e-Gold
e-gold is an electronic currency, issued by e-Gold Ltd., a Nevis corporation, 100% backed at all times by gold bullion in allocated storage.
Other e-metals are also issued: e-silver is 100% backed by e-silver, e-platinum is 100% backed by platinum, and e-palladium is 100% backed by palladium. However, the most popular e-metal (by an overwhelming margin) is e-gold.
e-Gold is integrated into an account based payment system that empowers people to use gold as money. Specifically, the e-gold payment system enables people to spend specified weights of gold to other e-gold accounts. Only the ownership changes — the gold in the treasury grade vault stays put.
In other words, e-Gold is an international payment system, which allows it’s customers to make fast, inexpensive and reliable transactions over the Internet.
The World Wide Web needs worldwide money. e-Gold was created in response to this need.
e-Gold is accounted by weight of metal, not US$ or any other national currency unit. Weight units have a precise, invariable, internationally recognized definition. Additionally, precious metals, gold in particular, enjoy a long history of monetary use around the world. Thus, e-gold is ideally suited for international transactions.
Although e-gold is accounted by weight, the e-gold payment system allows Spends to be expressed in terms of eight major national currencies (as of this writing). For example, it’s possible to:
- Spend 10 troy oz worth of e-gold
- Spend 5.3 grams worth of e-gold
- Spend US $100.00 worth of e-gold
- Spend CHF 685.88 worth of e-gold
This means (for example) that a Canadian can pay a German or Japanese can pay an Australian the correct weight of gold (e-gold) for a good or service as easily as if the price had been quoted in his own national currency.
Pursuant to the e-Gold Account User Agreement, the physical bullion that comprises the value backing e-Gold must be insulated from physical, legal and political risks. Title is held by the e-Gold Bullion Reserve Special Purpose Trust that exists for the express purpose of holding bullion for the exclusive benefit of all e-gold account holders collectively. The bullion is held in the form of certified good delivery bars in allocated storage at repositories certified by the London Bullion Market Association (LBMA). Metal is held free of any lien or encumbrance whatsoever and explicitly may not be attached to any liabilities of e-gold Ltd. or any other entity. No metal may be removed from storage or any other disposition made without the signatures of both e-gold Ltd. and a third party Escrow Agent of good reputation.
GLI has certified our RNG