Gold Futures Victim Yearns For Justice: Bangkok

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Gold Futures Victim Yearns for Justice

A gold futures investor made a complaint after he was defrauded by a gold trader who had unfair regulations and provided false information.

A gold futures investor has made a complaint with ASTV, saying he was embezzled by a gold trader in Bangkok’s Pratunam District.

He said he traded futures in gold in the amount of 10,000 baht early this year, after being a customer for over two decades.

The gold trader persuaded him to invest in gold futures.

The contract set the price at 1,000 baht per one baht gold or about 15.2 grams, and the contract is valid for one month.

The transactions are carried out over the phone.

However, after gold prices skyrocketed in March, the trader adjusted purchasing conditions unfairly without notification.

Five percent of gold prices was deducted automatically as a guarantee insurance.

In addition, the information reported on the trader's website is 5 minutes late, which causes considerable damages.

Moreover, the company failed to transfer another 20,000 baht to his account.

After asking the trader, he was sent various new regulations, saying he has violated the rule by making transactions himself, plus he is required to invest in gold futures more, at 200,000 baht, then 400,000 baht and 1.5 million baht, respectively.

The new regulations were applied to the individual customer only.

The victim noted that he has invested a total of 900,000 baht.

Earlier, he made a complaint to the Crime Suppression Division police and the Consumer Protection Board Office.

However, he said it is unlikely that the trader will be sued as his network is extensive, so he decided to turn to the media.

He encourages other victims to file a lawsuit against traders and warns other investors to carefully consider the risks before making decisions.

In addition, he suggested that the state establish an ad-hoc commission to closely inspect transactions.

-- Tan Network 2011-10-06

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Gold futures are never ever to be called investment they are leveraged pure speculation with margins calls when gold prices move adversely to the open position and it is extremely volatile. SPECULATION IS SIMILAR TO GAMBLING.