Hi, Khurram. I do like e-gold, much better.
E-gold doesn't make any claims about being "backed" by gold. It is redeemable for gold, rather than "backed." As far as I can tell "backed" is a red flag which says that the currency operator doesn't have a clue.
E-gold doesn't offer information on gold it has bought. Neither does INTGold. Graham Kelly has some information he claims was faxed to him from INTGold which he purports is receipts for gold purchases, which I gather he thinks means that INTGold still owns this gold. Most of my questions which you've posted silly comments about relate to the fact that receipts for gold purchases are not in any way comparable to information about gold stored in a vault.
There are people who have been to the vaults in Zurich, London, and Dubai. You can read about Julian Dibbell's experiences in Dubai in his essay in _Wired_ magazine from a few years back. Just go to their web archive.
In contrast, INTGold doesn't appear to have an allocated gold storage contract anywhere. They don't appear to make any claim to be storing this gold which Graham thinks they've purchased. Maybe they've already sold the gold? Maybe they just faked up the receipts.
Not sure... have the e-gold people posted any information to prove that their gold is lien-free?
Yes. Feel free to review the user agreement and the e-gold statements on the special purpose trust, as well as their contract with, say, JP Morgan for allocated bullion storage.
If you are saying e-gold should hire some company to perform a serious audit, I agree. I'd like to see a detailed audit of the e-gold system.
But can I run a SQL statement on their database to verify this?
I don't know if you can or cannot. I gather you don't have their permission to do so.
You could ask Jay Wherley to do so, but he'd probably just refer you to the stats page.
I'm not promoting INTGold or anything.
Swell.
But you're saying that one eCurrency isn't any good because it hasn't provided the necessary information. At the same time, the one you like hasn't provided any information either.
Actually, the amount of information available on the e-gold.com site is huge compared to the amount of data I gleaned from the INTGold site last time I was there. You really ought to stop being silly and just take a look.
Things I like about e-gold: There seems to be gold involved. E-gold management aren't promoting Ponzi schemes. E-gold has contracts for storage of gold. E-gold has information on gold in storage. Doug Jackson is a nice guy.
I cannot say any of these things about INTGold based on knowledge or belief.
Regards,
Jim http://www.ezez.com/
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