My wife's parents just told her they're planning to invest in some gold company that they just went to a seminar about. Redacted email from her mom is below. The whole thing sounds super shady to me but I don't have any concrete arguments to make to them. Looking for advice on how to steer them clear of this. Thanks!
Redacted email from mom to daughter:
The name of the company that we may be making an investment is "Global Gold Exchange". http://ift.tt/2otO7DB There is another company with, I believe, a similar name with LLC following global exchange. They aren't the same. To be brief: They have 90 investors. They own large amounts of land in Nevada ...mostly and some in CA that has mines that haven't really been developed yet. Most of their projects are mines in Ghana and Ecuador. It is run by three Mormons. They got involved to help the local people who were being taken advantage by others. They still are involved with many community projects. They have large assets to cover their projects.
Your father could probably explain it better than me. I understand property, but I'm not as good with other investments. This was pretty simple. What they do is bring gold and silver into the country from Ghana and Ecuador. After they have collected a certain amount, they take it to a refinery to process it. There is a charge. These refineries like large amounts. If you try to take a small amount, they charge far more for the process. That is why this company does this about once a month. The fee is less by far. These refineries have a few companies that process huge amounts.
They send you a statement once a month concerning the amount of money in your account with them. They pay you 2% for using your money per month. There are no additional fees, etc. You have a choice of receiving it in a check, gold, or roll it over again. You have a choice of declaring it to the I.R.S. or not. When you are dealing with gold, there are different rules with the I.R.S. My neighbor on (local street) knew one of the owners. Both of their kids were on a sports team at (local high school). One of the other owners just moved into a house down the street on (other local street). Anyway, my neighbor within a few years has essentially retired. He was working long hard hours a few years ago. His father, a retired Navy Captain, was angry at him for investing his money in the company at first. Now, the Capt. has a lot of money in the company. His two brothers do as well. All of these Company owners live simple lives. They don't try to be flashy with their money. They don't talk about their religion unless you bring it up. They never mentioned Mitt Romney and yet I know he is an investor.
We will probably give a smaller amount for several months to test it out and follow what happens. It is a gamble, but it sounds very promising.
The reason I was hesitant to tell you more earlier was because I wanted to talk to them first.
Submitted April 21, 2017 at 09:49AM by scrumbly http://ift.tt/2obJQZb
