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Pastimes : coug's news and views -- Ignore unavailable to you. Want to Upgrade?

To: NOW who wrote (3727)	5/2/2010 8:56:34 PM
From: coug	1 Recommendation Read Replies (1) \| Respond to of 3961

Re: >>.."""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. >>>>>>>>>>>>>>>>>>>>>> Thanks for posting this.. What I have believed for a long time ..Amazing, just f'ng amazing that anyone would "buy" these things. I never have and never will.. I buy pms for insurance and if ever needed, these "policies" wouldn't be worth the paper they are written on, imho only..