Beware of Goldxtreme: A New Gold Investment Scam is now in the Philippines

Goldxtreme is set to victimize greedy and the most ignorant Pinoys locally. This program is carbon-copied from the existing international scam emgoldex.

The owners of Goldxtreme think that running a HYIP programs like this would make them millionaires. Of course it is possible if more ignorant people will join.

Instead of asking a bigger amount, Goldxtreme only ask investors to spend 5,000PHP. Of course there are a lot of people who have 5K so joining is easier.

What about the risk?

Goldxtreme says it is registered with SEC and even posted a certificate (could be from Recto). Upon checking SEC website, there is no Goldxtreme registered in the agency’s database.

Having a SEC registration certificate could not assure someone that this program is not a scam. There were dozens of SEC-registered scam programs before like First Quadrant, Franc-Swiss Investment, Aman Futures, NBO-Global, and a number of monolines that closed recently.

Goldxtreme uses the same script and verbiage that most of the networking scams have been using then and now.

“Hello friend, I have a question. Are you happy just being an employee? Is it okay for you to work 8 to 10 hours a day? Is your salary enough for your household expenses? Do you really want to have a life that only revolves around your work, your salary, and your debts? Do you have savings for yourself when you get old?

And friend, I have another question. Do you want a business? Do you want to have an extra income? Do you want to earn even when you are sleeping? Do you want to have a dream house, dream car, dream vacation, and to pay all of your debts?”

The site promises more than 400% in return in just several days or weeks. The site mentioned gold but did not further elaborate on how gold is related to earnings.

Selling gold would not give someone a 400% return in few weeks, not even a year as the gold price is constantly changing (see below graph)

The program also uses terms that are sound encouraging to possible victim. For example, they changed “recruiting” to “group effort”, and “swap program” for “pyramid or binary scheme”

What is being swapped anyway? Nothing.

Five questions that this program may find difficult to answer.

1. What is the real product and how it is used to make profit? If it is gold, how can it make 400% profit in just few weeks considering the volatile nature of gold trading?
2. Where did Goldxtreme get the money to pay exiting members? Is it from selling products or from people who joined the program?
3. What happen if you remove the recruitment system? Does your product can support the survival of the program?
4. What is your refund/return policy?
5. What happen to the member’s money being trapped if you decided to close the program because people are not making new investments?

Of course the believers and the owners of this scam will find ways to deny these questions but the truth remains alive. There is no legal HYIP doing such enormous and too-good-to-be-true returns.

The main point here is conscience. Yes, you can make money if you are one of those people who invested earlier, but how about the people who just joined?

I predicted before that NBO would not last for a year and I was right. This program will not last longer. The site is just created and the domain was just registered last March. Gold has nothing to do with your investment. If you want to invest in gold, go to Ongpin, buy jewelries and resell it to make profit. This is a very good business if you want to get involved with golds.

Don’t give away your money to the owners of this program. Remember that for every Php25,000 you make, Goldxtreme is making Php 42,500 (less Php 7,500 referral fees), and 14 other people are losing Php 5,000 each.

Don’t feed the owners of this scam company and invest your money into programs with real products like Aimglobal, Royal Business Club, or any direct marketing programs.

The success of Goldxtreme will only probe how greedy, clueless, and ignorant the Filipinos are.


Contributed by Rene Silverio, Sunstar Marketing Analyst – Makati City 

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