It depends. If someone sells their gold for a certain amount of USD, say for a wire or check, and he later wants a refund, I think it is proper to deal in USD. The gold was sold at the time of the order and you are now dealing with dollars.
Nuh. Note that you say John
The gold was sold at the time of the order^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
if it was "sold" the order is completed and that's the end of it. It's now a USD amount. You have some USD that is theirs. Send them USD.
(If instead of USD - at this later time - for some reason - you decided to send them wheat, gold, cars or paperbacks, that is a different separate negotiation to have.)
If for some reason the deal - the sale - is being broken, is not proceeding, there is NO sale, you would - of course - as Sidd points out - give back whatever it was they gave you.
If they gave you cheese, give them back cheese. In this case they gave you gold, give them back gold.
There is no other possible viewpoint.
That is the only conceivable meaning of "cancelling" the sale.
I dunno why you bother getting into these arguments Sidd :)
By all means, two parties could enter in to a contract where in the case of a dispute or a broken deal some other sort of thinking would prevail. Graham may have some sort of arrangement like this on his web site.
If the order had been completed, that is the amount of dollars he would have gotten. You wouldn't want customers canceling because the price of gold went up and they wish they would have sold later.
Graham says in the example the customer cancelled, and your example John is about a customer cancelling.
You can't let customers "cancel" a sell order of e-gold for obvious reasons, ie you will have no business.
If the price of gold has skyrocketed in the interim, the MM would be nuts to let the customer magically cancel. If the price of gold has plummeted in the interim, the MM would not want to do some sort of "price based" return
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