has risen around 10 percent since the beginning of the new year.

The U.S. Labor Department said Thursday initial claims for state unemployment benefits fell by 10,000 to a seasonally adjusted number of 307,000 for the week ended January 17.  Claims data showing the  prior week' s increase was dismissed by economists as &ldquo noise"   since it is hard to adjust for seasonal variations around the holidays. " It is unclear at this point whether or not this move up in the trend reflects issues seasonally adjusting the data around the holidays or if it represents a more meaningful deterioration in the labor market," JP Morgan economist Daniel Silver said.

At 12:21 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,304.20 Up $8.00
• Silver, $18.42 Up $0.18

 

 

1/21/2015 10:04:53 AM By: Brandi Brundidge

GOLD CONTINUES CLIMB UPCOMING POLICY MEETINGS FOR ECB, FEDERAL RESERVE

Gold crossed an important threshold this morning, climbing over $1,300 an ounce for the first time since August. The recent jump in Precious Metals prices comes from investors' concern over the global economy.  The market anticipates the European Central Bank (ECB) will announce a new round of quantitative easing (QE) to boost their economy at Thursday' s ECB policy meeting.  " We have seen this month the largest SPDR inflows since August 2012 when the [Federal Reserve] was revving up to do QE3, so ECB QE is having a similar impact," Macquarie analyst Matthew Turner said.  The U.S. dollar dropped 0.4 percent against major currencies as the Bank of Japan decided not to further its monetary policy with more easing, as was expected.  The spotlight is on Gold right now as financial uncertainty around the world has investors flocking to the safe haven asset.

The next Federal Reserve policy meeting is set for January 27-28 and it is projected they will repeat previous moves with no indication of increasing interest rates.  " I think it is important to get started and to start normalizing policy," St. Louis Fed President James Bullard said. " Even once we start to normalize, interest rates would be extraordinarily low."   The market is unsure how the Fed will handle a hike in interest rates with growing concern over lower oil prices, financial troubles abroad and slower consumer price inflation.  The Fed set short-term rates near zero in December 2008 following the U.S. economy' s financial collapse. 

At 11:00 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,292.00 Down $4.20
• Silver, $18.18 Up $0.17

 

January 20, 2015 - 07:07:56 PST

Gold Ends At Highest Since Aug. 20 - Best 7-Day Run Since 2007

Gold rose more than 1 percent on Tuesday to its highest since August, as uncertainty about the extent of a stimulus prog... Read More

 

Gold at 4-Month Highs as SNP Scraps Peg- Constructive above $1248

 

 

January 19, 2015 - 06:58:23 PST

Gold Market Update - Clive Maund

Here&rsquo s another point in relation to the looming Gold & Silver mega-uptrend. All major currencies are being inflated ... Read More