Dear Dagny, Yes. I do think that Mr. Jim Ray or Mr. Doug Jackson or someone else at e-gold or Omnipay ought to take a minute or two to explain things a bit better. Maybe Jay Wherley could then put the explanation on a page on the e-gold site.
We have a page at e-gold that says that there is a bank in Ontario which has 116 bars of gold and a bunch of other metal. Is the storage in Ontario covered by the JP Morgan Chase contract? (Is it in London, Ontario?) Perhaps the storage in Zurich is also covered by the JP Morgan Chase contract? What of the storage listed on the examiner as "London"? Is any gold actually stored in London? And is that London, Ontario, Canada, or London, England, UK? These are pretty simple questions. Answering them would take almost no time at all. However, none of these answers would do a thing for me in terms of my basic concern that JP Morgan Chase is a disreputable entity in my view. The history of John Pierpont Morgan, his descendants, and of the banking concern at Chase bank, conveys to me a huge amount of information about abuse of power, political corruption, and a dedication to the control of other people's money. Working with JP Morgan Chase seems like a really bad business decision, to me. As James Turk has pointed out, the big New York banks exert what seems to me to be unwarranted influence over the Federal Reserve System. I don't think they can be trusted. They appear to be deeply and irrevocably involved in the suppression of the gold price through what appears to me to amount to a swindle: the selling of gold that they don't even own. But, I will also admit that I don't particularly care for the "secure storage" in Dubai, the secure storage agreement GoldMoney has with a private party in London, or the secure storage agreement that 3PGold has with a private party in Idaho. Here's why: I don't trust the governments of any of these three places. For example, Idaho is in the USA. In 1933, the USA feral gummint nationalized all privately held gold. That situation pertained until 1971. I happen to know a guy who smuggled gold into Seattle from Vancouver in the late 1960s, so the law doesn't necessarily impede the market. It does, however, suggest that in a future banking crisis (which GATA.org and James Turk and the other fine folx at Le Metropole have pointed out cannot be far off), gold known to be in storage in London, England, in London, Ontario, in Dubai, or in Idaho might be nationalized, or seized for the benefit of those who control the state. It is, to me, a somewhat smaller worry that the gold stored in Idaho by 3PGold might be seized by the USA fedgov than the worry that JP Morgan Chase might be run by liars who would lease or borrow the gold they are storing for other parties, like e-gold, Ltd., perhaps without telling them. But only somewhat smaller. Not long ago, a brilliant software developer suggested that he was contemplating his own DGC. Where will he choose to store his gold? I have a bunch of pretty clever ideas. I, for one, Dagny, appreciate the thoughtfulness of your message. If nobody at e-gold ever seems to bother to reply, well, that may be the best sign that your criticism has hit home. Regards, Jim http://www.two-cents-worth.com/?101468&EG http://www.GoldBarter.com/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
