TELECOM Digest OnLine - Sorted: Digital Gold Circulation Rises to 2.5 Tons

Digital Gold Circulation Rises to 2.5 Tons

Reuters News Wire (
Tue, 9 Aug 2005 09:31:53 -0500

Internet payment system e-gold now holds around 2.5 ton of gold, an
increase of 40 percent since 2004 and more than the official gold
reserves of countries like Chile and Luxembourg.

"The e-gold system has now surpassed 27 out of 109 gold-holding
nations and is on track to exceed Canada's gold reserves by year-end,"
e-gold founder Douglas Jackson said in a statement.

The system ( allows people anywhere in the world to
send specified weights of gold to other e-gold accounts. While the
ownership changes, the gold in the treasury grade vault stays put.

A Canadian, for example, can pay a German the correct weight of gold
for goods or services as easily as if the price had been quoted in a
national currency.

The system currently processes over 10 million user-to-user payments
annually with a value exceeding $1 billion.

According to e-gold's Web Site, the most frequent gold spend over the
past 24 hours fell in the 10-100 milligram range, for a total of 455
grams (14.6 troy ounces).

Spot gold currently trades at around $433 an ounce.

But the amount of gold involved is still only a fraction of bullion's
ever-shrinking share of central bank foreign exchange reserves, which
stood at just over 31,000 tons as of June 2005.

Copyright 2005 Reuters Limited.

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