One of our readers brought this to out attention this morning which is sad to see but it also serves as a warning to all of us who are looking to invest in gold. It raises the question of who to trust in terms of buying and holding physical gold. Please choose your investment vehicle carefully in order to minimize the possibility of the experience covered below:
If you visit this website you will see the following notice on it:
Welcome to BULLIONBUYER.CO.NZ.
It is with regret that Grace Holdings New Zealand Limited trading as Bullion Buyer was placed into liquidation this afternoon. The company’s failure was primarily the result of actions taken by Elijah Gus Geldman who was formally one of our traders. Mr Geldman is currently in custody in the United States of America. The company has laid a complaint with the New Zealand Serious Fraud Office regarding Mr Geldman’s actions.
The company attempted to secure a capital injection from an overseas party which would have resulted in securing the position of its investors. The overseas investor withdrew from investment discussions as a result of adverse publicity relating to the Fraser Family and their investments in the company’s which appeared in the New Zealand Herald last week.
Grant Reynolds of Reynolds and Associates Limited has been appointed the liquidator of the company. All enquiries should be directed to the liquidator. The liquidator’s contact details are below:
This is a very sad day for the customers of this company so do take care out there when formulating your own investment strategy. The Taranaki Times reported the following earlier today:
The Serious Fraud Office has launched a formal investigation into gold and precious metal trading company Grace Holdings, trading as Bullion.Buyer.co.nz.
The move follows publicity last week about a Christchurch family which allegedly lost $340,000 it invested with Bullion Buyer.
SFO chief executive Adam Feeley said the media reports resulted in numerous other people coming forward with complaints.
"Since then, we have moved swiftly to assess these complaints, secure the company's financial records, and make additional inquiries.
''As a result we have concluded that there are reasonable grounds to believe that an offence of serious fraud may have been committed, and accordingly commenced a formal investigation under Part 2 of the SFO Act."
Bullion Buyer described itself as "New Zealand's most trusted name in bullion buying".
"Buy or Trade in Gold Bullion, Silver Bullion and Palladium Bullion NOW (sic) at wholesale prices closer to spot than any company in New Zealand," its website said.
In September, it was reported that Bullion Buyer dumped its sole bullion trader, Florida-based preacher Gus Elijah Geldman, after it emerged he had been charged with fraud by US federal authorities.
At the time the firm reassured its customers that it had no concerns about its finances.
Feeley said that the SFO's priority was now to make contact with as many investors as possible, and to coordinate their investigation with other agencies which may have an interest in the matter.
In particular, the SFO said it was liaising with the Registrar of Companies to ensure that appropriate steps were taken to protect any funds for the benefit of creditors of the company.
Have you lost money invested with Bullion Buyer? Contact John Anthony on 7576881 or email him at firstname.lastname@example.org
Regarding www.skoptionstrading.com. We are off to a good start this year closing two trades in January, the first gave us a profit of 71.58% and the second gave us a profit of 33.97%.
It was nice to bag a couple of winners before January ended and hopefully 2012 will continue in a successful manner. We do have a number of ideas on the drawing board which we are looking to execute shortly, but only when the risk/reward environment is firmly in our favour.
Please be aware that discussions are taking place regarding an increase in the price for this service for new members, so if you are thinking about joining us, then do it sooner rather later in order to avoid this additional expense. This price increase will not affect the current subscribers whose subscription will remain unchanged.
Our performance stats have now been updated as follows:
Our model portfolio is up 446.55% since inception
An annualized return of 98.38%
Average return per trade of 36.68%
96 completed trades, 88 closed at a profit
A success rate of 91.67%
Average trade open for 50.48 days
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