Free Gold

The way gold was dropping in price it wasn't going to be long before we saw bank staff handing out gold on street corners trying to clear space in their vaults :)

As you have probably noticed, the gold price has been in sharp decline for the last month or so after a peak in mid May when it reached $730 USD per ounce. From $730, the price proceeded to drop almost $200 to the mid $500 per ounce mark at rate of sometimes $40 per day. It has since stabilised after bouncing back to a small extent recently and now sits on $578 USD per ounce.

Hopefully the majority of you avoided any significant losses resulting from the rapid devaluation. Other than the threat of your e-gold balance taking a dive, a serious concern would be the effect the price drop has had on any programs you might be involved with. Due to e-gold being the dominant payment processor with these programs, most, if not all, hold a significant amount of funds in e-gold accounts to pay investors return on investment. While the majority of funds should be in trading accounts (assuming the program does trade) often 10's of thousands of dollars are kept in e-gold, which would mean thousands of dollars have been subtracted from those balances over the last month or so. Although the drop will effect the ponzi and scam operations much more than it will the legitimate programs, any loss or subtraction of funds is undesirable.

I don't expect any of the more solid enterprises to be heavily effected, however, I wouldn't be surprised if a few major ponzi investment programs and auto-surfs have been derailed.