Reuters News Wire (reuters@telecom-digest.org) Tue, 9 Aug 2005 09:31:53 -0500

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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 (www.e-gold.com) 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. NOTE: For more telecom/internet/networking/computer news from the daily media, check out our feature 'Telecom Digest Extra' each day at http://telecom-digest.org/td-extra/more-news.html . Hundreds of new articles daily.

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