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

July Update - Singapore-based E-gold Exchangers

I know I've been dragging my feet in mud updating this blog. The reason being that there's nothing really noteworthy to write about.

However, after reading the latest entry in Digital Money World on the e-gold exchangers still in business, I feel that it's time for another update on the local scene. I've not gotten much feedback in the recent months so I'm not entirely sure if some of the exchangers are even alive anymore. Much of it is probably due to the fact that most of the local readers of this blog have already moved away from Hyips and Autosurfs, hence have little or no use for e-gold anymore.

Anyway here are the 'updates', as well as a new exchanger that recently emerged.

Entelnova - Possibly the oldest in Singapore and still working.

Snapgold - Probably has the best rates in the market for Singaporeans. Definitely still exchanging.

Wyngold - Still around.

JR Exchange - Probably still working. No recent feedback.

SG Exchanger - Probably still working. No feedback.

Active Gold - Very new, a few days old. No feedback.

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.

Rates for Local E-Gold Exchangers Improve.....Slightly

Since the last update, prices have gone southwards, until I checked today. Prices for select exchangers have improved slightly but it's still at cut-throat rates. Major exchangers around the globe have been waiving all around and charging ridiculous rates for people willing to take a huge discount. Perhaps the word 'profiteering' is more appropriate here. I understand the current situation is not rosy at all, but still does not justify such low rates.

Given the circumstances, I'd rather pour whatever e-gold I have into some hyips, which I have for the past 2 weeks. And frankly I've been doing pretty well. Looks like scammers might also be having trouble cashing out their money, hence 'returning' some of it back to those who are willing to take a risk (well, one can always dream).

Anyway before I digress further, there is some semblance of good news related to local exchangers. Entelnova has resumed purchasing e-gold. Their rates are similar to Snapgold, who is low anyway. WynGold and SgExchanger have the lowest rates in the market so far. Of the four, I'm currently biased towards SnapGold. Bear in mind the rates are still what most people consider 'daylight robbery'. But if you're desperate or scared, it's still an option.

There is good news however. JR Exchange hasn't gone anywhere, just taking this opportunity to upgrade the site. Their problem however lies with being unable to communicate properly.

Of course when there's good news, it's always followed by some not so good news. Goldert has biten the dust. The site is current being parked, which means....well....it means it's no longer around. Probably wouldn't bother very many people anyway, since the site's never updated, so no one knows anything.