-Caveat Lector-
Begin forwarded message:
From: baudmax <[EMAIL PROTECTED]>
Date: May 14, 2007 10:26:30 PM PDT
To: [EMAIL PROTECTED]
Subject: [smashthestate] US Government Forces E-gold Redemptions -
Seizes Gold
Reply-To: [EMAIL PROTECTED]
US Government Forces E-gold Redemptions - Seizes Gold
By MoneyNet Producer | Published 05/11/2007 | Daily News Cast |
Unrated
MoneyNet Producer
http://www.moneynetnews.com/articles/54/1/US-Government-Forces-E-
gold-Redemp
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.
----------------------------------
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