> > > e-gold ltd. is trying to maintain the purity of their metal
> > > backing. The reason Omnipay can bail in bars when nobody else
> > > can is that they have an account with Bank of Nova Scotia. If
> > > an entity, corporate or human, seriously wants to bail in bars
> > > they should create an account with Bank of Nova Scotia. Otherwise,
> > > every bar that is bailed in would have to melted, tested, and
> > > reformed to ensure neccesary purity
> >
> > This is utter nonsense.
>
> How do you know?
>
> ... from what I gather, the large physical bullion
> trade only occurs between known entities, in a sort of 'gold-ole-boy'
> type of network, for a similar reason outlined above; that certified
> 'good' delivery bars can only be trusted when their whereabouts has
> been documented. If a bullion bar is taken 'out' of one of the bullion
> banks, then it would have to be re-assayed before it would be accepted
> from another bullion bank.
That's right. Thats's why no one would do what you describe and there
is no issue about "purity of their metal": it would come from one of
the bullion banks.
> It is very likely that the restriction on bailment has nothing to do
> with G&SR. Has anyone asked them?
Yes. I have. It was like pulling teeth to get them to give a straight
answer. But they finally did admit that they (e-gold) would only accept
bailment from themselves (G&SR). Their answer (such as it was) via Jim
Ray has been posted on this list and the FM list several times. If you
wish I can send you a copy of the entire correspondence.
Best,
CCS
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