e-gold is an electronic currency, issued by e-gold Ltd., a Nevis
corporation, 100% backed at all times by gold bullion in allocated
storage.
Other e-metals are also issued: e-silver is 100% backed by silver,
e-platinum is 100% backed by platinum, and e-palladium is 100%
backed by palladium. However, the most popular e-metal (by an
overwhelming margin) is e-gold.
e-gold is integrated into an account based payment system that
empowers people to use gold as money. Specifically, the e-gold
payment system enables people to Spend specified weights of gold to
other e-gold accounts. Only the ownership changes - the gold in the
treasury grade vault stays put.
here to stay .e-gold is always as good as the gold it's backed with -
this year, next year, a thousand years from now. Pursuant to the e-
gold Account User Agreement, the physical bullion that comprises the
value backing e-gold must be insulated from physical, legal and
political risks. Title is held by The e-gold Bullion Reserve Special
Purpose Trust that exists for the express purpose of holding bullion
for the exclusive benefit of all e-gold account holders
collectively. The bullion is held in the form of certified good
delivery bars in allocated storage at repositories certified by the
London Bullion Market Association (LBMA). Metal is held free of any
lien or encumbrance whatsoever and explicitly may not be attached to
any liabilities of e-gold Ltd. or any other entity. No metal may be
removed from storage or any other disposition made without the
signatures of both e-gold Ltd. and a third party Escrow Agent of
good reputation. Total e-gold in circulation vs. total bullion
reserves are provided in real-time via the e-gold Examiner utility
accessible from the e-gold website, as well as Statistics relating
to the use and growth of the e-gold system.
The world wide web needs world wide money. e-gold is accounted by
weight of metal, not US$ or any other national currency unit.
Weight units have a precise, invariable, internationally recognized
definition. Additionally, precious metals, gold in particular,
enjoy a long history of monetary use around the world. Thus, e-gold
is ideally suited for international transactions.
Although e-gold is accounted by weight, the e-gold payment system
allows Spends to be expressed in terms of eight major national
currencies (as of this writing). For example, it's possible to:
This means (for example) that a Canadian can pay a German or a
Japanese can pay an Australian the correct weight of gold (e-gold)
for a good or service as easily as if the price had been quoted in
his own national currency.
All financial value will migrate to cyberspace over the next few
years. e-gold is ready so that you can be too.
e-gold may be Spent to any other e-gold account anywhere in the
world via the e-gold shopping cart interface (SCI), the e-gold
Account Manager, or web enabled mobile phone.
e-gold payments clear instantaneously (with no chargeback risk), no
matter how large the payment, no matter how far apart the Spender
and Recipient
Recipient transaction fees range from substantially smaller to
orders of magnitude smaller than those of credit cards and bank wire
transfers, no matter how large (or small) the payment.The e-gold
Agio fee, which recovers bullion storage costs, passes on economies
of scale normally only enjoyed by very large holders of bullion.