|
|
 |
|
|
| Gold miner digs deeper into cyberspace |
|
|
| BY PAUL VECCHIATTO, ITWEB CAPE TOWN CORRESPONDENT |
|
|
[Cape Town | ITWeb, 7 April 2004] -
Gold company Durban Roodepoort Deep (DRD) has upped its stake from 1.4% to 14% in Web gold trading portal GoldMoney with an investment of $1.8 million (about R10 million).DRD, which is listed in Johannesburg, Sydney and New York, bought its first stake in GoldMoney in January for about $200 000 (R1.3 million). The site's founder, James Turk, says his portal has enjoyed record growth since the South African miner bought in.“Our customer base rose by more than 20% in the first quarter of 2004 to 12 000 worldwide, and we increased our holding of physical gold by 51% from 66 LBMA [London Bullion Market Association – a quality measure of gold bars] gold delivery bars to 100.”Turk says that since DRD came on board as a GoldMoney shareholder, all of the LBMA bars added to the system have been sourced from the Rand Refinery.“GoldMoney's success in recent months shows that, at the outset, we were right in identifying it as a suitable vehicle for fulfilling our belief in gold as money and as a means of encouraging private ownership in gold,” says DRD CEO Ian Murray.GoldMoney has customers in more than 100 countries, while gold held in allocated storage for the company's clients is close to 30 000 ounces. The portal operates by means of storing gold in vaults globally, and only units of account called “goldgrams” are exchanged.Just like a share of stock represents an investor's ownership of a fraction of a publicly traded company, a goldgram represents a buyer's ownership of a portion of the gold held for GoldMoney customers in a secure vault in London. GoldMoney's servers keep track of purchasers' ownership of goldgrams and the gold held is insured by Lloyds of London.Related story:
There's gold in them thar hills … er Internet site
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quick Print |
|
|
Send to a friend |
|
Send to a cell phone |
|
Personal Archive |
|
|
|
|
|
 |
|
|
ITWeb Events Calendar
|
|
|
|
2010 |
|
>
Virtualisation & Cloud Computing |
|
21-22 July | The Forum, Bryanston |
|
This conference is designed for
enterprise IT professionals who want to understand how to better manage the
virtualised environment and also learn about the various categories of cloud
computing and what the implications of moving to the cloud are for their
business. |
|
>
MobileBiz |
|
28-29 July | Vodaworld, Midrand |
|
Attend this
conference and you will explore the potential of the mobile
business platform for B2B and B2C applications, as well as the
significant technical and managerial challenges. |
|
>
SMEXA |
|
3-4 August | The
Forum, Bryanston |
|
SMEXA is the
only forum of its kind in SA, bringing you the best ITSM trends
and solutions information available, and providing an
opportunity to evaluate the various solutions available, in a
hands-on environment. |
|
|
|
|
|
|
|
