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E-gold Out-Exchange Frenzy Situation (Updated 18 May 07)
Exchanger Speculation, Ecurrency Update, EcurrencyTags: E gold Exchangers.
As of the previous update, there’s no panic mode on my end to out-exchange E-gold as yet, but here’s the update on some of the trusted ones around.
Ice Gold is still suspending buying in of E-gold and gives the following reason,
IceGold Update
We have suspended e-gold outexchanges again due to large volume of orders. We will resume outexchanging when we are in need of e-gold again or can sell to Omnipay.
London Gold Exchange is still suspending outexchanges, with no changes except promotions on buying in of E-bullion. We can see which is the next one to take over E-gold if it really goes down (hopefully not)
London Gold Exchange Update #2
Due to unprecedented demand we NEED e-Bullion e-currency. We have removed the fee, so it is now a very good time to Sell. This special offer will last until at least the weekend.
Please proceed to the Sell page and place your sell order as normal. You must be a silver member and have a verified bank account to qualify for this offer.
London Gold Exchange Update #1
We are now accepting e-gold buy (In-Exchange) orders.
At the moment we are still not taking any e-gold Sell or Convert orders (Out-Exchange and metal to metal exchanges). We hope to resume in a few days.There has been no real update over the weekend. There are reports of other exchangers receiving funds from Omnipay (the main wholesaler of e-gold), so that news is promising as at least they seem to be functioning behind the scenes.
We will keep you up to date as soon as we hear any news.
Sales Team
Goldex no longer accepting outexchanges to E-gold.
Goldex Update
UPDATED PLEASE READ
Due to the current situation we have temporarily suspended ALL EGOLD OUTEXCHANGES AND/OR EXCHANGES TO OTHER ECURRENCIES AND TO THE DEBIT CARDS. WE ARE WAITING ON SOME FUNDS TO BE RECEIVED FROM OMNIPAY AT WHICH POINT WE WILL RESUME THE SERVICE
EuroGoldSales (GDCA Accredited) is still taking in E-gold according to Nobsnetwork E-currency thread.
e-forexgold (GDCA Senior Member) is still taking in E-gold as well according to the same thread from Nobs Network.
The Bullion Exchange has a lengthy update, blaming on the judicial system (but of course)
The Bullion Exchange Update
NOTICE: First of all, we at The Bullion Exchange wanted to thank our loyal customers for your patience during this time of uncertainty. We do want to reiterate that we are an honest and reputable business, and have taken every precaution available to secure and process your transactions. We have retained legal services of experienced legal counsel to help us sort through the legal aspects of the current situation as expeditiously as possible. As many of you have heard E-Gold was charged with several criminal violations by the Federal Government. As a result of the criminal indictment seizure warrants were issued by Federal Courts for accounts associated with E-Gold. Since we trade with E-Gold this seizure has temporarily effected our ability to process transactions on behalf of our valued customers.
At The Bullion Exchange, we believe that every individual is presumed innocent until proven in a court of law, to be guilty of the allegations levied against them. From our professional contact with E-Gold owners and representatives, we believe they deserve this presumption. The Bullion Exchange has not been charged with any criminal activity, our accounts have been seized in connection with mere association with E-Gold. Our attorneys are working with other attorneys to have the seized funds released through a civil lawsuit in an expedited fashion.
The Bullion Exchange has worked with law enforcement agencies including the New York Attorney General’s office and Untied States Post Office to help eliminate illegal internet transactions, and we have a crystal clean record. We maintain a strict policy on customer identification, and work with other exchange providers like ourselves, to block any account believed to be involved in any illegal activity. We attempt to ensure that no one uses our services for money laundering or any other illegal activity, including child pornography, which we find disgustable, we identify each and every customer, and check their identity through a variety of means, we cooperate fully with all law enforcement agencies to combat online fraud attempts of any nature.
Please be assured that completion of your transactions is of the utmost importance to us and we are doing everything in our power to complete the transaction as quickly as possible. We will keep posting updates as they become available, and should you wish to speak with a real person, we are attempting to return all of your telephone inquiries as soon as practicable.
Thank you again for your continued patience and cooperation in allowing us to resolve these unfortunate issues through the judicial system.
No reply on my email to Omnipay. Well I reckon the bottleneck is now with them and there are rumours that they’re fulfilling individual exchanges instead of exchangers’ gold.
If you have any exchanger updates to share, do leave a comment or just email me at jude@nobshyip.net, your kindness is much appreciated!
Popularity: 3% [?]
Visit http://www.e-gold.com/stats.html and you will probably see something you’ve never seen before. I know I haven’t seen this situation before:
The value circulated by spends in the last 24 hours has increased from an average of $3-8 million to $29 million
The quantity of e-metal in Circulation has decreased from 4.97 Mg to 2.97 Mg this week. Omnipay is selling their gold, or is the US Gov. seizing their assets?
I personally hope it’s the first situation, when Omnipay is selling gold to meet the out-exchange demands of all the large exchangers.
What do you think?
Dan
Very interesting Dan,
I also hope that it’s the first situation.
e-forexgold answered me:
Dear Sir!
You can buy-sell-exchange e-gold using our service.
However, due to the
increase in
transactions volume people
should expect delays when outexchanging
e-gold. Allow at least 2-3
days for your order to be processed.
Regards,
Customer service.
Yes, it seems like Omnipay is selling their real gold bars. This could explain the delaying in transactions, because they need to sell them first for cash to pay their customers out.
Could be several things, one they are redeeming bars but with approval of the .gov and that is taking much longer than anticipated, two-they cannot redeem bars and are ‘outexchanging’ to some agents based on the limited cash flow they had in house, in which case the agents would have accepted a few transactions and put things on hold as it appears.
It would seem from the stats that the redemptions of bars is being done just slowly due to prior .gov approval and under their watchful eye.
Not sure of the facts but great post.
Mark
But, who knows, probably this is only done by someone to hide a part of the gold. We will see what will evolve in the next days/next week. When Omnipay is not able to sell more gold, we know that their was something suspicious going on with this gold bar sell-off.
I do not see how they could ‘hide’ over $30 million with the FEDs on their back.
There’s no recent news about E-gold bullion assets being seized. The most simple answer in this case is probably the truth, they are selling the bullion for out-exchanges. If this is the case, all exchange operations will be back to normal very soon.
Let’s just wait and see.
Dan
Jose, is e-Forexgold a GDCA accredited exchanger?
Jude:
http://www.gdcaonline.org/members/eforexgold.htm
Hi Jude,
I contacted Omni Pay and they said I can out exchange using them.
Although I got the email from two departments. First the support department and then the Abuse department which ended the email with what is my e-gold account.
Well needless to say, with all the is going on, I did not send the “Abuse” department my e-gold account
I wonder what the Abuse department wanted to do with your account LOL
No ideas really. Just having fun
Regards.
“Shake the tree hard enough, you will be amazed what falls down”. this is an old Fed saying. this whole business with the e-gold is all about the “terrorist” hunt and getting on the trails of the big money and where it go’s. creating panic. hope everything end well.
Ross
Some more interesting stats. I was tracking the egold stats back in February and then the amount in circulation was a little over 3.5mg now it is 2.97mg at current prices that is over $10 million less in egold circulation from February until now. Does anyone know what was in circulation right before the big news break as that would give a more accurate picture of how much bullion is actually being liquidated?
Something close to 48 bars has been redeemed since May 3, which is just over 11 million. All the 58 accounts seized, were converted to cash, that cash was deposited into a .gov owned account pending the outcome of allegations. Its not clear how much of the 11 million was seized, that figure is simply the change in inventory. Cash flowing from that total sale would include include public money for exchanges and seized money for the .gov account.
Mark
When will the egold situation be rep;ved?
At least two large HYIP still request that any investment must be made through e-gold.com. I am not allowed to give the names.
may, 11 2007.
E-gold reserves have further decreased by 0.20 Mg of Gold.
Regards.
I am in no hurry to cash out my e-gold too. I am confident that things in the e-gold exchange market will be back to normal once the frenzy has settled down.
Thailand Gold Exchange is THE BEST (fees/everything) exchanger there is ATM.
Funny how Jude forgot all about it.
check this out guys
http://www.eurogoldsales.info/
They are gdca accredited. This is pretty strange.
I’m only introducing credible GDCA exchangers, as you can see from the list Anitta
well I used Thailand Gold Exchange to exchange e-gold last Monday May 14th. No money yet(way passed 72hour max). have contacted them. I guess they haven’t have the money to pay yet. I was told to wait???it is for just $1000.
Ross.
Ross,
Didn’t you read the news on the TGE Website????
“Please note that while we continue to operate as usual buying and selling egold, the exceptional situation at egold that is causing some egold users to panic and attempt to cash out , is creating a huge shortage in Bank cash-flow, we can’t therefore guarantee our normal processing times. Please expect orders to be delayed AT LEAST 5 working days, especially for orders FROM egold to bank wire or egold to E-bullion”
Cyrano,
I meant NO offense to TGE (otherwise I wouldn’t of use it). I was just merely pointing out the situation that has also effected TGE.
I personally am confident that what ever happens to egold, us honest folks have nothing to be worrying about. As I once stated above, it is just a shake down to catch those gully fishes.
Good luck and i will post as soon as I have my money.
Ross.
E-gold, e-metal in Circulation: 2.70 Mg
E-gold bullion reserves have been declining steadily since the US Government indictment. This proves they are selling bullion to meet Omnipay high out-exchange demand.
Why are all major exchangers sitting on the sidelines? The logical answer is that they are now selling their excess E-gold assets to Omnipay, and they will resume business when the accusations are settled one way or another, or when they don’t have any excess E-gold in their accounts. Again, we have to wait and see…
Regards,
Dan
check this out guys
http://www.e-gold-bank.org