The SKR is a scam.
Just like ‘’Jet 54 Transactions, or CIF Dubai Gold shipments’’… The space is filled with illiterate brokers spending their days on Skype & WhatsApp.
It’s a simple scheme that can be used to dupe unsuspecting victims into buying worthless certificates.
For example, someone might approach you and say they have an SKR for gold worth $2 million, but they’ll sell it for just $100,000, because the owner, a prince from Philippines has died. Wow! What a deal!
But when you try to cash in on your investment, you find out that there’s no gold at all — the certificate was fake.
The people who try to ‘’monetize’’ these certificates are often unassuming victims themselves who don’t realize they’ve been taken advantage of until it’s too late.
Often times they even perpetrate the cycle trying to sell the SKR to the next victim for a ‘’discount’’ without verifying that what they’re selling actually has value.
This is why there is a large underground market of brokers trying to ‘’monetize’’ collaterals.
This includes letters of credits issued by NBFCs, forged bank collaterals…
Mostly letters of credits and ‘’bank drafts’’ & all sorts of bonds with fancy names ranging from Super Petchilli to Golden Gun known as ‘’historic assets’’) 🤦♂️.
Nowadays those forged documents are even sold on eBay as ‘’Collectibles’’.
Gold has been used as currency for thousands of years. It’s probably the most valuable commodity on earth. But if you’re considering yourself exceptional enough to get it at a 99% discount by investing in an SKR, then you deserve to lose your money.
Update
Shortly after we’ve posted this blog, yet another scammer reached out through the comment section. Here’s a snapshot. This goes to show how far the rabbit hole goes. Stay away from this type of transactions.
