Why is everyone so afraid of OSGoldit seems to be
a valid way to exchange funds ... new as it is they
seem to not have missed a beat.. E-gold was new at one
time also. What is the deal...please explain in plain
english as I really want to understand here.
Several red flags:
1) No one knows who they are; meaning that they are not known in gold-bug
circles.
2) They don't describe how they are holding the gold in reserve, other than
in vague generalities.
3) They make wild claims, like the one where they said that each account was
backed by 150% in gold. Combine this statement with another statement where
they said that they handle about 40,000 transactions a week, and several
inconsistencies come up: 1) It took E-Gold 5 years to reach 40,000
transactions a week, but only seems to have taken OSGold 2 months; 2) Why is
it that E-Gold has not experienced a noticeable drop in its weekly
transactions during the past couple of months when OSGold has reportedly
picked up so many; 3) E-Gold does about 40,000 transactions a week now, with
about $12,000,000 in reserve. If OSGold has a similar amount in reserve,
then they would need about $18,000,000 in reserve to be backed 150%. If they
have this much gold, then someone would have had to have put up $6,000,000
in investment capital. However, if OSGold had that kind of money, we would
have heard about them long ago. So, it's highly unlikely that they are
backed by 150% in gold, and that they turn-over anything near 40,000
transactions per week.
4) They openly promote 'investment programs' based on pyramid schemes. These
are scams because they don't openly tell those to whom they promote these
'programs', how they operate. All of these programs are doomed to fail
because they return invested capital as income to previous participants.
For the speculation to stop, OSGold will have to become more open about how
they operate, and will have to perform an open, independent, audit.
Craig
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