Kuram, my friend, it isn't that way!
When G&SR bails in gold at $272/ounce, they immediately sell it. Now, if
someone wants to exchange their e-gold for US dollars, it doesn't matter
what the price was it was originally sold for; the relevant price is the
current price and OmniPay could certainly bail-out 10 bars of gold to cover
their OutExchange price. Otherwise they would lower their OutExchange price.
Craig
GoldDirectory.com
----- Original Message -----
From: "Khurram Khan" <[EMAIL PROTECTED]>
To: "SnowDog" <[EMAIL PROTECTED]>; "e-gold Discussion"
<[EMAIL PROTECTED]>
Sent: Saturday, January 27, 2001 9:48 PM
Subject: Re: [e-gold-list] re: Costagold
>
>
> --- "SnowDog" <[EMAIL PROTECTED]>
> > wrote:
> >> 272 divided by 262= 1.038 which means that the price
> >> of gold has dropped 4%.
> >> G&SR/OMNIPAY/e-gold is playing head I win tails you
> >> loose, no matter what they claim.
> >
>
> Exchange providors make money on selling gold at a higher price then they
bought it at.
>
> Since the price of gold has been recently dropping, G&SR bought bars at a
higher price then what they would be redeaming it at. Lets conside the
above.
>
> G&SR buys 10 bars at spot price of 272 which is highly unlikely but
anyway.
> $272 x 400 x 10 = $1088000
>
> Now G&SR bails in 10 bars at the spot price now of 262 and pays e-gold the
1% premium that it charges.
> $262 x 400 x 10 x .99 = $1037520
>
> The difference is $50480. Have fund with that.
> Khurram Khan
>
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