NSFG: Down and Out

I'm personally speechless here.

Sounds like a whole load of crap to me. It only goes to show that these clowns had no idea what they were doing. Or perhaps something even more sinister, since their last update held even more crap.

The only silverlining I can take out of this is that I was seriously really close to opening a managed account about a year ago. If that had happened and the news is true, I would've been wiped out, or at least close to it, according to the update.

Here's the update in the Gold-Horizon forum:

Yesterday evening our broker in London, BGC, made a margin call on all our accounts after a drop in equity made it impossible for us to maintain the large open negative positions we have been holding for a while. It forced us to liquidate all open market positions, including both arbitrary trades and the hedged position for an all out loss. The large negative P&L had been built up as the global equity markets plummeted following the serious credit concerns and it caused a major unwound of the carry trades, not only in the Yen pairs but also in the Swiss Franc crosses. Attempts to trade around these arbitrary positions failed and we are forced to close down the company following this margin call since we have no liquidity left. Hundreds if not thousands of hedge funds and investment firms around the world have severely suffered from this global incident and we regret not to have been able to pull ourselves through the credit crisis unharmed.

This liquidation has serious consequenses for everyone involved. Personally, I have lost my own private trading account and are now forced to sell my house and liquidate my personal assets to be able to cover expenses until I can move and I will most likely end up with a serious amount of debt to banks and credit institutes. Along the way NSFG has been confronted with obstacle after obstacle and although we have tried our very best to stear clear of these obstacles, this last financial crisis killed our dream. There is no way we can regain what has been lost and the sensible thing to do is pull the plug now and get things closed down for good.

Ken, on behalf of NSFG Ltd

June 07 Results

Well, there hasn't been much to say lately. With the whole e-gold issue going nowhere fast, the entire industry is coming to a standstill. If you're looking to outexchange e-gold, right now might be a good time to do so as the rates have gone up slightly with the local exchangers.

Hyip scams are still running rampant but no one's really putting in much money. The pool dries up pretty fast when it reaches 5 figures.. I suspect quite a few of the perceived larger ones are putting up false statistics. I can't believe that the industry players as a whole are collectively stupid enough to put in 6 digits, then again, never underestimate human stupidity.

Autosurfs have practically hit the ground. In the autosurf folder of the whore capital of the world, MMG, new topics in the autosurf folder have fallen dramatically. The topics as well as the players have all fallen. Surfs do well to rack in 5 digits and 200 members. I'm glad I've left this particular part of the industry since my last article on it : Death of Autosurfs. Every once in a while patting myself on the shoulder does wonders to my ego. Just wish it'd do the same to my e-gold.

The entire climate is in such doldrums that even the pathetic leeches known as monitors are finding it hard to carry on. Visit Talkgold and MMG and read their hyip/autosurf program folders and you'd think that monitors are the only people left playing this game. Afterall they seem like the only ones posting. The sooner these leeches die off, the better it is for everyone involved.

And for the results this past month:

Infinity Shares
Well, the results haven't been spectacular, but it's still a small profit of 1.19%. The good news is that they have reopened e-gold deposits. Not too sure how that translates to real value going to their brokers since most reputable exchangers are still charging an arm and a leg to outexchange it to usable currency in the real world.

The other thing is that weekly updates seems to have grinded to a stop and I've only received a monthly one, not that it matters really. Just to inform anyone who is actually looking to join this one. For more updated information, their trader's blog is still the place to visit.

NSFG
The Jekyll and Hyde behavoir continues with this venture. Apparently they raked in 16% profit this month. While gains are always good, it doesn't mean that these jokers know what they are doing. Given their performances this year, chances are they will lose it all this month. Such is the nature of the beast, unfortunately the people at the helm haven't shown the slightest that they can tame this beast. So look out for a wild swing going the other way for July!

NSFG Trades Up Another Stinker

NSFG
Plain awful if you ask me. They conveniently went on a holiday after another pathetic showing. The month of May brought up a stinker to the tune of -15.04%.

To make things worse with all the on-goings with e-gold, there would be no deposits (like anyone in the right mind would do so) and no withdrawals. Wonder what happened to the bank wire option?

Infinity Shares
After changing brokers and getting used to the new brokers, they have finally started trading again. Nothing much to divulge here since they have gone mostly private. Now, in order to join them, you would have to post in their forum and let them know who introduced you to them.

Again with e-gold and, generally, the US government acting the goat, now is not a good time to join them. Nothing wrong with the trading here, just no deposits until the whole e-gold crap sorts itself out....if ever.

Local Exchangers
Nothing much to report here except the rates to sell are crap. I've more than triple my e-gold hoard with no place to sell them. Any Singaporeans with a UOB or OCBC account (sorry no DBS) is welcome to take it off my hands. I guarantee better rates than the local exchanges out there, only problem is while stocks last (and I don't have alot on hand).

Scam Warning
Stay far far away from this program called PrivateFin. I was conned about $200 almost a month back. The bastards deleted my account and refused to respond to any of my mails. I usually don't give crap, but this one is growing as more ponzi pushers are appearing and promoting this one. Even some of the bad blogs are jumping on the bandwagon for some referral commission. Shame on you guys. So don't get conned.

This brings me to another fine whine from me. Monitors have gotta be the biggest ponzi pushers around. If you have been visiting and voting in monitors (which I haven't), you'd notice that it's so easy to make a 'good' post, while they make you jump thru hoops to make a 'bad' one. No wonder these blatant scams get away with murder.

NSFG, IS updates

NSFG
They posted a 10.94% gain for the month of April. While good, still goes a long long way to replenishing what's been stolen.

They also announced that there would be no trading during the last week of May, due to another holiday they are taking.

Just thinking aloud here, but I'm still kinda curious just how many managed accounts they still have. You would expect having a handsome commission on those managed accounts (which allegedly are 90% of the pooled accounts) would go a long way filling the hole that's been dug in our pockets.

Infinity Shares
Looks like they found a new broken and doing the necessary to switch brokers. Trading would resume once the switch is done.

Due to the e-gold situation, deposits have currently been disabled.

Local Exchanges
Speaking of the e-gold situation, it seems the big 3 exchangers in Singapore are going on a profiteering run. The rates to sell e-gold has dropped drastically in the last couple of days, while buy rates remain somewhat still on the high side.

Of course this can be reasonably explained by, what I would expect, a sheer amount of people selling their e-gold.

Northsea Forex Group (NSFG)

Update (28/03/06): Pooled account closes doors to new members.

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Update : Pooled accounts will be closed on the 25th of March. This is a planned moved since the program was started. There is a limit to the number of accounts the adminstrators can handle and they feel that it's near their threshhold. So if you're interested in getting in, this is the time.

Managed accounts will not be affected by this new development.

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It's ironic that I'm primarily an autosurfer yet the first program I'm going to post on my blog is a pooled forex fund.

Northsea Forex Group (NSFG) is probably one of the most transparent pooled funds I've ever come across. The amount of information provided by the gentlemen who run this, Paul and Kenneth, is absolutely astounding. From telephone numbers to addresses to scanned passports (yes I have seen all these particulars). In the forums where they post, there have been reports of people actually meeting them. For security purposes I'll not divulge any particulars here. These particulars are made available when you join.

NSFG runs two types of funds, the managed fund and the pooled fund. The managed fund has a minimum entry of 25000. The details can be found here.

I'll concentrate on it's pooled funds, since it's the one I can afford at the moment. Minimum entry is $100 and deposits have to be made before the 25th of the month to enter into the trading period of the following month. Additional deposits can be made at $50. The payment processors accepted here are E-gold, Ebullion and EMO

On months where there is overall profits, the administrators will take 25% of the profits as a performance fee while investors will get 75% returns. A monthly statement is sent, usually in the beginning of the month. Withdrawals must be made before the 15th of the month, and should be processed by the 25th. Any amount not withdrawn is automatically compounded.

So far the program has been averaging around 17% a month since it started Sept. I'll try to bear in mind to update this page in future months. Here's the past performance:

Sep 05 = 17.70%(Net)/23.61%(Gross)
Oct 05 = 10.49%(Net)/10.49%(Gross) No fee due to change in broker
Nov 05 = 32.01%(Net)/42.68%(Gross)
Dec 05 = 8.73%(Net)/8.73%(Gross) No fee due to Christmas
Jan 06 = 15.81%(Net)/21.08(Gross)
Feb 06 = 5.11%(Net)/5.11%(Gross) No fee due to poor performance
Mar 06 = 3.06%(Net)/ 4.08%(Gross)
Apr 06 = 0%
May 06 = -2.8%
Jun 06 = 3.63%(Net)/3.63%(Gross)
Jul 06 = 2.41%(Net)/3.21%(Gross)
Aug 06 = 3.75%(Net)/5%(Gross)
Sept 06 = 3.75%(Net)/5%(Gross)

Personally I'm very confident of this program and should be looking to enter their managed funds before 2006 is over.

As for how to join the pooled fund, send a blank email to info@ns-fg.com. You will receive an application form and a set of instructions.

Hope you'll enjoy the experience with this program as I have.