OK, sounds like I need to do some more shopping around. I went to
Ozziegold, and they charge 8.5% I think, if you deposit cash straight into
their bank account, so obviously that's a bit rich. I certainly don't
have a problem with people recovering credit card fees etc, and taking a
reasonable margin. I just thought that the rates I had seen were too high
to make it economic.
As far as Australians being into it, I can think of three reasons none of
them to be taken seriously! First, most of the web is priced in $US, and
our banks really slug us for overseas credit card transations. Secondly,
have you seen the Aussie dollar recently! Look downwards! Third, there
are a lot of goldbugs over here, with a long national history of chasing
the metal!
Can you recommend any market makers outside the US that I could
investigate? Do people use e-gold as a way of storing value, or just to
fund net transactions?
Thanks,
Brendan.
[EMAIL PROTECTED]
Sent by: [EMAIL PROTECTED]
12/04/01 10:41
To: "e-gold Discussion" <[EMAIL PROTECTED]>
cc:
Subject: [e-gold-list] Re: Spreads, fees etc
>Can someone give me some thoughts on the best way of minimising the fees
>and spreads that seem to be everywhere. Not so much e-gold's transaction
>(50c) and holding (1%) charges, but the 4% I saw someone mention as a
>buy/sell spread, or the 8% that market makers charge to do the
>dollar-to-e-gold exchange.
>
Brendan, those unattractive rates are only if you are funding your
account using say a credit card.
And, it is very reasonable that the folks who accept credit cards
have to charge such a rate! (Due to fraud, delays, fees etc
associated with credit cards.)
If you are purchasing a few thousand bucks of egold, and you are
willing to pay by wire, you can get a super rate (maybe 2 or 3
percent)
Basically if you want to use a SOFT form of money (Jeff Fitzmyers:
http://home.earthlink.net/~fitz22/may.html ) to buy gold, you'll pay
more, use a HARDER form, pay less. Also if you're in a huge RUSH,
you'll pay more, if you can wait a few days for eg your bank check to
clear, you'll pay less.
And how come there are so many people from Australia into egold??! :)
>I like the idea of using e-gold to 'hold' phyical gold, but an 8% hit on
>the way in makes that pretty uneconomic, doesn't it.
>
>The other aspect I would like to explore is using e-gold as an
>anonymous/secret store of value. Does anyone have any suggestions or
>thoughts on that?
>
>Thanks,
>
>Brendan.
>
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