|
|
e-gold is a payments system which enables the use of gold as money. Gold & Silver Reserve, Inc. administers the system, and oversees an inventory of gold coins and bars held in allocated storage by third party custodians. A quantity of e-gold in your account constitutes title to a precise weight (fine) of this physical gold. This means 100% backing with physical gold for the quantity shown in your account. You can actually have your gold sent to you, within limits, but it ceases to be useable for on-line transactions. You can also redeem gold for currency, by requesting a check, which can be sent where you wish, payable to whom you specify. In the normal course of things, you would use e-gold to settle on-line financial transfers. For this to work, both parties must have e-gold accounts, and you would just order a transfer to the account of whomever you wanted to pay. Others can send payments to you. This allows for nearly instant payments. Internally on the system, all metal (more than just gold) is accounted for by weight, with dollar (or other) values used as a convenience for customers..
Home