It's not a scam.  It trades on the TSX (symbol XAU) and closed today @ $5.40CA per share.  BitGold is not an affiliate of Bitcoin.  They're not connected in any way.  

When you open an account, they tell you right up front when you get gold through the referral program that there is a delay of a couple of weeks before the application is approved, because they have to make sure there is no fraud in regards to the credit cards or bank accounts used.

The company is backed by Dundee Capital Markets, Cannacord Genuity, Sprott Inc, and a few other well known investment firms.  The team is lead by some pretty impressive names…Darrell MacMullin (Chief Executive Officer)  Roy Sebag (Founder)  Josh Crumb  (Co-Founder - Chief Strategy Officer).  They are audited by PriceWaterhouseCoopers.  

I would think with all the excitement around this company and the idea, that there are plenty of people who are trying to scam the system and transfer gold using fraud.  So it makes sense that the company is taking all necessary precautions to ensure there is no theft.