E-Gold was one of the first organisations to offer internet, or electronic gold. It was started up by a Dr Jackson who strongly believes in the gold story, and that gold is due a comeback as the trusted medium of exchange. E-gold started out in the USA and have since moved their jurisdiction to Nevis in the West Indies.
They offer deposit facilities and also heavily promote the use of e-gold for payments.
People conducting business on the internet may find an e-gold account especially useful because of its slant towards being used as a medium of exchange, and even traditional businesses in countries with high inflation could use it in future to agree prices with customers in terms of gold regardless of what happens to their national currency.
E-Gold have had such success with Gold, that they are now offering e-Silver, e-Platinum and e-Palladium too.
The process for transferring money into and out of E-Gold involves the use of separate payment providers. Authorised and recommended organisations are listed on their website. There is a fee of approximately 2% for transfer of funds in and transfer of funds out, plus you may also be liable to local bank fees. Different payment providers seem to have different fees, so it is well worth finding the best one for you. This system is quite flexible in that you can use a variety of payment systems to transfer money in or out, such as a credit card or Paypal account.
E-Gold also charge a storage fee for the days in which you own precious metals within their system. This is currently 1% per annum. This system of charging could work well for smaller amounts, or where your metal is used as a medium for exchange and thus many days your account holding is zero.
Overall, E-gold is an excellent service, with excellent levels of confidentiality you'll never find with a bank these days. Both they and Bullionvault seem like decent operations, with much security behind them.
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