(Q) In December of 2005, Businessweek came out with a series of negative articles on e-gold. The articles only discussed the negative aspects of the business and did not talk about any of the positive items. How did you feel when you first read that those articles? Did that negative press impact GoldMoney's business?
That article clearly stated that GoldMoney is different from E-Gold, so I was not concerned by it. We continued our same growth path after the article came out, so I don't believe it had any impact on our business.
(Q) GoldMoney has been so successful and experienced such strong growth over the past years, after those articles came out, did you feel the need to counter that bad stuff with any positive items, news or ad campaigns for digital gold? Why or why not?
My focus is on GoldMoney, not other companies. If GoldMoney was the subject of inaccurate reporting, I would of course respond. Over the years I have seen a lot of GoldMoney wannabees, but there is only one GoldMoney. The media coverage given to GoldMoney over the years has been accurate.
(Q) I know expanding your business by offering Silver to clients made a lot of people happy, myself included. What is the next big area of growth for GoldMoney? Are you planning any additional product roll outs?
The next big product roll-out is coming within a few weeks. We call it Customer Funds. Our customers will be able to place national currency on deposit at a bank in Jersey, which will facilitate our customers buying and selling of metal.
So for example, let's assume you want to take some profit by selling some of your silver. Right now, we are required to wire the proceeds back to your bank account. Then when you want to buy again, you have to wire the money back to us. That's expensive and time consuming. In a few weeks you will be able to deposit the proceeds of your sale into a bank in Jersey, and earn interest on that money while you are waiting to re-enter the market. Or similarly for new purchases, you will be able to wire money to the bank and earn interest, and then enter the market at the moment you are ready.
We've been working on this new product for several months. I has required a lot of programming and back-office planning, but I think it will be a major step forward for GoldMoney. It has also been the new service most requested by our customers, and we always pay careful attention to what they are telling us.
(Q) If I gave you the platform to directly reach 300 or 400 million people each week with your digital gold message, what would it be?
Everyone needs to understand gold, so that each individual can decide whether he or she wants to own some. This message basically explains the objective of my writings, on the GoldMoney website and elsewhere.
(Q) What is the most important idea, concept or vision you wish to provide your current or future clients? (safety, value etc)
Gold is money, but about 100 years ago we stopped using it as currency. Gold was not as efficient as other forms of currency, so gold-substitutes became predominant. But today's technology is changing currency, just like it is changing in many other areas of our lives. The important point is that gold can now circulate more efficiently and safely than national currencies. I don't expect national currencies to be replaced anytime soon, but I do expect in the years immediately ahead that gold will emerge as the predominant cross-border currency for international commerce. In other words, gold will once again fulfill its traditional role as global money.
(Q) How much gold do you have right now in you pocket?
I carry two 20-gram bars that I purchased over 20 years ago when I lived in Abu Dhabi. But I have always been carrying gold in my pocket since I lived in Thailand 30 years ago. I learned there that gold is money, and it is always useful to have some tucked away just in case.
That concludes my full interview with Mr. James Turk. I would like to take a moment to thank Mr. Turk for answering my questions.
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