E-gold

[Amethyst]

Hi All

Just wondering if anyone uses E-gold.com ? Is this something like Paypal ? Can we actually exchange for real gold ?

Advice required

Thanks

Tytus

Edited May 11, 2007 by tytus

[bowthai]

Hi All

Just wondering if anyone uses E-gold.com ? Is this something like Paypal ? Can we actually exchange for real gold ?

Advice required

Thanks

Tytus

avoid e-gold!the us federal government is taking them down for possible "terrorist" money laundering and there have been arrests of the major e-gold execs.

if one wants the convenience of buying gold and silver electronically,goldmoney.com is reputable and based in jersey and headed by gold guru james turk.if one wants to redeem for physical metals,there are fabrication and shipping costs involved.

i personally am long gold and silver and have perth mint certificates and mining stocks.unallocated gold and silver pool acounts and etf's are just paper promises and it is dubious if they have the actual physical metals in their vaults.

[TopDogger]

The US governments only interested in taking down those who were exchanging anonymously

[jetzie]

been using for years, no problems.

[helitool]

Don't know how reliable the following info is as I do not have time to checkout the source.

US Government Forces E-gold Redemptions - Seizes Gold

By MoneyNet Producer | Published 05/11/2007 | Daily News Cast | Unrated

MoneyNet Producer

View all articles by MoneyNet Producer US Government Forces E-gold Redemptions - Seizes Gold

This article is Copyright 2007. You may re-publish for free it if left intact and only if you give credit with weblink back to http://www.moneynetnews.com

===

In an unprecedented move on or just before Wednesday May 9th, 2007, the United States of America has forced Omnipay et al E-gold to redeem all the gold backing the 58 previously frozen accounts owned by e-gold, 1mdc, icegold and a handful of other exchangers and customers to be liquidated effective immediately to a us dollar account owned by the federal government.

According to the reduction in the gold bar list, the bar count

has dropped by 48 bars of approximately 400 oz each between May 3, and May 9.

This redemption totals USD $11.357 Million.

Date Gold Grams ($ Value)

03-05-07 3,489,436 77.015 Million

09-05-07 2,974,871 65.668 Milllion

Gold Bars value Sold: USD 11.357 Million

MoneyNetNews has learned from a reliable source that e-gold has been ordered

to hand over a fresh copy of the customer database when the redemption

is completed.

MoneyNetNews cannot confirm if all of the 48 bars redeemed account for

the forfeiture action of the United States. It is possible that a part

of this activity can be accounted for by increased volatility in e-gold's

general market.

Not only was E-gold / Omnipay ordered to convert gold (and silver) holdings

in the seized accounts into US Dollars, but that included their own

(Omnipay's, and E-gold's) frozen (seized) accounts. This will ultimately

result is great losses of value over time even if the victims of the seizures

are found to be innocent due to the in progress bull market in gold and bear

market in US Dollars.

The seizure order appears to be unrelated to the criminal case in progress

against E-gold and OmniPay in that the seizure of the accounts by the government

was done under a (separate) civil case, for which the Government has yet to file

anything.

By doing so, the government was able to seize accounts without having

to reveal anything to the owners of the accounts themselves. By law,

the government has 30, and possibly up to 90 days to file a complaint.

Until the government civil filing is done, none of the victims of the seizures

can possibly do anything to defend themselves, not even obtain information as

to why their accounts have been seized, or what they would have done wrong.

None of the victims of the account seizures have been advised of anything

officially at this time.

[Amethyst]

Read alot on internet currently e-gold got a problem with the Us Goverment but its founder assure its user that it is safe and nothing can stop them

[BangkokGuru]

Read alot on internet currently e-gold got a problem with the Us Goverment but its founder assure its user that it is safe and nothing can stop them

I agree. US Government can't stop e-gold. It's not so easy.

Edited September 19, 2007 by BangkokGuru

[Lil_Jon]

i believe iShare Gold COMEX is pretty well backed up with physical Gold ,

[OxfordWill]

Been using it for years, never a problem, yes in theory you can exchange it for real gold, but thats not really the point nor should you want to. Yes it is like paypal, in essence. Just another way to pay and be paid.

Edited September 19, 2007 by OxfordWill

[taxout]

September 19, 2007:

"US Government can't stop e-gold. It's not so easy."

July 22, 2008:

"E-Gold execs face prison after money laundering guilty plea"

http://tinyurl.com/592xtt

http://tinyurl.com/56xwfg

[cloudhopper]

Good luck getting your e-gold when the whole shithouse goes up in flames. I prefer to buy physical gold with cash and stay off the radar screen.