>As long as I can transfer at will the benefit I have in this trust, I see
no real problem.
>
> Is Goldmoney different since there is no trust that hold the gold.
> According to their user agreement, the user has the title to the
> gold?
Individuals cannot hold joint title to property without some form of
contract, structure or entity, for example in real estate strata title and
body corporates. All these contracts and structures limit individual control
over the property and make individual control subject to conditions. An
individual therefore cannot own 1 gg in the same was as he can own a gold
coin in his pocket. 1 gg is undeniably an unallocated interest in gold
bullion held in allocated storage. Saying that I own gold when I have a
holding of 1 gg is like saying I own my desk at work because I hold 100
shares in NRMA Insurance Group.
I feel more secure in my interest in e-gold than goldmoney because I know
that the trustees are legally responsible to fulfill the trust deed more
than I care that I might own nominal title to some part of a bar somewhere
(but no where specific).
David Hillary
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