The title of Graham's recent message: "INTGold *is* redeemable!"
I should like to know how one goes about redeeming INTGold for actual gold. Where are these instructions?
"Why let the facts get in the way of a good story?"
I think anyone with this sort of cavalier attitude about facts is not someone with whom I wish to do business. My experiences in doing business with Graham weren't satisfactory, and I won't be doing business with him in the future.
GoldNow dealing with OSGold was a business error.
I think this statement is intended to make light of the difficulty. From what I can see, the same line of thinking that went into accepting OSGold as a currency is presently being turned toward INTGold.
We simply made a mistake, and as a result, we personally lost about $70,000.
The amount lost by others is unknown, but estimates have ranged as high as $60 million. I personally doubt that high estimate, but it was entered into a court record in a lawsuit in the Southern District for New York, as I recall.
I don't think this mistake was simple. Also, I've read Graham report different figures as to his loss.
However, we learnt our lessons well,
Really? I find this idea startling, in light of the similarities between OSGold and INTGold.
and we have asked INTGold for proof of backing, which *was* provided.
It seems to me that Graham is going too easy on these guys. INTGold hasn't provided proof of backing. INTGold has faxed some pages indicating that someone, at some point, bought some gold. So what? How is that proof of backing?
How do we know the gold was ever actually bought?
What due diligence was performed to trace the gold sales to an actual seller?
How do we know that gold is still in the possession of INTGold?
How do we know that gold isn't encumbered by some other lien?
How do we know that amount of gold is equal to the amount of INTgold in circulation?
With the allocated storage of the e-gold special purpose trust, we can be certain that the bullion bankers have no liens against the gold stored at JP Morgan Chase in London, nor against the gold stored in Zurich or Dubai. What do we know about the storage of INTGold's gold?
And what kind of proof is it if only Graham gets to see it?
Why isn't all this information on the INTGold web site for all to see?
We continuously monitor *all* of the ecurrencies that we deal with, and to a lessor extent, most of the "legitimate" market makers.
Really? And what does that monitoring of market makers consist of, one wonders.
I wonder if GoldNow sends private investigators around to keep tabs on market makers.
Statistically, 80% of previous GoldNow customers are now re-ordering all types of ecurrencies, including INTGold, of course. This includes customers who originally demanded OSGold purchases, as well as OSGold redemptions.
So, 80% of GoldNow's OSGold customers still buy from GoldNow? Wonders may never cease.
As far as INTGold is concerned, GoldNow is succesfully completing many
INTGold sales, exchanges & redemptions daily. Why not try it and see...?
For obvious reasons, I won't partake of any INTGold. It is foolish to take fool's gold in place of real gold. I'm not interested in iron pyrite.
We are honest operators;
Anyone can make this assertion. Richard M. Nixon said, "I am not a crook." And then he was pardoned for all his crimes. Why would a pardon have been necessary if Nixon were not a crook?
the OSGold fiasco was a serious learning opportunity. We learnt manifold lessons, and life goes on.
One does have to wonder whether the important lessons have penetrated. Sometimes history affords opportunities to be learned over and over again until the essential matters are truly learned.
Thank you Jim, for your honest and personal opinion/critique. Feel free to file my response for future reference.
The nice thing about the e-gold list is that I don't have to take any action to file Graham's response.
If anyone has any queries, please email me offlist.
Feel free to cc or bcc me.
Regards,
Jim http://www.ezez.com/
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