Gold Nugget Invest admit they could do better…

Hot off the presses is a new newsletter from Gold Nugget Invest (GNI). This has been eagerly awaited following the wholesale revamp of the programme in January.

During the week I visited the members forum and the tone was not 100% positive. Many people were airing their frustration at the time it is taking for payments that were requested in early January to be paid.

The GNI newsletter acknowledged that there is a problem and tried to reassure members that they are doing as much as possible to overcome the delays. Unfortunately some people only want their money and care little for the difficulties that GNI face.

To be fair to GNI they do have a sizeable chunk of funds held frozen in the Yesalda bank in North Cyprus. This has meat that normal operations have been severly constrained and has led to the slow payout rate.

The newsletter does provide a potential solution to those who can wait no longer. A specific area of the GNI forum will be set up such that existing members who want to leave can offer their investments for sale. Clearly, it goes without saying that if you wanted to go this way you would have to offer a substantial discount to a prospective buyer plus also stump up a 20% administration fee to GNI.

To me this option doesn’t look that attractive even for the buyer as they will be purchasing what is in effect a virtual sum of money in exchange for their own hard cash and even if the discount is good you would still be taking a significant risk given current circumstances.

I do feel somewhat guilty in perpetuating the rather negative tone that is currently being reported about GNI and I hope that things will improve over the medium term but online investors are fickle and if they sense a problem their tolerance drains away very quickly.

I’m leaving my investment where it is and will make a withdrawal request in the window that starts tomorrow but I’m not expecting to see the funds that quickly especially as they are still making payouts for January.

Somewhat reluctantly I wouldn’t recommend anyone make an investment to GNI at the moment. Better to wait things out and see where your funds could be more profitable.

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