"Golden Times Guests of Honor"

James Turk

Michal Wroblewski James Turk

We invite you to read Michal Wroblewski interview for Golden Times

with James Turk, founder of www.goldmoney.com, „Free Gold Money

Report” and author of „The Coming Collapse of the Dollar and How to

Profit from It: Make a Fortune by Investing in Gold and Other Hard

Assets.”

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Dear James,

I'm grateful that you wanted to share your thoughts with the

readers of Golden Times. Polish people are increasingly turning to

gold and silver as a hedge against crisis and an opportunity for

future profit. Many people also know you and your company

GoldMoney. I want to talk to you about the financial crisis, gold,

silver, GoldMoney and your life. Let's start with the economic

problems in the world...

What do you think about today's financial system and why we are

dealing with such a serious financial crisis? Can it get worse?

The answer is twofold. First and foremost, there is too much debt in the world,

which is bad enough. But the second part of this answer is that much of this

debt is backing the various national currencies we use. This backing exists

because some of this debt is on bank balance sheets and also because

currencies today largely rely upon government guarantees, for example,

directly through deposit insurance and indirectly through central bank policies.

And the sad fact is that most governments around the world are over-indebted.

They have made too many promises, and borrowed too much money to try to

fulfill them. Many of these promises will be broken, which is why the global

banking and sovereign debt crises will get much worse in the months and years

ahead.

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You know bankers environment from the inside, because early in

your career you worked in The Chase Manhattan Bank (now JP

Morgan Chase Bank & Co.). What do you think of this environment?

What did you learn there, and how did it affect your future?

My banking experience was important, and I gained a lot from it. But that

experience was not as important as what I learned from studying the

tremendous scholarship of the Austrian School of Economics. Reading the

great books of Ludwig von Mises, Murray Rothbard and all the other brilliant

minds in the Austrian School was probably the best thing I ever did to

understand how society works, and importantly, how money and banking

operate at present. The works of the great Austrian School scholars was not

taught at the university I attended, unfortunately, so it took a few years of re-

educating myself to understand that the Keynesian economics I was taught in

college was theoretically interesting, but in reality and from a practical point of

view, it was total rubbish.

Why did you turn in the direction of gold and silver? What role do

they play in today's realities? Should Polish citizens also invest in

gold and silver?

I focused on gold and silver because they are money, and both have withstood

the test of time. Monetary history teaches us that paper currency backed by

nothing but government promises is eventually destroyed by misguided

government policies and eventually becomes worthless. There have been

dozens of currency collapses just since the Second World War. More are

coming. Consequently, everyone - regardless of where they live - should own

physical gold, and if they want some diversification, physical silver too. Because

gold and silver are money, view the precious metals to be your savings.

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In what form should Polish investors keep their gold and silver?

They should buy physical metal, and there are only two ways to do that. You

buy it and store it yourself, or you buy it and have a professional service store it

for you, which is the service my company provides.

Why did you create GoldMoney? How does it work and what

exactly is its aim? What is the mission of GoldMoney?

I founded GoldMoney in the late 1990s with my oldest son, Geoffrey, who is its

CEO. We created it to build a business offering people an economical and safe

way to purchase and own precious metals using the convenience of the

Internet.

Since its launch in 2001 GoldMoney has become a leading provider of physical

gold, silver, platinum and palladium bullion to buyers worldwide. It is presently

storing in vaults in London, Zurich and Hong Kong over €1.5 billion of precious

metals owned by around 22,000 customers located in more than 100 countries.

GoldMoney is based on the British Channel Island of Jersey, and regulated by

the Jersey Financial Services Commission.

Customers resident in Poland can get started quickly with a Basic Holding,

which can be opened easily online. If they like, they can later upgrade to a Full

Holding if they choose to add more funds for larger metal purchases. Signing up

is free and only takes a few minutes.

GoldMoney’s success is based on two important factors. First, with our

governance procedures and regular audits, our customers have the necessary

assurances of integrity knowing that their metal is safe. Second, the Internet

offers unparalleled ease in terms of buying and selling metal, and

diversification in terms of storage options.

Physical gold and silver are the bedrock assets in one’s portfolio. Consequently,

you should not take risks with them. They need to be safe and secure, and

GoldMoney enables its customers to achieve this goal, making GoldMoney the

best way to buy gold and silver online.

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Is an account in GoldMoney equal to the actual possession of the

purchased bullion? There is any possibility to transport physical

bullion, for example, to Poland?

GoldMoney customers have title to their metal, which means legally they are

just as much actual owners of physical metal as people who have chosen to

bury gold coins in their back garden. The key point to grasp is that GoldMoney

has no ownership claim on the metal we store for customers. The quantity of

metals allocated to customers’ Holdings that is recorded in GoldMoney’s

database is always equal to the amount of metal that is stored in the vaults.

This one-to-one ratio is always maintained and forms a key part of

GoldMoney’s governance model.

GoldMoney offers physical redemption opportunities for gold and silver,

including delivery of 100-gram and 1-kilogram (1,000 gram) gold bars that are

produced by Baird & Co. of London. Unfortunately, we cannot deliver these

Baird & Co. bars to customers resident in Poland, but we do deliver small gold

bars to 20 other countries. Owners of 400 oz gold bars have the option of

registering and taking delivery of their London Bullion Market Association Good

Delivery gold bars. Provided they own at least 30,000oz of silver, they can also

take delivery of silver bars, but VAT is charged on silver in most countries. The

VAT is not levied on silver provided it remains in the vaults GoldMoney uses,

which are bonded warehouses. These vaults also insure your precious metals.

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Is having part of your resources abroad is a good idea? Is it a

solution to today’s monetary problems?

I always say that people should hope for the best but prepare for the worst.

Clearly diversification of your assets across different jurisdictions is one way of

preparing for the worst as far as economic upheaval in your own country is

concerned, though some countries are obviously safer than others. One would

expect that Poland’s 20th century history makes the Polish especially aware of

how circumstances can change very quickly.

GoldMoney can help people diversify across different metals and across

different countries, as we offer storage in London, Zurich and Hong Kong, as

well as provide physical delivery options. In addition, the fact that you can

access your digital Holding from anywhere in the world via the Internet means

you can move between countries and still remain in control of your metal.

Why do you believe so strongly in gold and silver? What role they

play in your life, do you also invest in them personally?

I trust in physical gold and silver because I believe in the free-market. Gold and

silver became money because the market, i.e., people voluntarily interacting

with each other in society, made them money. The value of gold and silver still

reply upon the market, which recognizes the precious metals have compiled an

outstanding track record over 5,000 years. They have proven themselves time

and again as safe havens, and continue to do so, which is why their price has

been rising for more than ten years. Importantly, gold and silver remain

undervalued, so for this reason, every month I buy some gold or silver to save

money. Given my accumulated savings and the company I founded, they are an

important part of my life.

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Maybe any last word to the readers of Golden Times?

We are in the middle of some difficult financial times. I expect the global

financial situation to get worse because banks and governments have

borrowed too much money. As a result, the financial environment has become

risky, and monetary history teaches us that the precious metals are the best

safe haven to avoid monetary turmoil. For this reason, I recommend that

everyone should be accumulating physical gold and silver. Thank you very

much for the opportunity to share my views with your readers, and best

regards,

Thank you for this interview, greetings

Regards to all users of Golden Times,

Michal Wroblewski

www.goldentimes.pl

www.transferbogactwa.pl