Will GoldMoney’s Business Model Have the Midas Touch?

By PYMNTS | May 31, 2011

Title: Founder & Chairman at GoldMoney.com

My crowning achievement is… Founding GoldMoney, which is growing rapidly and now safeguards over $2 billion of assets owned by 18,300 customers located in 87 countries.

What I’m working on now… The continued development of my company in order to offer our customers more products and services.

Industry Association Awards… Awarded four patents for the creation of digital gold currency, which enables instantaneous, 24/7 non-reputable payments globally through the Internet.

The next big thing in payments is… Using digital gold currency to make instantaneous, 24/7 non-reputable payments globally. There is growing recognition that bank-based payment systems are risky and not suited for global online commerce. Consequently, sites with large user bases are exploring alternatives to meet the needs of their “community.” Facebook credits is one example.

Cash is… Inefficient and costly, but it does have advantages. Consequently, I do not expect it to completely disappear, even though it will become a less important part of commerce, continuing a trend that is now well-established over many decades.

Checks are… Obsolete and will soon disappear.

NFC is/will… An important technological development that will continue to become increasingly popular.

P2P is/will… Remain the backbone of online commerce.

My mentor is/I’ve learned from my mentor… Ludwig von Mises, the greatest economist of the 20th century.

Bio: James Turk is the founder and chairman of GoldMoney (www.goldmoney.com), a Jersey, Channel Islands company operating the digital gold currency for which he was awarded four patents. Since its launch in 2001 GoldMoney has become a leading provider of physical gold, silver and platinum bullion to buyers worldwide. It is presently storing in vaults in London, Zurich and Hong Kong over US$1.8 billion of precious metals owned by customers located in more than 100 countries. He is also a director of the GoldMoney Foundation, a not-for-profit educational organisation dedicated to providing information on the role of gold and silver as money and currency and their importance to society.

James Turk has specialized in international banking, finance and investments since graduating in 1969 from George Washington University with a B.A. degree in International Economics. He began his business career with The Chase Manhattan Bank (now J.P. Morgan Chase), which included assignments in Thailand, the Philippines and Hong Kong. In 1980 he joined the private investment and trading company of a prominent precious metals trader. He moved to the United Arab Emirates in December 1983 to be appointed Manager of the Commodity Department of the Abu Dhabi Investment Authority, a position he held until resigning in 1987.

James Turk has written several monographs and numerous articles on money and banking, much of which can be found on his Free Gold Money Report website, (www.fgmr.com). He is the co-author of The Coming Collapse of the Dollar (Doubleday 2004), which has been updated for a paperback version entitled The Collapse of the Dollar (www.dollarcollapse.com).