Owner of the GoldMoney company and one of the leading experts
for investing in precious metals speaks for Srebrozlato.com
Turk: Gold is the only
interview with James Turk, world renown expert for precious
metals investing is an extended version of the interview
published in Lider, the Croatian largest business weekly,
on February 11th, 2011. Hrvatska
Turk gives an impression of a family man and a businessman
that has been building his reputation for decades, quietly
and painstakingly. When he speaks about precious metals,
he does it with clarity, determination and conviction, but
at the same time calmly, steadily and with the genuine interest
for the interlocutor.
He is the founder
of the GoldMoney, one of the largest global companies in
precious metals that is safeguarding $1.5 billion of assets
owned by more than 17,000 customers in 87 countries.
The reason for
our conversation we find in very interesting developments
in precious metal markets around the globe, but also in
the occasion of his visit to Zagreb, Croatia at mid March
He will introduce
himself to Croatian business public as a keynote speaker
at the first ever Croatian
conference for investing in gold and other precious metals
that is held on March 17th, at the Zagreb Westin Hotel.
The conference is organized by Srebrozlato.com and
Lider business weekly.
Could you please tell us a little bit about your career?
trained as a banker, having joined a big New York bank in
the late 1960s. I spent most of the 1970s working with the
bank and living in Asia, but resigned from the bank in 1980,
at about the first precious metals price peak.
It was a great
experience, but I decided to focus my career on gold. It
seemed clear to me from my reading of monetary history that
the experiment begun in 1971 to remove gold from the global
monetary system would eventually fail. I saw that inevitable
failure of fiat money as an interesting business opportunity.
I had already
thought of by then the core idea underlying GoldMoney. I
just needed the technology to make GoldMoney possible. It
took almost twenty years for that to happen, but I finally
formed the company in 1998, which launched in 2001 after
nearly three years of development.
What triggered your interest in precious metals since, for
more than two decades, the market was considered utterly
boring and unattractive?
goes back to my upbringing. I learned the basics of sound
money from my parents. My father was born in 1912 in the
Austrian Empire in what is now Slovenia. He experienced
the monetary turmoil after WW1, and brought this memory
from his youth with him when my grandparents emigrated to
the United States in 1924.
of sound money was reinforced by his experience from the
bank failures during the Great Depression. So my sisters
and I throughout our childhood learned the importance of
hard work, savings and the value of sound money. Next