Dear JP, > is that e-gold take their spend fees / storage fees (read the > following two words carefully) *as gold* as opposed to > *as e-gold*
Actually, what I'm saying might be expressed similarly: e-gold is gold, circulated electronically. Remember when we were less happy with the list on examiner and you were pushing for just such a list of bars as they have now? I think you made a quip something like: "E-gold is almost gold circulated electronically." Previously, you have been quoted frequently by Jim Ray as having said, "E-gold is to money what e-mail is to mail" or some such. I do not know what the E-gold Bullion Reserve Special Purpose Trust listed on the new examiner pages is or does. But, let us suppose that it holds gold, silver, platinum, and palladium for e-gold.com (Gold & Silver Reserve, OmniPay, whomever). Where is the gold held? See pages at examiner for details. For whom is the gold held? For e-gold and its customers. How much gold is held? See pages at examiner. Now, if e-gold, Ltd., is paid in e-gold for its part of the spend fees and its storage fees, how does that affect the gold? It means that some of the gold, and an increasing amount, represents the gold "backing" e-gold, Ltd's e-gold. And the rest is the gold backing the e-gold in all other accounts. Test: If that were true, then what would happen each month when the e-gold system sucked out a storage fee from each account? Why, the amount of gold held by e-gold Special Purpose Trust for e-gold, Ltd's account, rather than e-gold.com's other account holders, would increase. I gather that's what Craig is saying he sees happen every month. >(ii) this is all speculation -- no one has a clue why > those two colums don't balance. Um, none of us do. I think Doug has a clue. >They Should Balance. Why should they balance? >(iii) e-gold need to issue a note on that statement explaining the >discrepency. Re-read (ii) Okay. I'm all for statements explaining things. As you well know, I tend to verbose explanations. Probably because I read fast and type fast. >i, ii ,and iii are unarguable. Sure, but we can discuss anything, because you rock. > In your recent email there is some lack of clarity > between e-gold, the e-gold trust, and other entities, Jim Thus this message to attempt clarification. But, truly, there is confusion among these entities. E-gold, Ltd., is the owner/operator of e-gold.com. Yet, somehow, it has intertwined its directors and management with that of OmniPay. I suppose there is an articulate way in which an attorney could explain how this interlocking board of directors issue doesn't pierce the corporate veil between e-gold and OmniPay. I, for my part, view it all as one big thing, which is somehow magically subdivided for legal and public consumption. E-gold Bullion Reserve Special Purpose Trust is some sort of a trust. Who owns it? For whose benefit? Who manages it? We don't know. I haven't seen the trust document, and probably it is confidential and won't ever be shared. What you appear to be asking for is that allocated storage for e-gold, Ltd., be separated from allocated storage for all other e-gold.com customers. I think that's a mistake. Because, if e-gold, Ltd., held its gold separately, then it would not be paid in e-gold. It would, as you have suggested, be getting paid in gold. But, if it is just another e-gold.com customer getting paid in e-gold, then it has to be treated the same. The gold which "backs" e-gold, Ltd's e-gold should be in the same place as the gold which backs everyone else's e-gold. Now, here's another interesting question: what does e-gold, Ltd., do to pay its bills? My guess is, and I think this rational, is that e-gold, Ltd., spends to OmniPay, and OmniPay pays out dollars by check or wire. So, e-gold, Ltd., would be detached from the banking system, with no need to have a bank account. In point of fact, now that Cambist.net offers checks for e-gold (free for amounts over $40) nobody needs to have a checking account. Everyone can do away with their checking accounts tomorrow, and stop paying bank fees. Instead, you can have e-gold, GoldMoney, Crowne Gold, e-Bullion, or, best of all, the frictionless, fee-less, and exciting 1MDC Fastgrams or 1MDC Term Lodgements hold value for you. When you need to write a check, you visit http://cambist.net/fiat/goldchex.html and we send you an e-mail explaining how much gold you owe. Pay us the gold, we pay your bill. In a couple of weeks, that system will be integrated with the SCI of each of the digital gold vendors, so you'll be able to spend us the gold automagically. Not long after that, the entire system will be updated to a database application you access from a secure web page. You'll enter in your information for each bill one time, add the current balance due if that changes, and log in one time to pay your bills for the month or week or even for the year if you have it worked out. Isn't that exciting? Regards, Jim http://cambist.net/ --- 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.
