In the days following the indictments of e-gold, Gold & Silver Reserve and the e-gold founders along with dozens of exchange agent accounts being seized…a lot has happened to the e-gold industry.Seizures - In the last week or so, some $11 million USD(48 bars) in gold bullion has been redeemed from e-gold for cash. A good portion of that money, all of the funds in the 58 government targeted accounts, was seized by the Federal Government pending the outcome of the allegations.
1MDC - 1MDC, known as the ultimate easy to use payment system system backed by e-gold, has effectively closed. Yes, the web is still up and current 1MDC account holders such as myself, can transfer between other 1MDC accounts but the units have zero value and cannot be exchanged for money. (Just like eCache COW)
So…..who is still alive? - Which exchange agents are still transacting in e-gold, which ones have opted out and who is now waiting along the sidelines for more information? Let’s take a look. (Inspiration for this post came from my good friend Jude over at the NOBS Network)
xGold.ca - Still transacting e-gold (Canada)
Confirmed the report of receiving a wire transfer from OmniPay and still transacting business both inexchange and outexchange for e-gold and Pecunix - Canadian banks only.
“We are processing in and outexchange for e-gold, however, we are only dealing with Canadian bank account holders (we only do direct withdrawal and deposit). We do not deal with checks, money orders and wires. We are planning an exclusive offer to our clients who purchased e-gold with us: convert up to 20g of e-gold to Pecunix at no fee.”
IceGold - No e-gold sales today. Their news page reads like my old EKGs, wildly up and down.
On April 27, when the e-gold indictment was unsealed and made public, IceGold’s account was seized. That same day they changed their account number and resumed e-gold exchanges. They also discontinued all 1MDC exchanges at that time. On May 3rd, just a few days later, they discontinued e-gold exchanges saying, “…we are unable to sell our excessive e-gold to Omnipay at the moment. We will resume outexchanging again when we are in need of e-gold ourselves or have received a confirmation from Omnipay that they are ready to buy e-gold from us. We expect to operate normally again by the next week. Indeed, just 5 days later they started e-gold exchanges again, “….at 3% below spot rate” on any outexchange(sell) only to discontinue again later the same day. “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.” IceGold is currently NOT exchanging e-gold and is on the sidelines. Down but not yet out
AnyGoldNow - No sale of e-gold.
As of today, May 11, “e-gold sales are suspended at this time, pending news from e-gold about the legal situation in the USA.” Their account was also seized. Its worth noting that AnyGoldNow is very large and well known in the industry. Their web is open and they are operating for clients in other currencies. I’m sure they will survive just fine.
Denver Gold Exchange - Out of Business?
As of today, May 11 their web is offline. Their account was also seized in the governments action. “Denver Gold Exchange Under Construction”. Since this is a very new company and all their business was based in e-gold, no other currencies, its likely they may not return. (IMHO)
RoboXchange - Auto exchange e-gold into other digital currency at higher than normal rate
Just visited the Robot and he is offering exchanges from e-gold into others such as Pecunix, Webmoney and Liberty Reserve at a fee of 30%. Exchange $1 of e-gold for .70 cents of an other e-currency. Make sure to check the balance of your incoming currency to make sure they have inventory to handle your exchange. There are some smart folks operating the RoboXchange, back in mid April, Olegg had this to say,
”In early 2006, when feds where under e-gold, we were also told about ddos. We’ve ceased operations with egold until somebody explain what is happening.” *
OmniPay - Unknown?
Reported still operating under government supervision but no firm statement on outexchanges. The OmniPay account(s) was also seized. Most agents are saying something like this, “…when OmniPay can again buy….” so this is a question in our minds as to what their future is and if they can currently transact in a timely fashion. Feedback?
GoldEx - Business as usual with delays.
“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 backlog of orders, we can’t therefore guarantee our normal processing times. Please expect orders to be delayed up to 5 working days, especially for orders FROM egold to bank wire/check or other digital currencies.” *NOBS
AutoCambist - No auto exchanges from e-gold
They won’t accept e-gold but you can exchange other currency in and receive e-gold if you like.
The Bullion Exchange - Not processing at all, down and maybe out.
Their e-gold account was one of the 58 seized in the government’s action.
“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. 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.”
London Gold Exchange - No outexchange sales. Inexchange (buys) allowed
London Gold Exchange did NOT have any accounts seized. Today, May 11 they are selling e-gold to the public but not buying at this time. London Gold Exchange is a very well established business and is expected to not only survive but thrive from the additional business. They exchange multiple other digital currencies.
“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.” *NOBS
e-forexgold - Business as usual.
No input here, any feedback?
Euro Gold Sales - No outexchanges, still operating for inexchange (buys)
“Due to an excess of gold currently, we are not buying any gold at the moment! Please try again in a couple of days. Thanks!”
GoldNow - Business as usual
Graham reports business as usual on inexchange and outexchange. You have to hand it to this guy, Nuclear Blombs could be dropping and he would still be selling.
RayServers Exchange - No e-gold business
Pecunix exchange services operating as usual.
Me-gold - Business as usual?
Their web appears to be operating just like any other day, outexchange services for e-gold included.
Cash Cards International - Business as usual?
I believe from reading this statement on the front of their web, this information is regarding e-gold. However, I’m not 100% sure.
“Effective May 1, 2007 We will continue provide normal “Exchange” services”
GoldPouch Express - No e-gold business.
“Due to an ongoing investigations between E-Gold.com and the Department of Justice and until further notice we regret to inform you that we won’t be buying, selling or trading “GOLD” from E-Gold.com”
GitGold.com - No e-gold business.
Account was seized.
“Our e-gold account, like the other exchange providers dealing with US customers has been affected. The management of e-gold.com has petitioned for an emergency hearing the first of next week and hopefully our account will be back open at that time. Until the problem is solved, we obviously cannot accept CASHOUT requests. We also cannot fund e-gold accounts.”
GetEMoney - Appears to be business as usual.
This Canadian company does not have any notice on their web and appears to be operating normally.
PGX PinoyGoldExchange - No outexchanges
“SELL orders are temporarily suspended. We currently have a lot of e-gold on-hand but with very limited exchangers to trade with.”
