In a recent episode of the Money Metals Podcast, host Mike Maharrey interviewed Mark O’Byrne, founder of Tara Coins, a company specializing in Irish and Celtic gold and silver bullion coins and rounds. O’Byrne, who previously founded Ireland’s largest gold and silver brokerage, discussed the inspiration behind his journey, the symbolism of his coins, and insights into the global precious metals market.
The Genesis of Tara Coins
Mark O’Byrne’s fascination with gold and history was pivotal in founding Tara Coins. While studying history at university, he observed a recurring theme: gold's central role in power, empire building, and economic systems. Gold, as he explained, has been valued since 650 BC when the first coins were minted in Lydia (modern-day Turkey). His early investment in gold during the Y2K era led him to question why Ireland lacked gold dealers, especially when the EU Gold Directive (introduced with the Euro) harmonized gold’s treatment across Europe, including a 0% tax rate.
Cultural Barriers and Opportunity in Ireland
Traditionally, gold investing was uncommon in Ireland, where land and property dominated as tangible assets. Independence from Britain in 1922 fostered an aversion to gold, often seen as “English money.” O’Byrne capitalized on this gap, founding a brokerage to educate and supply gold and silver to Irish investors, despite skepticism and media indifference.
The Tree of Life and Irish Symbolism
The Tree of Life silver round, one of Tara Coins’ most admired designs, captures Ireland’s cultural and spiritual essence. Its features include:
- Tree of Life: A universal symbol of abundance and the connection between heaven and earth, appearing in various traditions like Christianity, Judaism, and Buddhism.
- Harp: Ireland’s national emblem, representing its musical heritage.
- Tri-Spiral (Triskele): Found at the Newgrange Solar Chamber (dated 3,200 BC, older than the Egyptian pyramids), symbolizing past, present, and future, or the cycle of life.
- Shamrocks: Iconic symbols of Ireland, incorporated at the tree’s base.
O’Byrne collaborated with Irish graphic designers and cultural mentors to ensure the designs resonate globally, making these coins cherished collectibles and meaningful gifts.
Gold and Silver Markets in Europe and Beyond
Mark O’Byrne highlighted several trends and challenges within the European precious metals market. One significant advantage for gold investors in the European Union is the 0% VAT, a benefit of the EU Gold Directive, which has encouraged gold investment across member states. However, silver faces much steeper taxes, with VAT rates as high as 23% in Ireland, deterring local investment and pushing buyers to store their bullion in low-tax jurisdictions such as Switzerland or the United States.
Despite these structural advantages for gold, the media in Ireland often neglects to cover the metal’s significance, focusing on it only during record price surges. Recent months saw nominal record highs for gold, surpassing $2,000 per ounce, though inflation-adjusted values reveal more potential for growth. This lack of consistent media attention has stifled public awareness and demand for gold and silver as investment options.
Additionally, a generational and cultural shift has impacted the market. Many younger investors favor cryptocurrencies over gold, drawn by narratives that position Bitcoin as "digital gold."
This trend, combined with economic and cultural barriers, has limited gold and silver’s appeal in Europe, particularly in Ireland. However, O’Byrne believes these challenges present long-term opportunities, as the fundamental advantages of gold and silver as sound money remain unmatched.
The Case for Gold and Silver Over Cryptocurrencies
O’Byrne cautioned against speculative reliance on Bitcoin and cryptocurrencies, emphasizing their volatility and lack of historical stability. While gold and silver are tangible, time-tested stores of value, Bitcoin remains speculative and susceptible to manipulation. He also raised concerns about digital currencies paving the way for increased government control via digital IDs.
The Beauty and Meaning of Irish Bullion
Collectors and investors alike have found Irish gold and silver bullion coins and rounds to be not only tangible stores of value but also stunning works of art. Designs like the Tree of Life and other Celtic-inspired imagery evoke Ireland’s rich cultural and spiritual heritage, making these pieces ideal for both investment and gift-giving. By blending artistry with the intrinsic value of precious metals, these rounds resonate globally with those who appreciate the intersection of history, culture, and sound money principles.
Money Metals Exchange is proud to offer a selection of these Irish-inspired bullion products, providing a trusted source for high-quality precious metals that serve as both meaningful gifts and enduring investments.
Key Questions & Answers
The followign are the key questions and answers from this interview with host Mike Maharrey and Tara Coins founder Mark O'Byrne:
What inspired Mark O’Byrne to get involved in the gold and silver business?
Mark O’Byrne’s interest in gold stemmed from his fascination with history and its role in power dynamics and economies throughout time. He noted how gold has been a key asset since ancient times and began investing personally during the Y2K era. Observing a lack of gold dealers in Ireland, he founded a brokerage to address the gap and educate people about gold’s value.
Why did O’Byrne start producing Irish-themed coins like the Tree of Life?
O’Byrne wanted to combine his passion for Irish culture with his work in precious metals. He carefully researched Ireland’s sacred symbols, such as the Tree of Life, the Harp, and the Tri-Spiral, to create designs that reflect Ireland’s spiritual and cultural heritage. These coins are meant to resonate globally as meaningful gifts and collectible investments.
What challenges does the European gold and silver market face?
The European market benefits from 0% VAT on gold, encouraging investment, but silver is taxed heavily, with VAT rates as high as 23% in Ireland. Additionally, gold and silver receive little media attention, limiting public awareness. Cultural barriers, such as a preference for property over gold, further inhibit investment.
How has cryptocurrency affected the gold and silver market?
Cryptocurrencies like Bitcoin are often marketed as "digital gold," diverting younger investors from gold and silver. O’Byrne expressed concern over Bitcoin’s speculative nature, volatility, and lack of historical stability compared to gold’s proven track record as a store of value.
What does the Tree of Life coin symbolize?
The Tree of Life represents abundance and the connection between heaven and earth. Other Irish symbols featured on the coin, such as the Harp and Tri-Spiral, evoke Ireland’s cultural and spiritual heritage. The coin celebrates nature and its intrinsic value, much like gold and silver themselves.
How has demand for gold changed in Ireland and globally?
In Ireland, demand for gold remains subdued due to cultural factors and media neglect. However, O’Byrne noted that global demand is rising, particularly in Asia, and recent record-high prices indicate a growing recognition of gold’s importance as a hedge against inflation.
What does O’Byrne recommend for gold and silver storage?
O’Byrne advocates for storing gold and silver close to home, in secure vaults or safety deposit boxes. For those in the U.S., he highlighted Idaho as a good location. He also emphasized diversification, suggesting a mix of home storage and professional vaults.
