Recently, the Straits Times published an article stating that 180 investors had inked a petition urging action from the government on gold investment company, The Gold Guarantee (TGG). Apparently these investors turned up at Hong Lim Park and signed the petition urging the authorities to expedite investigations into the gold buyback firm. A family member of one of the victims even claimed his family lost almost close to one million dollars on TGG. It seems that a lot of Singaporeans had lost huge amount of money after investing in gold buy-back schemes offered by TGG.

Greed or Stupidity?
Readers may remember that last year, I wrote an article "The wrong way to invest" on The Genneva Gold Trading, which also offered similar gold buyback scheme to investors at ridiculous yield rates. Many investors also lost huge sum of money in that fiasco. Prior to that, there was the Minibond case which ...