Update March 8th 2007

Posted: Thu Mar 08, 2007 1:16 pm

GoldClaim Admin wrote:

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The past few months have seen a series of hiccups to GC business operations. Delays with supplying coins have been corrected and as of approximately 15 days ago, all outstanding orders for coin shipment had been fulfilled. This catch up process also required GC to switch to supplying the Global pieces and after an initial faltering start, that changeover has gone according to plan.

Unfortunately additional issues have arisen which now cause us to have to take corrective measures to ensure that GC can maintain its service in the future.

Specifically, of the three main investment projects in which GC had an interest, one has effectively failed completely, and the other two have been severely disrupted due to the ever tightening controls laid in against international money transfers. Specifically, the buying and selling of digital gold currencies and similar has become a much more challenging process in terms of buying DGC in large quantities; that is large quantities compared to the average user of a DGC, not large in terms of basic business transactions.

Any six figure sum and many five figure sum transactions of this type are now routinely suspended for periods upwards of several weeks and often months. The reasons given for these delays usually are spurious and are in fact manipulations entered into by corresponder banks who profess to be analysing transfers due to anti money laundering regulations. The war on terror fiction is used as a coverall reason in these instances, thereby enabling corresponder banks to sit on and make use of funds for prolonged periods of time. If you do not move funds in these ways then you may find this information questionable, but be assured, this is a pre-planned and ever increasing disruptor to transactions of this type. Many online enterprises that use these payment systems have been suffering from this problem during this period, the result often being that the enterprise grinds to a halt.

Under these disruptive circumstances, our two remaining projects have been compelled to restructure their financial operations. The effect of this has been that since the start of this year, the ability for us to draw down profits and use those profits to obtain the gold for GC clients has been severely restricted. It has now reached a point where we have to make changes to ensure that continuity of GC can be maintained.

To that end, we are suspending all activity within GC for a period of approximately 120 days. This suspension was in fact put into motion a few days ago. Effectively this means that no orders can be placed, no orders will be fulfilled, no gains will be made on the existing Claims Units and no exchanges of funds held within Holding Accounts will be fulfilled. It is a temporary period of suspension of all activity.

We will provide monthly updates at the beginning of April, May, June and July here on this forum to keep you informed of the progress being made. Should you have a specific query during this period, could you please address it by email to either:

admin@goldclaim.net or
accounts@goldclaim.net

We have been informed that the main issues should be resolved with the projects over this period. Should that prove to be the case then GC will be back on track by the end of June 2007. Obviously GC is reliant upon the management teams of the projects to resolve their issues for this to become a reality. We maintain a positive view of the outcome of the projects, borne out by the assistance we have already received from them during this period, particularly in securing the supply of Gold Globals with which we have been able to fulfill the delayed orders from the end of last year.

This is not the type of update we seek to bring you nor no doubt the type you wish to receive. But it does provide you with an accurate account of conditions at this time and hopefully assist you to more effectively manage your affairs over this period.

We anticipate making a steady recovery back to normal operating conditions over the next 120 days and keeping you informed as we go.

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