Mr. Turk: GoldMoney is like online banking, but instead of your account being denominated in dollars and cents, it's denominated in gold grams and mils. What it does is two things. Firstly, it enables you to buy and sell gold very conveniently and economically in an online environment. Secondly, it allows you to use gold as an online payment mechanism.
TWST: What is the advantage to investors of investing online? Is it a
safe investment decision?
Mr. Turk: There are some big picture issues that have to be brought into
the equation. One is that we're in a cycle that favors tangible assets,
and I think this cycle has many years left to go. It's similar to the
cycle that lasted from the late 1960s through, let's say, 1982, where
people moved out of financial assets and into tangible assets. Back in
the early 1970s, when people started to see the need for owning gold as
a means for diversifying out of the dollar and protecting themselves
from inflation, the logical choice was the Krugerrand, which was a South
African gold coin. The Krugerrand was very successful, in terms of what
was sold over the next 10 years, in providing a hedge against dollar
inflation, but the technology has changed over the last 30-35 years. As
a consequence, people want the convenience of today's technology and the
better, more economical costs available from today's technology. At
GoldMoney, we've created a way for people to transact online through
GoldMoney to purchase gold and also silver, which we've just added to
the Website.
For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.