Mr. Turk: GoldMoney offers the opportunity to save and accumulate gold in a very convenient and economical way online. It's like online banking, but your account is denominated in goldgrams and mils rather than dollars and cents.
TWST: Who is the target customer?
Mr. Turk: Interestingly, we have both high net worth and middle-class
customers. GoldMoney appeals to different people for different reasons.
First of all, it's very safe and all the gold is insured by Lloyd's of
London. The convenience appeals to all different customers, but because
there is no minimum or maximum transaction size, we end up with a very
wide range of customers. If you want to purchase physical gold, it is
often very difficult to do in small amounts because of the fabrication
and handling costs. But with GoldMoney, there being no minimum, you can
buy $50 worth of gold and you pay just a normal spread ' approximately a
dollar on that size transaction, depending on the status of the account.
To do that in the real world, i.e., not online, would probably cost you
another $50 in fabrication and handling costs.
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