INtersting exchange re GM:
I have a concern about using online e-gold and emailed goldmoney as follows:
Dear James Mitchell:
With your response,
I am not certain if you understood the nature of my request.
I am not questioning the safety of my electronic transactions and the control of my own account within your company,
but rather the LEGAL responsibility of GoldMoney
in regards to my ownership and value of my holdings.
(ability to enforce GoldMoney to assure my exchanged value)
I'm hoping you've setup this brokerage company, GoldMoney, with good intentions and are truly in existence to benefit mankind
by safeguarding him economically.
Yet in all due respect, although your efforts at assuring safety and liquidity may seem very admirable,
I find myself questioning it,
due to the history of certain men
(whether this was an individual
or particularly a more affluent upper class or family).
We know of various era's in our time,
where there have been many abuse of powers
and history repeats itself
and we find ourselves in such an era today
with the abuse of our responsibility with assuring the value of our currency today.
Often times, governing bodies seem to sell the people at large
with a greater good,
when in reality have a self interest
and take advantage of the people instead.
What began my doubt was the banks and companies you chose to affiliate your company with. There are current problems with Bank of America, Loyds of London, and other companies you work with in regards to their responsibilities, accountability and viablity within the current system.
I must yield and ask some fundamental questions about the legal nature of GoldMoney's operations. To the end, of assuring myself and perhaps the public at large the viability of your organization and it's ability to make good on it's PROMISE.
Although it seems GoldMoney goes to great lengths to assure the PROMISE to repay deposit investments in any denomination of currency or as a return on an investment with the respective value of metal in the market at any given time by assuring there are other organizations "overseeing" GoldMoney's holdings and operations...
this is still just a promise, "a handshake"
and is not legally binding no matter how many other companies, agencies or other organizations may be monitoring GoldMeney's operation.
In a free market when one pays an individual or company in exchange for goods ( a tangible item or product), one either receives that product and it's within their possession and owns it, or a paper legal record or receipt is provided to assure it can be redeemed for that item.
In that regard, having a stake in a pool of funds or metals does not assign any specific ownership to the funds nor metals if they are not physically divided unless of course there is a legal record of legally binding GoldMoney to the value of an investor's specific portion or allotment of the "owned" metal.
That legal document can be enforced to insure the holder of that document can obtain that item or value of that item.
There seems to be some confusion with whether this is considered allocated or unallocated gold.
As far as GoldMoney transactions, there seems to be no physical record or ability to produce or print a legal document that the funds are exchanged for any goods or services.
When one makes a deposit at a banking institution, one receives a record or receipt of that deposit that includes the account number referenced from the prior signed agreement from both parties. That signed agreement when the account was "opened" by the account holder, entitles that individual to the ownership of his money within that account. Also banking regulations assure ownership of those funds to the bank holders.
Also, online banking provides me an actual pdf file that is identical to a statement they would send me in the mail to print.
Where is the legally binding contract that can be enforced with GoldMoney transactions?
Where is the legal receipt of funds received?
Where is the legal exchange of goods and services provided?
Where is an agreement with the legal body or jurisdiction or arbitration if one is needed?
and how does one hold GoldMoney responsible without the other legal documents that are not provided or that are not in existence with the transaction(s) and resulting investment?
When I asked this question you responded with the following:
"We do not issue certificates or send out monthly statements
> to customers when they make a purchase of a metal. However,
> you can print off a historical statement from your Holding
> (like a bank statement) which will detail every transaction
> on your Holding. therefore, this is your proof of ownership."
Your comment of "(like a bank statement)" does not mean it is enforced or become a legal record of transaction the same way a bank transaction would be.
Are you implying that print outs of Electronic transactions will suffice as LEGAL statements issued by GoldMoney or for any legal body for that matter?
In that regard, where is the legal statement of holdings from the other companies assuring accountability of currency and metals, short of viewing their counts of electronic transactions online?
Your company has no LEGAL liability, aside from verbal promises and intent, with assuring the deposit holders have ownership of their investment. There seems to be no legal record of the holding, once GoldMoney takes receipt of the funds, only the ability to view a transaction on the web.
The paper trail would be the wire transfer out of an existing bank, whereby banks are legal entities that are legally binded and regulated with the affairs of handling funds with responsibility and consequences governed by laws, whereas your company does not provide any legal receipt of these funds and the corresponding responsibility to the investor.
In reality, it seems GoldMoney has no responsibility to the investor once funds are received, and hence no ability to hold GoldMoney accountable and enforce an investor's right of value with their deposits and holdings.
In a world where bankruptcies may be in abudance,
can GoldMoney absolve itself of it's obligations
by legally no longer being in existence
since no legal documents are provided to the account holder to secure their funds or assets?
This really is no different in asking the question...
How does a people hold their government responsible and accountable for maintaining the value of their currency (their receipts).
To prevent a governing body to dilute (inflate) the value of their currency thereby absolving themselves of the debt that they have created? Someone pays, and it's usually the lower classes as the wealthy "in the know" continue to prey on the uneducated masses that are not aware of the bigger picture of events and how things work that determine their fate.
I believe greater legal assurances are needed.
Obviously Concerned,
Michael |
