Is Emgoldex using real gold?

Emgoldex user and netizen Kevin Miranda uploaded a video of his transaction with a gold evaluator to verify if the gold ingots he had gotten from joining Emgoldex were real or not.

In the video, Miranda is shown handing the ingots to an evaulator who said the gold pieces were indeed the real thing. The evaluator even said the chips were made of 24K gold. When Miranda verified if the ingots were real, the teller answered, “Ginto siya [It’s real gold].”

Emgoldex, which has been described by the Securities and Exchange Commission (SEC) as a pyramiding scam, has been a much controversial topic in the media. The networking program promises that an investment of P1,000 will earn profits ranging from P5,000 to P10,000 and a placement of P35,000 will yield P180,000 to P360,000. In a report by ABS-CBN, SEC warned investors of this scam (watch the video here).

Emgoldex users and investors, however, refute the claims and said their investments are genuine. Like Miranda, many are determined to disprove the claims against them. In the video, Miranda can be heard saying “‘Yan sagot sa mga bitter…‘Pag butas hanap mo, mabubutasan kita… Eh ‘di ‘yan. Proof, proof, proof. [This is for the bitter ones. If you’re looking for holes, then I will make a hole (in your logic/argument). So now you see, this is the proof.]”

While the SEC agrees that the gold ingots may indeed be genuine, it still does not encourage the public to invest in them. Upon verification, the SEC confirmed that Emgoldex Philippines is still not a registered corporation or partnership. An investigation of the company is currently being conducted by the National Bureau of Investigation, the Bangko Sentral ng Pilipinas, and the Department of Trade and Industry.