UAE Warns Against Investing in Emgoldex Online Gold Trading

The United Arab Emirates and the Philippines have warned the residents of Filipino in emirates to stop investment in an online gold trading that claims to have a bureau in Gulf Cooperating Council member country.

For past few months, it has been noticed that a great number of residents are inviting their fellow residents for investment in Emirates Gold Exchange or Emgoldex. It is allegedly considered as an online gold store where the clients are allowed to buy and sell gold bars that weigh within the range of one to hundred grams as per the report of Gulf News.

Through the scheme of Emgoldex, the clients have paid AED3,000 (PHP 36,760) for obtaining 15 grams of 24k gold bars which are suspected to deliver within UAE or may be stored up within Germany.

Moreover, if a client wants to avail ‘credit bonus’ of AED 15,000, he needs to refer two more clients in order to fill up the table with 14 more clients under him.

Followed by the model of pyramid scheme or multi-level marketing strategy, this gold scheme is been designed where the main difference is its terms. Here after reaching the top of its scheme level, an investor can leave the table and start afresh from the initial stage again and in the new process the way of earning ‘credit bonus’ remains the same as the fundamental way, that is, inviting new clients or the investors. Till now the main source of this so-called credit bonus is not clear, as reported by the Gulf News.

A correspondent from Dubai Multi Commodities Centre stated the companies like Emgoldex and Gold and Silver Physical Metals KG did not have any licensed from DMCC due to the commodity trading regulation of the UAE. “Emgoldex is not a DMCC-licensed company. DMCC has taken steps to prevent further misuse of our name.”

The confirmation of this statement came from Mohammad Rashid Ali Lootah, Executive Director of Commercial Compliance and Consumer Protection (CCCP) sector in the Department of Economic Development (DED), Dubai.

After the investigation, it had been found that the address of Emgoldex was provided as Jumeirah Lakes Towers which is actually belonged to a consulting firm. After contacting to that address, the receptionist conveyed that Emgoldex had taken the place on rent and it recently moved from the place for leaving for Russia.

Even the consulate-general from Philippine also confirmed that Emgoldex is considered as an ‘illegal solicitations’ in their country as they have decided on it after their discussion with Manila’s Securities and Exchange Commission. The warning from the consulate is also for those people who are participating in this gold scheme, as they can be liable for engaging within the fraud scheme.

But here lies the problem as there are countless investors in this scheme from where it is almost impossible to find out which team leader or clients are genuine. As per the statement from Seychelles, Don, there is no exact number of clients provided, but he said, “they are countless”. Most of the gold deals are operated in the individual way where the business presentations, meeting and payouts take place in hotels and restaurants.

The Top 5 Gold Dredges

Dredge mining is the strategy that is used by recreational as well as commercial miners to collect raw gold. The dredge is often used to dig, type of components, fetch the gold, and release the undesirable deposit.

Dredge Mining

Most gold mining is done through modern dredging; the dredge machine can be easily operated by 1 or 2 people. These gold prospecting equipments are popular around the globe, especially in the ranges where raw gold is found. Usually, the suction power dredge vacuums up deposit through a hosepipe, that is situated on the creek bottom or river. After the deposit is suctioned to the specific surface, it is then processed as well as categorized through a sluice. What is sluice? It is used to extract valuable materials such as gold, while the waste deposit is generally released from the dredge.

Gold Prospecting

Prospecting for gold is fun for many basic individuals. A lot of people consider this as a jovial activity and they likewise prospect for gold in many locations. There are many advanced equipments available for dredging gold; however, many people use basic kits. Therefore, we will discuss both advanced and basic gold prospecting equipments.

Basic Gold prospecting Equipments

Gold Pan: This is a crucial instrument of a prospector. A common gold pan is about 12″ thick, with deep riffles in it. Plastic old pans are ideal as they are not susceptible to corrosion.

Transparent Bottle: A glass or plastic bottle with wide mouth is best for collecting all the gold that you get from prospecting. The transparent bottles are best because you can see how much you have collected so far. Keep in mind that cleaning of gold is not recommended as this might lower its real value; simply wash it with the simple or distill water and pat it dry before storing.

Pick and Shovel: Shovel is needed to remove the soil and it likewise allows you to reach the narrowest spaces and crevices.

Magnet: Magnet is required for separating the precious metal from the sand, especially the gold. Always wear protective goggles as well as the glove.

Top crushers for gold mining

Jaw Crusher: Most of the crushers are used in construction and mining industry. The zenith jaw crusher is the most advanced as well as a popular gold mining equipment available around the globe. It has a high crushing ratio, simple structure, advance technology, and high productivity. It is low cost and it likewise has many other benefits such as less dust, low noise and much more.

Cone Crusher: Cone crusher, from zenith, is ideal for shaping the product. As we all know that crushers are used for crushing the material, this crusher is best for crushing gravel, Fireclay, rock, ores, as well as many other hard materials. The zenith cone crusher is preferable due to its high performance and robust design.

Vertical Shaft Impact Crusher: This one is also famous as well as commonly used in mining due to its benefits like easy maintenance, high capacity, easy operation, simple structure, and high crushing ratio.

Top 5 Gold Dredges

GOLD BUDDY Suction Dredge; 1.5″

Gold Sniper Pump; Hand Dredge

Proline Series of Gold Dredges

Keene Gold Dredge

Highbanker Gold Dredge

Gold Investment – A Smart Option

Gold investment is one of the best options in investments available today, especially during the economic insecurity affecting world economies. For those looking for a good return on their investment, should consider investing in gold. While short-term investment on gold may not be a good idea, but if you are looking for a way to secure your retirement and have finds to invest, it is a great idea to consider gold investment.

Irrespective of what happens in the financial market, the market value of gold has been increasing because of the world demand of this precious metal. Since the metal is in short supply and cannot be created in factories, gold will remain somewhat stable over many years. Unless a large deposit of gold is found anywhere is the world that is unlikely, gold will continue to rise in value.

In comparison to other precious metals, gold dominates the investment industry when it comes to precious metal investment. While most people think of large investments, even for people looking to invest in small quantities, gold investment can be highly rewarding. You can invest in gold by buying bullion, coins or jewellery. One can also buy stocks of gold mining or gold producing companies.

Why Gold IRA Rollover is a Good Idea

With the current 401k retirement plan, it’s hard to be assured that when the time comes you will be able to reap the fruit of your labors. The reason for that is because the 401k invests in different stocks. This is almost a gamble because stock prices can swing from extreme high to extreme low depending on which company stocks you are investing in.

This is why if you want to stay on the safest side when talking about retirement plans, the best course of action is Gold IRA Rollover.

Gold IRA, also known as precious metal IRA, is an individualized retirement plan that allows you to invest on precious metals like gold, silver, platinum, and palladium. These metals are kept by your chosen gold IRA companies for the benefit of the IRA account owner. It functions the same as a regular IRA but instead of paper assets, physical bullion coins or bars are used.

goldsilverspot

Listed below are reasons why gold investment for your retirement is the best course of action.

Diversification of Portfolio

The rule of thumb of investing every investor never forgets is to never invest all your assets in one place. This principle can be extended when investing in terms of retirement plans. There are many cases where many people lose money because of their undiversified portfolio. When thinking of retirement, it’s best to take a diversified approach and to be diversified means having a couple of percent of your portfolio in gold.

Gold never loses its value

Unlike other avenues for investment like stocks and bonds, gold will never lose its value because there will always be a demand for it. During times of economic turmoil, stocks and bonds always tend to lose their value. If looked from a retirement perspective, the best way for you to invest is to invest on something that is immune from all these unpredictable events. That something is gold.

Geopolitical Uncertainty

If you have been watching the news or reading the newspaper, then you know that there are many geopolitical issues that could get complicated with time. When these things do get out of hand, even the best case scenario will still have scary ramifications for the future. To be on the safe side, it would be wise to invest on gold to secure your future.

Rising Demand

Because of the fear stirred-up by the financial crisis back on 2008, many people have opted to invest their money on gold. This means that there is a rise in demand and basic economics will tell you that a rise in demand also means a rise in price. So when you invest in gold, there is a high chance that its value will increase in the long run due to the widespread worry of the people.

It’s time to invest in gold

In today’s increasingly uncertain times, the better option is always to stay on the safe side. Only by doing this can you make sure that all the work and labor that you have exerted in your life will not be for nothing. Only by playing safe in terms of handling the future can you have the assurance that your future will have fewer worries. This is the ideal future and the way to that is through gold investment.