WHAT IS E-GOLD

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e-gold is a digital gold currency operated by Gold & Silver Reserve

Inc. under e-gold Ltd., and is a system which allows the instant

transfer of gold ownership between users. e-gold Ltd. is incorporated

in Nevis, Lesser Antilles.

According to the company's website, as of April 2007, e-gold had

112,188 oz (3,492.0 kilograms) of gold and 138,567 oz (4,313.1 kg) of

silver in storage, which is worth approximately US$86 million. [1]

There are typically 66,000 e-gold spends each day totalling 15,000 oz

(470 kg), which is about US$10.5 million. There are over three million

e-gold accounts of which about one quarter are active. [2]

On 27 April 2007, a federal grand jury in Washington, D.C. indicted

e-gold Ltd and its owners on charges of money laundering, conspiracy,

and operating an unlicensed money transmitting business.[3] e-gold,

however, claims that the charges are groundless, and has responded to

the allegations. [4]



History

e-gold was founded in 1996 by Dr. Douglas Jackson and Barry K. Downey

[5] Transactions using e-gold have grown dramatically since 2005. The

total amount of gold bars (over three tonnes) in the e-gold system is

approaching the size of the national reserves of smaller countries.

e-gold now generates a substantial income from spend and storage fees

— there is a charge of a few cents to make each e-gold "spend" and

e-gold itself now earns well over a million USD per year from fees.

The number of e-gold accounts (as claimed by e-gold) grew from 1

million in November 2003 to 3 million on 22 April 2006. [6]