[e-gold-list] Brink's to end "vault gold for internet gold services"?

[AnyGoldNow]

>From http://www.lemetropolecafe.com/james_joyce_table.cfm?pid=5933 today:

" I learned from sources at Brink's Global Services today that their CEO sent 
out an email informing the staff that they will no longer vault gold for 
internet gold services. They expect to terminate their exiting contracts with 
vaulting customers! The source said they "no longer want those customers".

My source claimed that they would still vault gold for "non-internet customers". 
This distinction is essentially arbitrary in today's world of electronic 
transactions. Their other vaulting customers include banks and commodity 
exchanges. Commodity exchanges obviously offer internet-based front ends for 
purchasing gold, and some banks (such as Everbank) do also.

My source also added that he presumed the issue was "money laundering". However, 
I believe the only online allocated gold services that currently vault with 
Brink's Global Services are e-gold (who also vaults some of their inventory with 
Transgaard in Dubai) and BullionVault. BullionVault does not even allow any form 
of transfer between users and transfers money in and out only through a single 
bank account, so it cannot be used for money laundering at all.

This move will definitely cause operational problems for allocated online gold 
dealers, and chill the growth of newer ones. In the short term, those businesses 
will likely approach European firm Via MAT and Dubai's Transgaard, both of whom 
do some business in that space, who will hopefully take up some of the traffic.

In my MIDAS entry of December 14, 2006, I referenced a meeting with the Brink's 
North America CEO. Brink's North America and Global Services are related but 
distinct, with separate CEOs, under holding company Brink's Incorporated (BCO). 
During the meeting, the North America CEO was unrelentingly unwilling to discuss 
any sort of vaulting services. When I pointed out that Brink's already had 
several customers in that space, he told me flatly that he did not want to have 
them, and he indicated that Global Services would not be any more helpful. 
Apparently the chill I detected in that meeting has emerged as a corporate 
strategy against allocated gold for the international Brink's corporate entity.
- David R"


Regards,

Patrick,
http://AnyGoldNow.com
THE Exchange Provider
Any Gold, Any time, Anywhere


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