On 29 May 2001, at 23:28, David Hillary wrote:
> Goldmoney claims to be 'unique' in that holdings of goldgrams are title to
> the actual gold in the holding, rather than a currency backed by a
> holding. This is simply not the case, as the owner of 1 gg simply cannot
> take his holding out and effect his claimed ownership of it -- bullion
> backing goldmoney is in bullion of much greater masses.
When you own a US treasury bond with a face value eof $100,000,
can you go to the bank and claim $10. You still own the $10.
The goldgram you own is a title to one gram of gold and, although it
may not be redeem as a physical gram, it can be convert to any
national currencies at the specific value of one gram of gold.
Even if you had
> enough goldgrams to remove bullion from allocated storage, your holding is
> not a specified/allocated piece of bullion, but an interest in allocated
> storage of of all goldmoney holdings at the repository.
True, but if your interest match at least the size of a physical bar,
you can retreive that physical bar. In other owrds you own a piece
of bullion, no matter which piece. The result is the same.
Further still, the
> direct holding of a piece of bullion at a repository is not true
> ownership, as you lack actual and rely on the security and reputation of
> the repository.
This is true... but who keep gold under its mattress nowadays...
You are better off with unencumbered gold held in a reputable vault
than holding in anywhere else.
> The only true asset currency in respect to gold is the physical possession
> of bullion, which is physically passed from payer to payee to act as means
> of payment and medium of exchange, money.
This was in the old days before computers.
Claude
Claude
http://www.goldcurrencies.ca
http://www.ormetal.com
==================================
Claude Cormier Public Key
http://www.ormetal.com/PGPkey.html
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