1944. During the german occupation, a train leaves Budapest. On board, a young 17-year-old Jewish escapes the German army in exchange for a few grams of gold.
We are in the Second World War and the train Katsner leaves from the Hungarian capital to move to Switzerland. Its passengers, all jews were able to escape the German occupation by buying their freedom from the Nazis in exchange for gold coins and some jewels.
Aboard the train, Peter Munk. This young jewish has just narrowly escaped the death camps.
The precious yellow metal that saved him and his family will follow him to become the basis of his future fortune
The beginnings of his fortune.
After fleeing, the refugee go studying in Canada. It is primarily in the hi-fi devices that Peter Munk runs with his partner, then make a fortune in the hotel throughout the South Pacific. It will sell its hotel chain to the beautiful $ 100 million.
When he got back from Canada, he and his partner looking to invest the assets accumulated. At that time, gold was increased from $ 800 to $ 200 per ounce. Peter Munk says
“All my friends in Europe and particularly those working in finance told me that gold was ended forever.”
A usable vein : the creation of Barrick Gold.
Previously, Munk had already made the mistake of investing in oil and listen the “pack” which said that the value of it would climb.
But Peter Munk has learned from his mistakes and does not want to be like everyone else. He sees this metal during downturns as a time to buy low. Since then, the value of gold has increased by 9 and in 1983, Barrick Gold, the largest gold mining company in the world was founded.
The canadian business man case is at the head of a company producing about 240 tons per year. Its success is clearly visible through his Yacht, the Golden Eagle, named after the famous American gold coin.
His vision of the future for gold
The frenzy around the golden metal does not delight our gold magnate. His fortune increase, but Munk is worried about the future.
“Nobody would like to live in a world where gold would reach at $ 5,000 per ounce. This would mean that the world has lost any kind of confidence in the ability of governments to deal with problems. This is the kind of situation causing serious social crisis, where the entire planet becomes unsafe. “
At his death, Peter Munk has decided that 3/4 of his wealth would be distributed to foundations.