E-gold and Bullion Vault news…

This week two companies that have dealings in gold were in the news. Firstly it seems that the US Government in their tireless crusade to put a strait jacket on every one of their citizens has filed an injunction against the principals of 1mdc that is a partner company of e-gold. It seems that the US Government has forced e-gold to block all 1mdc accounts. It’s still not totally clear what further steps will be taken but it is hoped that as the courts re-open on Monday more will be known.

As of this post the e-gold site is functioning normally although several companies have instigated a freeze on transactions with the e-currency provider. As typically happens when something of this nature occurs many people jump on the bandwagon of speculation and forsee a dire future for companies such as e-gold. Personally I would rather wait and learn exactly what allegations are being made and the evidence for them. I was heartened to see a similar approach being taken on the informative No BS HYIP where Jude the owner has posted what I believe to be a considered and thoughtful view on the matter. If only others could be so reasoned.

It seems clear to me that the US Government is trying as hard as possible to restrict freedom of choice for its citizens whilst at the same time putting up a shield of justification against wrong doers. I’m all for catching the bad guy but not at the expense of millions of hard working people.

The second gold related company in the news this week is Bullion Vault whose CEO Paul Tustain advised members that they are re-locating their bullion deposits from Brinks Inc to a Swiss company, Viamat. The company has been around for 62 years and performs many of the same gold bullion related tasks in Switzerland that Brinks Inc does in the US. Whilst no specific reason was given for why Brinks Inc no longer want Bullion Vault business the change is seen as positive as it removes focus from a US based company to a Swiss based one.

This does not mean to say that members can’t still have their gold stored in the US as Viamat have facilities there as well. Personally I’m quite happy to stay far away from any US involvement so am happy about the change.