Content on the Daily Paul is the opinion of the original poster, not necessarily of the Daily Paul, its owner, moderators.

London gold exchange is 'permanently closed for business'!

Submitted by ruckmanite on Mon, 09/26/2011 - 10:29

So what is your take on it?http://2.bp.blogspot.com/-eFJV98hnKe8/ToCESEu_ayI/AAAAAAAAAqs/MpOWpAVue_4/s1600/LGE.jpg

Get Your Digital Gold Facts Straight

Submitted by ccmag on Mon, 09/26/2011 - 20:23. Permalink

I'm really embarrassed for some of you folks which have commented on this post. LGE the Londongoldexchange.com was a very reputable company. tfichter has it exactly correct they were an honest and good company with an operating history dating back to 2001 See the archive: http://web.archive.org/web/20010806202525/http://www.londong...

And... Road Runner, you should read your own posts more closely, an online check scam company with the URL [London-Goldexchange.com] is not LGE http://www.londongoldexchange.com

Hey Eric? "scam ponzi autosurf"? WTF how do you get that from a company that exchanged national currency for digital gold? Pleeeassseee.

Digital gold currency is booming around the globe, GoldMoney has passed $2 Billion in holding! e-dinar, WebMoney WMG purse....these are all way way up and booming. As usual, what we see here is a bunch of lies & crap without any truth to it. I have done my research, I'm the creator and editor of Digital Gold Currency Magazine. Credit cards are on the way out and non bank digital currency is booming. Wake up fellas.

Mark

Why such negativity towards digital gold currency?

Submitted by tfichter on Mon, 09/26/2011 - 12:16. Permalink

You trade in digital dollars every time you use VISA, MC or an ATM card, and as we all know here on DailyPaul, the Federal Reserve Note is truly a scam!

Digital gold currency is still in its infancy and there will be a shakeout here and there, especially with the pressure put on them by the U.S. Government, but that's no reason to call the whole industry a scam.

LondonGoldExchange provided a service of exchanging fiat currencies for digital gold currencies, and had been doing that since 2001. I have never used their services, but they seemed to be well respected in the digital currency community. Who knows why they closed their doors. It may have been that with the volatility of the gold markets lately, they got caught overexposed. Or maybe they received pressure from the U.S. or UK government with the draconian AML laws. Whatever. Companies in all industries big or small will come and go. That's life. But I believe the digital gold currency market is the future. I mean, what's not to like? The convenience of a digital currency with the value guaranteed by gold.

People who bought gold in 2001 have gold

Submitted by MikeLawson on Mon, 09/26/2011 - 12:27. Permalink

People who bought electrons "guaranteed by gold" have nothing; not even the electrons anymore. Digital anything is just electrons and promises. Digital currency is a scam just the same way paper currency is a scam. At the end of the day there's nothing of value.

—

Explore Orthodox Christianity

You obviously do not have a checking account or a VISA card.

Submitted by tfichter on Mon, 09/26/2011 - 21:46. Permalink

That is all electrons, too. Oh, I believe it is a good thing to hold physical gold. Obviously that is all you believe in. Good luck trying to buy anything on the internet. Your logic would limit your purchasing ability to as far as you could travel in one day. Do you really think that is the best solution? Bring global e-commerce to a screeching halt and take us all back to the 1600's, kicking and screaming?

Digital gold currency is still in its infancy, and those currently using it I would definitely call "early-adopters." The biggest problem in the digital gold market is not scams, as much as it is the heavy hand of government. Don't forget, this is competition to their legal tender worthless paper. They are doing everything they can to put the DGC market out of business, and yet, it is still growing.

Skeptics like you can comfortably sit on the sidelines and wait until the DGC market has matured some. Hopefully during that time you will be converting all your paper into physical gold, because when you are ready to enter the market, they won't be taking American Express, VISA, FRN, Euros, or anything but gold.

By the way, when you buy a loaf of bread with your Canadian Maple Leaf, what are they supposed to give you for change?