Bitgold delivers instant gold-backed currency transactions outside of banking system

http://www.ibtimes.co.uk/bitgold-delivers-instant-gold-backed-currency-transactions-outside-banking-system-1550821

So it's like Bitcoin, with the difference that no bank actually wants to buy or sell Bitcoin," says Roy Sebag, founder of Bitgold. Not using the banking system to transfer money has been seized upon by an army of remittance providers, all with novel ways of moving currency about. But these services are still literally within the banking system, points out Sebag, because they are ultimately tied to fiat. FX backed by gold is a different proposition entirely, he said.
"Here the cross is very tight; you could convert a dollar into a euro at effectively the FX cross using gold. If you tried to do it through the banking system there would be a wire fee, there would a handling fee, there would be a transaction fee, there would be a margin. So it's cheaper to move a euro into dollar using gold than it is a euro into a dollar."