Topic started by Siva (@ bkj-cache83.jaring.my) on Mon Dec 24 02:09:25 .
All times in EST +10:30 for IST.

Have heard about this business? What do you all think about this? The official website is www.goldquest.com.

Thank for your comments.

Responses:

• Old responses
  
• From: Mike (@ cache4.lankacom.net) on: Mon Oct 18 03:48:37 EDT 2004
  
  
  
  Guide to investing in coins by the US Federal Trade Commission (FTC)
  
  http://www.ftc.gov/bcp/conline/pubs/alerts/coinalrt.htm
  
  Advice on investing in gold coins by a founder memember ofthe British Numismatic Trade Association
  
  For those who are really interested in buying coins, there are some very nice ones at the Royal Mint, both gold and silver-far better value Goldqest's too.
  
  http://www.royalmint.com/shop/select.asp?lngSessionId=547671443&DIR=productlist.asp?grpCode=gold&recNum=162
  http://www.24carat.co.uk/collectingcoins.html
  
  
• From: Urme (@ 69.158.112.105) on: Mon Oct 18 13:29:06 EDT 2004
  
  Hello Mike,
  
  Nobody is questioning what "you" are saying either. Lets leave it at that because you would not understand.
  
  
• From: Urme (@ 69.158.112.105) on: Mon Oct 18 13:30:12 EDT 2004
  
  Or should I say, you are not in the position to understand where I am coming from. I would prefer if you ignore me here. I know who I am writing to here.
  
  
• From: Mike (@ cache5.lankacom.net) on: Thu Oct 21 01:23:09 EDT 2004
  
  Urme,
  
  You are indeed questioning what I say-when you say I don't understand. Please tell me what exactly I don't understand. I have explained in some detail why GoldQuest is a scam. If you see any flaws in my arguments let me know.
  
  I read extensively on the subject of coin collecting and on the scam of pyramiding. Could it be that it is YOu who do not unerstand? Perhaps you wish to remain silent because YOU have no argument or facts to counter mine?
  
  This is hardly the attitude of a promising legal student is it? The subject of law is all about debate and argument.
  
  For your benefit, let me reproduce my key argument again below:
  
  
  
• From: Mike (@ cache5.lankacom.net) on: Thu Oct 21 01:38:32 EDT 2004
  
  
  1. The "business" is supposed to work as follows:
  
  a. x buys a coin/watch
  b. x persuades 2 other to buy who in turn persuade
  2 more and so on.
  c. x gets a commission on each sale.
  
  sounds fine does'nt it?
  
  The fundamental problems is:
  
  There is no real demand or consumption of the product.
  
  Why do I say this?
  1. The ONLY reason people buy is to make money. None of the peopel have ever collected coins or watches and do not understand what would make them valuable. The numismatic value of a coin depends on its history. Limited edition is modern concenpt that does not really gurantee appreciation.
  2. What GQ sells are not coins but mere medallions. The medallions issued by a private mint are not coins and have no value. The few genuine coins are available far cheaper from regular sources (FIFA, olympic coins etc)
  
  
• From: Mike (@ cache5.lankacom.net) on: Thu Oct 21 01:48:49 EDT 2004
  
  The problem is that since people are buying purely to make omoney, there is never a repaet purchase. Peopel buy only ONCE. This is waht is highlighted in their own seminars. |Buy ONCE, persuade two friends, enjoy financial freedom.
  as yourself these questions:
  
  1. WHY did I buy? for the love of coins or to make quick money?
  2. HOW many did I buy ? Was it not only once?
  3. HOW MANY did my UPLINERS buy? Was it not only once?
  4 How many will my DOWLINE buy? only once no doubt?
  
  What is happening here is NOT sales only RECRUITMENT to the network. The coin is only a disguise. What people actual pay for is AN ENTRY FEE or RECRUITMENT fee.
  
  
  
• From: Mike (@ cache5.lankacom.net) on: Thu Oct 21 01:57:38 EDT 2004
  
  Think VERY carefully.
  
  What is REALLY being sold? It is the RIGHT to get into busisness, not anything else.
  
  Therefore the ONLY way to get more sales is to recruit more peopel into the network. (nobody ever comes back to buy twice) Why else do you need to hold seminars ?
  
  Ans this is where the problem lies, when you run through the population, sales stop. This would not matter if people got fair value for money but they are paying over the top for GQ products (because the recruitment fee is inbuilt into the product price.
  
  Consider these facts:
  1. The market price of gold is around US$$400 per ounce. GQ's products are priced at approximately $1500 per ounce.
  2. The 10 year high for gold was US$424.
  
  
  
• From: Mike (@ cache5.lankacom.net) on: Thu Oct 21 02:04:16 EDT 2004
  
  3. The only genuine coins they sell-the FIFA, olympic coins etc are available at prices 30% cheaper on the web?
  
  Who is the genuine coin collector, who buy coins for teh love of coins, who will spend so much more when the same producta availabel far cheaper from proper coin dealers-peopel registered with numismatic associations?
  
  Do you know that GQ doe snot offer teh complete olypic coin set either? there were 2 series. series 1 was in drachma. series 2 comprised SIX sets of 3 coins (one gold 2 silver) each , 18 coisn in all. This is hardly wjat you would expect from an official distributor.
  
  Visit the official olypics coin programme website and see for yourself who is the real authorised distributor. The story is the same with the FIFA coins
  
  
• From: Mike (@ cache5.lankacom.net) on: Thu Oct 21 02:09:15 EDT 2004
  
  As for the so called chapions of peace and other rubbish, do you know that they are issued on no-existant states?
  
  1. The Knights of Malta(champions of peace set) (a christian medical order)is not a recognised state and have in anycase, nothing to do with GQ. Visit their website and see for yourself.
  2. The Somali Republic(towers of islam coin) ceased to exist many years ago. That country is now split between somalia and somaliland.
  3. The cook island (James Cook coins) a New Zealand protectorate that uses tne NZ$ as its currency. They dont issue currency!!!
  3. The Northern Marianas - a US protectorate that uses the US$
  
  
• From: Mike (@ cache5.lankacom.net) on: Thu Oct 21 02:17:48 EDT 2004
  
  in summary:
  
  1/ GQ products are priced well above their bullion value, you cannot hope to recover your cost from gold appreciation
  2. The only genuine coins are available 30% cheaper outside, anyone who buys, olympic or FIFA coisn is at an immediate disadvantage vis-vis the open market.
  3. the mayer mint medallions have no numismatic value beyond perhaps curiosity value and will not appreciate.
  
  who in his right mide would buy this as an investment?
  
  add to this GQ's track record:
  1.Collapsed in nepal,bhutan,sri lanka.
  2. banned in nepal & bhutan.
  3. Prosecution in India.
  4. Investigation in sri lanka.
  5. warnings issued in the philippines, tanzania,
  
  I have attended GQ seminars over a year a go. I have seen friends join and lose money. Only the top 10% ever make money. The fruad is in the system-it it designed to fail. It is a dream. Wake up before it turns into a nightmare-as it has for thousands ofothers across the globe.
  
  
• From: amin (@ 217.219.33.124) on: Sun Oct 24 01:57:15 EDT 2004
  
  qorboonet khoshgel
  
  
• From: amin (@ 217.219.33.124) on: Sun Oct 24 01:57:21 EDT 2004
  
  qorboonet khoshgel
  
  
• From: amin acting as brits (@ 199.243.105.10) on: Sun Oct 24 19:19:21 EDT 2004
  
  You mean low British, not Amin. How long more would you be waggling? From India's tea to sweetening it elsewhere.
  
  
• From: amin acting as brits (@ 199.243.105.10) on: Sun Oct 24 19:19:46 EDT 2004
  
  You mean low British, not Amin. How long more would you be waggling? From India's Gold and Tea to sweetening the tea elsewhere.
  
  

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