According to the website, the company is based in Naaffgasse 80 in 1180 Vienna, Austria and has been active since Mid-2018.
“Mid-2018 — a completely new, unique idea has been storming the market for crypto currencies and precious metals for weeks. But what is the GGMT? Magnificent profits, cryptocurrency, precious metals, these words are associated with GGMT,” — A paid advertisement posted sometime in October 2018.
The company also terms its executive team as an “amalgamation of the most experienced entrepreneurs from Austria, with direct relationships with Ministry of Foreign Affairs, both in Austria and in British Guyana, South America.”
The company is headed by HELMUT KALTENEGGER and MARIO STEINRIGL. Due to language barriers, we couldn’t find much information about them on the internet.
The company portrays itself as presenting an opportunity to its customers to be able to purchase mining rights directly via a contract on sub-rights, which is provided with a buyback guarantee, which means that the customer can secure a mining right and is guaranteed a fixed buyback guarantee by contract, which for example corresponds to a net amount of € 10,000, € 27,000.
The minimum amount for the acquisition of the mining rights is €10 net, with no upper limit.
Now it’s not about a real purchase of gold, as one might initially assume, but about “GOLD Mining”. There was already a similar company in Austria, which was then banned by the FMA Austria. Here, too, the FMA may have already had an eye on the company.
The partner company responsible for prospecting the gold is the company “Aulicio Mining Inc.” with registered office in South America. There is a YouTube video explaining that GGMT has concluded an exclusive contract with Aulicio Mining Inc. in Guyana. Aulicio Mining Inc. is said to have been founded by two persons in 2018, one of these persons had worked in the Austrian Foreign Ministry and had been consul in the South American region for a long time.
While we were trying to learn more about the company on the internet, we were bombarded by advertisements from the company itself! Apart from these ‘looks good’ adverts, we also discovered some links that had some criticism about the company.
We are very sceptical about there association with any government body because the Austrian Foreign Ministry generally does not work with commercial companies. Upon request, it explicitly ruled out cooperation with GGMTrading GmbH ! Whoah!!
We could not find any proof that bestows their rights to offer appropriate financial services in Austria. This may conclude that they are operating illegally. The company is also not very transparent about their business model.
The company is said to have its own cryptocurrency named ELDORADO-Coin, or ELDO-Coin for short. There is also limited information about the same on the internet.
As we said, we are very sceptical about the products offered by the company; we would like to end this review with some hard-hitting questions:
- What does the corporate theme “Green Gold” mean? How is it ‘green,’ i.e. sustainable, apart from the name?
- What arent there any proof about its mining operations? How much gold has been mined so far?
- Is the allegedly mined gold LBMA certified?
- Where are the official financial records of the company? How much money made? And how much has been paid out?
- Why was the ELDO-Coin discontinued? Why was it introduced in the first place?