Global iGold (Global InterGold)
The proliferation of gold-brokering companies with growth-fostering incentives for members began a while back. Gold prices were skyrocketing and peaked around 2011. As long as they continued to grow, everyone wanted in.
Looking back in retrospect, much of this seemed to be a fear-based demand as everyone was predicting the collapse of financial markets all over the world. Others might have even thought that December 2012 and the Mayan calendar could have had something to do with all of the driving forces behind gold's inevitable value – the question was always how much value is it actually worth to the common folk who bought and sold it hoping to quite literally strike gold.
A few years later and gold is still high, although perhaps by now it appears that the growth phase has fizzled out. Nevertheless, people still want gold. Whereas before a lot of people saw quick profits by performing handy turnaround of buying and selling gold on markets such as the one you're about to learn about, it's different now.
Now, people who are interested in gold (or at least who are advised to be interested in gold) are often trying to hedge against financial disaster. Why would gold save anyone if the economy is spiraling downwards out of control? Because gold is the perennial value commodity that never loses appeal or dollar value. Gold's value is theoretically not pinned to the strength of any particular government, which gives it lasting appeal to people who don't trust the political, economic, and financial stability of the world around them.
With all this in mind, lets' take a look at Global iGold, or Global InterGold, a business opportunity built upon getting people to believe in the concepts you've just read about.
Global iGold is a gold broker. They offer gold for sale in small amounts, obtained from and certified by Swiss markets. In exchange for marketing the products from Global iGold's online gold store to others, customers may participate in an incentive program, described below.
As for the company itself and who runs it, the Sun Star newspaper out of the Philippines reports that Global iGold is EmGoldex renamed. If you remember, EmGoldex, which stands for “Emirates Goldex”, has been pegged as a pyramid scheme company and is banned from doing business in the Philippines.
Neither Global iGold nor EmGoldex are registed with the SEC as investment or trading companies. The public is warned to stay away from doing business with unregistered, unregulated companies, especially those promising high returns for minimal investment.
You will notice on the Global iGold website that they call themselves an “Online Gold Shop”, which in their eyes recategorizes their business from an investment company to an ecommerce retail shop. Nevertheless, they are brokering in gold, asking the public to invest with them, and promising a return for investments. They also offer a buyback program…what retail shop does that?
With that, let's take a look at the “products” in their “online gold shop”.
Gold customers can buy as little as 1 gram of gold (43 Euros) or as much as 100 grams (3323 Euros). It's mini gold “bars”, which at this size look like microchips. They come affixed to credit card-like plastic cards so they are easier to handle without losing.
The supplier is supposedly a Swiss gold broker.
Customers may simply purchase gold bars outright or “reserve” them and pay for them later once they get others to join and receive commission or referral bonuses.
Payment for gold products may be deferred for as long as 12 months and customers may opt out during the first two-weeks, which are considered a trial period. Looks like Global iGold has learned a few things about appearing to be an above-the-board company. Perhaps they've read a few paragraphs from the DSA code of conduct?
Even if payment for gold bars is deferred, there is still an administrative fee due at time of placing the order.
From what I can tell, getting two clients to sign up to buy gold gets you the credit you need to pay for your gold order. You keep the ball rolling by getting more and more clients under your belt.
Investing in gold through an online broker of questionable origins is never a sure bet to financial riches. This one in particular seems exceedingly troubled, since it appears to be one and the same as EmGoldex. Nothing seems to have changed from its EmGoldex incarnation except the way they word things on their website:
- “Online gold store” rather than gold investment company
- Trial period and money back
- “Regulated EU company”. Really? They are not registered.
It must seem pretty clear by now that it's not advisable to get tangled up with this scheme.