Gold zooms to all-time high of Rs29,140 on marriage season demand

Gold gained Rs200 to touch an all-time high of Rs29,140 per 10 grams as the metal rallied in overseas markets to a seven-week high on concerns that European leaders will be unable to tame the region’s sovereign-debt crisis

New Delhi: Gold today crossed the all-time high level of over Rs29,000 while silver coins touched the record Rs68,000 mark in the bullion market here on strong demand propelled by ongoing marriage season and deepening financial worries, reports PTI.

Gold gained Rs200 to touch an all-time high of Rs29,140 per 10 grams as the metal rallied in overseas markets to a seven-week high on concerns that European leaders will be unable to tame the region’s sovereign-debt crisis.

Silver coins followed suit and shot up by Rs2,500 to an all-time high of Rs68,000 for buying and Rs69,000 for selling of 100 pieces.

Traders said heavy buying by jewellery makers to meet the marriage season demand and shifting of funds by investors to bullion from melting equity boosted the trading sentiment.

Gold of 99.9% and 99.5% purity surged by Rs200 each to Rs29,140 and Rs29,000 per 10 grams.

The metal gained 0.7% to $1,802.93 an ounce in Singapore, the highest level since 21st September. Silver also climb 0.5% to $35.13 an ounce.

Sovereigns also rose to record levels by adding Rs150 to Rs23,150 per piece of eight grams.

Silver ready spurted by Rs650 to Rs58,000 per kg and weekly-based delivery by Rs390 to Rs57,870 per kg.

User

COMMENTS

Arun

6 years ago

Gold price rose due to rupee devaluation not because of marriage demand.
Please be sensible.

Speak Asia site becomes partially functional, only for viewing

Contrary to claims by Speak Asia and its panellists, the company’s servers were never taken over by EOW as they are located in Singapore

Even while the investigation against ponzi scheme Speak Asia, which duped people by promising easy income, is speeding up, company’s website which was non-functional for past few months, has become partially functional as it is allowing agents to log in and check their status. However, no transactions or changes are possible on the website.

Sources from the Economic Offence Wing, Mumbai and Hyderabad have confirmed that Speak Asia’s site is registered outside India and its server is located in Singapore, therefore they (the investigating agencies) have no authority to take it over. “(Speak Asia) Server is in Singapore and never officially controlled by EOW. So no question of handing back (the server),” said a top official while replying to comments by some Speak Asia panellists that EOW has handed back its server and so the site is functioning again.

Some agents, citing an official letter from Speak Asia, have been saying that since their server has been taken over by EOW, they cannot send surveys to panellists. (read more… Speak Asia says cannot send surveys as server is in police custody!).

According to the information from the EOW it is now clear that they never had taken control of Speak Asia’s server. Then the big question is how and why the company stopped sending surveys to its panellist? This also means that either the company itself or its big agents have been lying about the server and surveys. Speak Asia stopped sending surveys from 13th May and have also not paid any money since then.

As we have mentioned earlier, the company has not paid a single paisa to panellists since 13th May and owes them about Rs2,280 crore. This is the very same company, whose officials in a press conference in Mumbai had claimed Speak Asia was backed by very good technology and had plenty of servers to send the surveys.  

The multi-level marketing (MLM) company came under the scanner of investigating authorities after it became known that it was promising easy income by merely filling online surveys. Interestingly, Speak Asia continues to claims that it would shortly set up permanent establishment with five zone offices in India.
Meanwhile, EOW is investigating the matter to build a case based on concrete evidence. Agencies from major cities such as Mumbai, Hyderabad, Delhi, Pune are currently involved in investigating the affairs of the MLM company.

According to the sources, major investigation was to find out the trail of money.
All panellists of the Ponzi scheme are eagerly waiting for their money they had ‘invested’ in Speak Asia for earning huge returns. According to investigative reports, almost half of the money collected by Speak Asia was transferred to Singapore, while the rest may still be in India.

The EOW had arrested Speak Asia’s financial consultant Sanjeev Dandona and Nayan Khandor, a Mumbai-based Web designer responsible for designing e-surveys. It was revealed that the survey, which the company used to send to its panellist were designed in Mumbai itself and not in Singapore as claimed by Speak Asia.

Meanwhile, according to the reports, the chief operating officer of Speak Asia, Tarak Bajpai has become untraceable after he was granted bail by Vijaywada Court. Speak Asia’s chairperson Haren Kaur and CEO for India, Manoj Kumar and several other top officials are still at large.

User

COMMENTS

Hemant

6 years ago

money life is also a big scam in india

prajeevkumar

6 years ago

speakasia payout starts from 21.11.2011 so plz keep your mouth shut anti speakasian.

REPLY

jutamaro

In Reply to prajeevkumar 6 years ago

In the Case before Supreme Court on Nov 17, 2011, there was no mention of a Mr. Prajeev Kumar either as judge or advocates for petitioner or sweeper or peon or court typist or ....... What was your role there or are u passing on news from the propagandist Ashok Bharwani of AISPA well known to twist all facts so that pro-speakasians keep dancing to his tune, or from Jonathan James of United Speak Asia?

By the way has your Singaporean CEO agreed to infuse Rs2500 crores to RBI or to the committee to be headed by Retd Chief Justice Mr. Lahotia?

Please, please, please tell me with written proof of PMO, ED, EoW, etc. etc. that I am going to get paid my accumulated RPs of about Rs40,000 which is inclusive of interest due to delayed payment by Speak Asia for whatever reason, and that I will also get back 22k as Exit Option for two family IDs. I will then stop posting my thoughts at all forums. IF NOT THEN U PLEASE SHUT YOUR MOUTH ATTACHED TO AN IDIOT'S HEAD!

Kishore

6 years ago

American MLM Company MONAVIE in Kerala

http://www.monavie.com/

'Monavie' reportedly enrolled 1 lakh members from Kerala. They are also reportedly collecting upfront charges.
racketeers who with the earlier money chain companies are now secretly working for this company.
(INDIAVISION TV REPORT)

The Congress led UDF Government’s new direct marketing guidelines are made only to protect these types of companies.

REPLY

Kishore

In Reply to Kishore 6 years ago

members of now disbanded money chain rackets are now secretly working for American MLM companies

jutamaro

6 years ago

No major development is going to take place in the Supreme Court on Nov 14, 2011 as the Enforcement Directorate along with other investigating agencies are going to request up to the end of December for completion of investigations. Read all this at http://www.livemint.com/2011/11/12000035...

As for Speak Asia's site being operational that was a neon lighting for just two days and then the fuse blew off again. Their propaganda popups were still there starting way back to July, 2011 as were the online queries by panelists. All that would have been removed had they handed over the site to EoW. This just proves that the site was always under the control of Haram Khor, Global CEO.

myfatcash

6 years ago

I find it so strange that the EOW had to comment now that SAO's server is not in their hands. Why didn't they speak earlier? The panelists were led to believe the the server is in the hands of the EOW, but now, after more than 2 months, the EOW say that no such thing had happened.

Why were they quiet? Were they not aware of this news ?

Kishore

6 years ago

MLM Company selling Insurance products?

http://www.vcaremultitrade.com/

commented by A.K. Basu. Plz read:

http://moneylife.in/article/speak-asia-w...

jutamaro

6 years ago

First of all Speak Asia had no servers of their own towards which in April they stated that they planned to increase subscription price for new panelists and for renewals. THAT WAS A LIE as they are hosted on Godaddy.com and is registered with them and their Data Center is at:
USONYX PTE LTD
33 Ubi Ave 3 #05-04 Vertex Tower B
Singapore 408868

Telephone: +65 6223 1838
Facsimile: +65 65090055
Email: [email protected]
Web: http://www.usonyx.net

All this nonsense of having a server farm with IBM servers in USA is LIES.

Secondly, the PMO office had stated of getting their computer specialists to block the website from airing in India and/or get the contents of panelists on the same together with other details. Fearing the same Speak Asia had simply suspended their website operations and conveniently lied that their non-existent servers and their website was in the hands of EoW. ANOTHER LIE.

Now with the Supreme Court having set up a committee under Retd. Chief Justice, Mr. Lohati and thinking the case is going in their favor, Speak Asia has allowed the site to come into operation partially. However, no surveys as those who made them in Mumbai and Delhi are in police custody along with their hardwares. However, Speak Asia continues to state that this is so because EoW has yet not released the website. ANOTHER LIE.

Along with these lies to brainwash their panelists, Speak Asia has got AISPA and Jonathan James of United Speak Asia to continue through courts to get recognition for Speak Asia to continue their ponzi/pyramid scheme that would now include e-commerce of unbranded products.

The panelists are going to be suckers if Speak Asia is allowed to operate unconditionally as the accumulated RPs totalling around Rs2500 crores will be either written off via an Exit Option or forcibly transferred to Shopping e-wallet for purchasing their unbranded products. What with the customs duty and accumulated demurrage, these products will now be more expensive. Other than Exit Option there will be no cash payment of RPs. They will continue to CHEAT.

REPLY

myfatcash

In Reply to jutamaro 6 years ago

There's no doubt about the fact that Speak Asia lied to us from the beginning. Now, in order to cover up the first lie, they are telling more lies.

adarsh

6 years ago

u are soon going to face the consequence of ur misdeeds. be prepared to face your karmas.

munnabhai

6 years ago

Sucheta Dalal aur moneylife digital team ko ab koi kam nahi hai,isliye aisi zuti khabre chhap dete hai.
last month jo result supreme court ne diya aur kal hi jo bail apliacation high court ne grant kari,use is artical me kyu chhapa nahi gaya.
Ab sare hearings hone do,speakasia ki legal team,digitally inke phiche padegi na tab inko dal ate ka bhav aur sach jhut khabar ka antar pata chalega.
Aur last me panelists inki marenge wo to bonus hai inke liye......
HA ha hah hahah..

prajeevkumar

6 years ago

shame on moneylife.
speakasia will rocks again.
jay speak asia

REPLY

lol

In Reply to prajeevkumar 6 years ago

are you a head load worker, carrying rocks on your head?

hahahahaha

Prajeevkumar

In Reply to lol 6 years ago

No, i'm a deprived worker of Money & life as i'm carring crooked substances on my mind !!
Hahahahahahahahaha.........!

lol

In Reply to Prajeevkumar 6 years ago

"The crooked mind will not prosper; the lying tongue tumbles into trouble"

hahahahaha

vikram

6 years ago

hello donkeys moneylife.keep u r mouth shut and get lost.if u have guts give these news after 14th nov.we speakasia will win in superme court for final verdict. i m proud to be speakasia

REPLY

Keke

In Reply to vikram 6 years ago

Vikram,

go and till the land that would be better.

Proverb:
Whoever works his land will have plenty of bread,but he who follows worthless pursuits lack sens
(sens : A fractional monetary unit of Japan)

sumit

6 years ago

u money life people r simply untolerable...if u cant provide employment 2 common people then don't criticise other's efforts and dont even try 2 break common people's mindsets coz u only bark n nothin else ...got it u A** H***S....

raj

6 years ago

ha hah hahahahaha......gud joke by moneylife.....pls keep posting such type of joke to keep our mind fresh....ha haa hahahhahaha......cant stop laughing....

Right to Earn a Living

6 years ago

New Delhi: Suddenly, after getting aware about the re-functioning of the online survey website, Speak Asia Online the woes of more than 1.7 million panelists seems coming to an end.

However, company didn�t make any such announcement over official website.

This matter was never being discussed earlier but now, it has become the hot topic around the coffee table.

Last year, the online survey company entered the Indian market and opened the innovative front to earn money online and turn out to be successful company and with in no time it has attracted around 1.7 million people as its hardcore followers.
No sooner it became the name in the household, it got eclipsed as the company�s bank accounts were seized and the website site became dysfunctional.

This malicious propaganda has developed doubt in the mind of the masses which resulted to be a negative impact across the country, where scams have become uncontrolled and are of no use to a common man.

Whereas, this survey company moved with a single objective to offer returns to its panelists.

As per the Speak Asia officials, company�s board of members have explained the business model of the company, which has been comparing to that of Ebay, where investor gains the benefit. This was presented before honourable Justices Dalveer Bhandari, Justice Deepak Varma & Justice Gopal Subramanium.

While, as per the latest updates company also informs that they are willing to pay their panelist as they have sufficient funds to pay back, for which Supreme court has appointed retd Supreme court judge to supervise the committee for all payment proceedings.

While, The next hearing for writ petition (civil) case no 383/2011 is expected on 14th Nov 2011.
Presently, when we are clouded with corruption and Speakasia is the company which is running around the court for the benefit of its panelists.

Company has full faith in the functioning of Supreme Court. Now we are standing at such a position, where one needs to wait and watch the verdict going for or against the company.

Let�s wait for the updates.
Source: http://www.pardaphash.com/news/wait-n-wa...

REPLY

Kamini

In Reply to Right to Earn a Living 6 years ago

Justice Gopal Subramanium ?

Right to Earn a Living

In Reply to Kamini 6 years ago

I had copied all true news from mentioned source, typing error of another writer, News agency named " Pardaphash" In fact, the correct is Justice Gopal Subramanian !!

Kamini

In Reply to Right to Earn a Living 6 years ago

Justice Gopal Subramanian ? !!

Right to Earn a Livelihood

6 years ago

As per money life's blessing:- Ponzi Scheme company: All accused official get anticipatory Bail for Hon. High Court (Mumbai) !! Haa ah ah ah ah ah ah ah !!

Franklin Templeton to launch Corporate Bond Opportunities Fund

Franklin Templeton’s new fund offer will be open from 15th November to 29th November

Franklin Templeton Investments (India) said that it will launch a new open end income fund called Templeton India Corporate Bond Opportunities Fund (TICBOF), a unique fund focusing only on corporate bonds.

Corporate bonds offer relatively higher yields and those with a good credit profile offer an attractive risk-reward ratio. TICBOF has the ability to capitalise on these opportunities by an active interplay on credit, liquidity and interest rate opportunities. The new fund offer will be open from 15th November to 29th November.

Harshendu Bindal, President, Franklin Templeton India said, “Indian investors are looking for differentiated investment solutions in the fixed income space—this product with its focus on corporate bonds and relatively longer investment horizon, caters to this need.” According to the company, the fund helps investors take advantage of the current high yields and also potentially benefit from the capital gains once the interest cycle turns. The relatively high exit loads and a cap on maximum investment per folio make it a retail oriented product
Speaking about the fund strategy, Santosh Kamath, chief investment officer–fixed income, said, “Corporate securities have been a core part of our portfolios for many years and we have built significant expertise in this space. Given India’s rapid economic growth and the strong earnings track record of Corporate India, the interest in corporate bonds is likely to grow, both from domestic and foreign investors. The various initiatives by the RBI have led to an improvement in the Indian corporate bond market. Since the base rate of banks has moved up, many Indian companies are now looking at increased debt issuances as part of their funding plans.

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