Friday, 12th August 2005 (2692 views)

Gold transactions can be enacted online with e-gold, and the internet payment system now holds approximately 2.5 tonnes of gold.

This shows a 40 per cent rise on 2004's figures and suggests that more buyers are confident of the site's security, which includes an option allowing access to your account on only one IP address.

E-gold operates worldwide by transferring the ownership of gold from one person to another without the need for the gold to move location.

Nevertheless, the gold is not virtual as it exists in physical form in various repositories.

Currently the e-gold system contains more gold than 27 gold-holding nations and it could well overtake Canada's reserves by the end of the year.

Each year, e-gold processes in excess of ten million payments worth over $1 billion.


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