Menzgold has been ordered to shutdown with immediate effect by the Securities and Exchange Commission. Menzgold have issued a statement but before all that is all this justified?
It has been coming for a while, ever since the Bank of Ghana issued their warning to Menzgold, it seemed almost certain the government had more up its sleeve. The warning ended with a caution to all citizens that if they choose to trade with Menzgold that they are on their own, a lot of legal words but basically that’s the meaning.
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And although Menzgold will fight tooth and nail to rectify this, you can’t her but feel for all who have their monies invested there. All the calls of panic they’re making right now to ascertain whether everything is alright and more importantly whether their money is safe.
It is just a sad messy tale but again this all begs the question how the Securities and Exchange Commissions in the UK and Spain haven’t held Menzgold in disrepute. With all due respect the Brits have a far more experienced Securities and Exchange Commissions so how come they have no issues with Menzgold?
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Menzgold though are allowed to continue their business transactions with small scale miners as well as their exporting of gold.