An Update from Bullion Capital CEO, Tom Coughlin


A few weeks ago, we notified you about a brand new global, physical precious metal exchange that was being built with the expectation of eventually drawing interest and pricing power away from London and New York. Today, we have an update on the status of the rollout of this new exchange.

Our guest for this call is Tom Coughlin, CEO of both Bullion Capital and the new exchange called the Allocated Bullion Exchange. Here's a link to the Bullion Capital site: And here's a link to the landing page of the just-announced Allocated Bullion Exchange:

Again, the ABX is not yet "live" and the launch has been pushed back a few weeks from late April to sometime closer to the middle of 2015. As Tom explains in this interview, it's not that the exchange isn't operationally ready or that Bullion Capital is succumbing to external pressures. Instead:

  • Since we first spoke last month, there has been a significant influx of broker applications and, in order to deepen liquidity, ABX felt it necessary to get as many of these firms as possible online prior to the launch.
  • The delay also allows ABX to spend additional time engaging the precious metals industry, including physical retail and wholesale dealers around the world, generating excitement and interest in the exchange.
  • Pushing back the launch date also allows ABX executives the time to conduct additional PR and media appearances as well as host global roadshows in an effort to build momentum for the launch.

As Tom goes on to explain, this new exchange will attempt to modernize and globalize a precious metals "market" that continues to operate under the standards and transparency rules of a different era. By connecting physical metal trading centers around the globe, ABX will seek to provide a relevant and efficient price discovery and physical delivery platform. In taking on this challenge, they deserve our support and our patience in their efforts.

We here at TFMR wish ABX all the best and selfishly hope that their efforts at reforming the global precious metals market are a smashing success. The sooner the Bullion Bank Cartel is broken, the better. In the end, we will all benefit from true, free and fair price discovery.


(For a two-week free trial of our subscriber-only "Vault" service, please click here:


Apr 24, 2015 - 3:18pm


And still first

Edit, she is doing a good job, however has now changed into black shorts, as it's about 90 degree F here.

I should be distracted for another hour or so.

Age Zilverstra
Apr 24, 2015 - 3:22pm


For Charlie of course! Sorry, could not resist the opportunity...

Apr 24, 2015 - 4:00pm

What Will Happen to You When

What Will Happen to You When the Dollar Collapses?

"First, the Euro Crash

It’s safe to say that the EU, the US, and quite a few other jurisdictions are nearing currency crashes, and in all likelihood, the euro will go before the dollar. So, unless the EU has already prearranged a new euro, the US dollar might well be chosen as an immediate solution to the problem, as the US dollar is presently recognized and traded throughout Europe. Therefore, a relatively painless transfer could be made.

Then, the Dollar Crash

However, the dollar, which is presently praised as being a sound currency, is really only sound in relation to the euro (and some other lesser currencies). Once its less stable brother, the euro, collapses, the dollar will be exposed.

As the US dollar is a fiat currency and is on the ropes, the US (and any other country that is using the dollar as its primary currency when the time comes) will experience a currency emergency at the street level that will be unprecedented.

The big question that is generally not being discussed is: The day after the crash (and thereafter), what will be the currency that is used to buy a bag of groceries, a tank of petrol, a meal at a restaurant? Certainly, the need will be immediate and will be on a national level in each impacted country, affecting everyone.

And Then…

I have discussed for some time that the US will be prepared ahead of time with a new, electronic currency. This will serve three purposes:

  1. It will allow the US government to blame paper currencies for the crash, in order to distract the public from recognising that the government itself is the culprit.
  1. It will allow the US government to create a currency system that disallows the holding of tradable currency by the population—that is, a debit card would be created by banks through which all transactions must pass, assuring that all transactions are processed by (and thereby subject to the control of) a bank.
  1. It will allow the US government to have knowledge of every penny earned and spent by any individual or organization, allowing for direct-debit income taxation. "

Apr 24, 2015 - 4:21pm

Tom Coughlin Report

Excuses =BS at worst or poor planning at best on their part. Why not the truth?

Longstreet tyberious
Apr 24, 2015 - 4:26pm

New Electronic Currency

Also add to list, it will allow the Government to shut of or erase any citizens eletronic card if it wishes for using the 1st Amendment to speak out opposition to DCs actions.

Apr 24, 2015 - 4:35pm
Apr 24, 2015 - 4:37pm

Why not the truth?

Why would Tom waste his time talking to me if it was just to lie and spin?

Whatever. Believe what you want.

Apr 24, 2015 - 4:39pm

Chances of 1050

This was my reply earlier today to a fellow gold bug who is now looking for 1050 gold:

We have been schooled for quite a while now that silver is worth less than the cost of production, and the short sellers are telling us again today that gold ain't worth 1180 either. $1050 on gold would be one giant Woopsies, and certainly anything is possible when it comes to potential oversupplies of mouse click attack bullion and bearish TA (not bullish), however, at the moment the HUI does not seem to be forecasting any new lows, and despite whatever bearish TA that intelligent bearish people (this would exclude Harry Dent) can produce, the physical market may not allow 1050 to happen, and it probably already woulda happened if it coulda...

Spot gold is up only a few percent off its lows, but the HUI bottomed at 146 and is now 174 which is about 19% off the least until additional monkeys are summoned to show up wielding ball peen hammers in both hands and one foot. If bullish TA was allowed to work, gold would have been resurrected last year, but I don't think that the COT structure is calling for a new low from here.

What high will the next rally achieve? If the next rally is an impulse rally, instead of a corrective one like we just saw capped at 12 and a quarter or so, it could blow through the gangster banker resistance zones which would amount to Mother Nature negating the price controls, and someday that will happen.

Lower highs have been enforced with each corrective rally that has taken place, and the only good news that we can take from that, is that the gold price resistance zones that, if exceeded, would equate to future positive trend changes and breakouts, is being lowered all the time, hence the SHEER DESPERATION we have witnessed at keeping gold at or below 1200. We really have nothing to be excited about until 1307 is exceeded. Some mining shares are in bull markets of their own now, and there is a slow turn taking place to the positive underneath all the noise and bullshit. If you believe in math, you gotta believe in gold.

J.P. Cubish
Apr 24, 2015 - 5:07pm

Appreciate the update

Sounds like an exciting project. We all hope its introduction heralds the next leg up in the PM market.

Apr 24, 2015 - 5:32pm
Apr 24, 2015 - 5:38pm

Not the sort of progress made by "BS" organizations.

You got the unbridled truth from me. I will be staying engaged with this community so please feel free to bounce queries off myself or my colleagues. If I'm not available to answer I will have a team member of mine answer.


Tom Coughlin

Apr 24, 2015 - 5:38pm


My understanding was They were trying to come off that they had such an initial response that they were overwhelmed and needed time to deal with the excess in capacity.

  • "additional time engaging the precious metals industry, including physical retail and wholesale dealers around the world, generating excitement and interest in the exchange.
  • Pushing back the launch date also allows ABX executives the time to conduct additional PR and media appearances as well as host global road shows in an effort to build momentum for the launch."

These statements are about developing business . Not dealing with the technical's of over demand for service/product

And this statement just does not make any sense , the way I read it is : because we received such a significant amount of broker applications we need more

Since we first spoke last month, there has been a significant influx of broker applications and, in order to deepen liquidity, ABX felt it necessary to get as many of these firms as possible online prior to the launch.

Nick Elway
Apr 24, 2015 - 5:52pm

TMallen,Tom Coughlin's talk


Tom Coughlin's talk sounded familiar to me also. He reminded me of a Start-Up Company president trying to sustain a positive story when a key investor is delaying or renegotiating their investment. He can't air-the-laundry between the company and the investor(s), because the investor(s) will walk.

I believe this sort of talk almost always occurs in a venture-funded company(I heard it more than once in each of the 3 I was involved in), whether the company eventually succeeds or not.

He repeated "Bring Precious Metals In to the Electronic market" enough so that my suspicion is that the existing cartel may be making it difficult for Bullion Capital to actually get its hands on Physical Bullion/Suppliers to get this started. If this hypothesis holds any water Coughlin can't air-the-laundry because the suppliers are under a lot of pressure from TPTB and speaking openly will drive away the suppliers. Turd's questions (thanks for asking) probed this area of opposition from TPTB and Tom's responses downplayed the notion. I could be wrong, I often am. I doubt that TPTB arm-twisting in 2015 will be apparent to Tom before 2017...they know how to manipulate.

A Start-Up President has no choice..he has to downplay the obstacles and keep telling a positive story. I'm cheering for him.

Edit: Thanks TRAC, your post came while I was composing mine. Congratulations on Finemetal Asia deal.

Apr 24, 2015 - 5:53pm

Bullion Capital Exchange Brochure

Further, as I have explained our exchange continues to operate 23 hours per day in all 11 local exchange locations through the Bullion Capital brand that has been used as the test environment. We also have in the vicinity of 60 brokers, some of which have many thousands of clients.

See our brochure here -

Also, please login and test out our demo platform at

We've had a bottleneck in on-boarding a few big brokers plus we want to build more buzz in the media before launching. This is a significant event and has to be done correctly. If you want to see change and reforms in the market then please have the patience to allow us to do it as effectively as possible and we will give this to you and create a new global precious metals market with new price discovery functions that will benefit all of us in the industry.

This is happening folks, please just have the patience to let us do it right.

Best regards,

Tom Coughlin

Nick Elway
Apr 24, 2015 - 6:08pm

Launch Date

Nick you couldn't be further from the truth here - I'm sure that your scenario has played out many times before, but not in this scenario. Remember we are already LIVE!

I welcome scrutiny, but I'm not sure if hypothesizing here is constructive.

All I am saying is that we all complain about the current state of the market and we all want to see change, so let's not shoot down the organization that has been going about building the foundations for change over the last 4 years. It's easy to be critical, but if you want any improvements, particularly to price discovery, now is the time to support or at least to act as a bystander.

We're giving you an exchange that represents the physical market, it takes the power out of the hands of the few and gives it to the world. It's now simply your choice whether you want to support it or not. The people are in control of it's destiny.



Apr 24, 2015 - 6:19pm

That's beautiful

It's OK to be cynical but I sure hope you all recognize and appreciate the fact that Tom himself has taken the time to join this thread and answer your questions this afternoon.

Apr 24, 2015 - 6:20pm


Great response and I am back to looking forward to the launch.

Do not forget we represent the group of investors that have been screwed by every company, Government department, stock broker, news agency, regulators and international agencies and we take any news about gold as probably BS, because thats all that is out there.

We need specifics in real time, that add up. If its not ready, its not ready and state the real reason why, as in because we need to get this right and its not ready. Your responses make far more sense than that nonsense first stated.

Thanks for the decency to respond real time like any great agency should.



Apr 24, 2015 - 6:31pm

@TRAC, Congratulations on Your Ambitious and Timely Enterprise

Having dabbled in business creation over some decades, I believe your perseverance and perspective can prevail. We all here in Turdville wish you great success. For we will be riding on your coat-tails. Wheeee!

Apr 24, 2015 - 6:34pm

Tom and Nick

Let me weigh in to both of you.

First of all, I have been here at this site for years now. I have seen thousands of conversations, and been a part of this miserably painful precious metals' "market" since 2008. I have suffered more fiat losses than I care to mention. I have watched the purported spot prices do things that are irrational, continuously, without abatement, for years, to the point that I have become even more jaded than I was when I first started down this rabbit hole.

So, I naturally tend to view optimistic prognostications with skepticism.

I remember the whole Andrew Maguire situation. I remember Mr. TF staking his reputation on things, that did not come to pass. I remember Mr. TF keeping his word, honoring his promises to keep secrets out of loyalty, in the face of withering, relentless criticism. I have seen posters come and go, including long-time favorites like DPH, who apparently became bitter and turned against this site and the message.

Tom, as to Nick's correct, and healthy skepticism of this now-delayed launch of a much hyped, supposed "new" physical market for precious metals, I tend to agree that this announcement of delay is yet another voice, professing change, attempting to seduce us with a siren song, that now tells us to be patient, wait, it will happen, not to worry, etc. I, to put it mildly, ain't buying it either.

"Put up or shut up" is my first instinct. Is it not better to get it all ready, THEN launch it? Or, said differently, why should I trust you now, when you first said one thing, then now say another? I am a trial lawyer. I cross-examine professionals for a living. Time and time again, I hear the same tripe, excuses, rationalizations, justifications, ad nauseam. It gets old fast.

Tom: Own the delay. Explain the delay. Apologize for the delay. If you cannot, then say you cannot, and I will appreciate, and accept that from you. I am certain you have your reasons. But remember, we too are thinking, critical people, who have weathered quite the series of storms, and are still here. Remember that this hardened group of wily, resilient stackers, is not buying what you are selling. We are all from Missouri: "show me."

Tom, please do not mistake this post for any criticism of you or your product. I am just giving you the lay of the land, and telling you how I see it, how I feel, and what it will take to break through my hardened layer of self-protecting, healthy skepticism.

What you have going for you, though, is that Mr. TF believes in you. That for me is good enough to give you a chance. Mr. TF has earned my respect. Mr. TF is loyal to his core, a good, honorable family man, and I will back him for whatever he asks. So, implicitly, that he had you on this site, and is vouching for you, well then, that makes you someone I will listen to.

Just my $0.02.

California Lawyer
Apr 24, 2015 - 6:46pm

Thanks CaL

When I heard of the delay last week, I immediately sought out Tom for a return interview because I knew that everyone here would have an extreme, cynical reaction if I didn't. And frankly, as you so eloquently stated, I wouldn't blame anyone for feeling that way after all of the assorted fits and starts over the years.

Look, you know I don't have any illusions of grandeur here. I'm just a dope with a MacBook and this site is nothing a blip on the financial media radar. Tom could easily have brushed me aside and dealt with far more pressing issues. That Tom carved out time in his schedule to visit today speaks volumes to his integrity and his motivations.

Apr 24, 2015 - 6:51pm

Priceless California Lawyer

Well said and thanks for those eloquent words of wisdom.

Apr 24, 2015 - 6:53pm

TF - I Agree

But remember, he would not get the time of day from me, absent YOU giving him the chance. And YOUR integrity means more to me than his.

I'm listening, but I am sure not doing so blindly like a lemming.

California Lawyer
Apr 24, 2015 - 7:09pm

Happy to apologise for the delay


I'm happy to apologise for the delay. I'm very sorry we have delayed, but I can tell you that I strongly believe it is for the best.

I'm also very happy to go quiet until we launch and then talk to you all post launch, if that is what you would prefer.

Just let me know folks.


Apr 24, 2015 - 7:46pm

The biggest factors for our delay

To bring a little more light to the delay - I started talking about the pending launch when I felt everything was together internally from an operational and broker sales perspective. We have just engaged a large global PR firm and the advice was to extend the launch sequence to gain greater awareness of what we are doing prior to launch. Further, I would like to spend more time getting the PM industry understanding we are here to improve the industry for collective benefit and are not here to disrupt in any negative way their existing operations. When change is being implemented, many are cautious, skeptical and concerned about what it could mean for them. This is why I would like more time to work with small to medium sized bullion dealers in the industry, so they can understand the benefits we can bring to them. When launching an exchange without collaboration with the industry I can imagine that participants could feel isolated, left out and can become somewhat combative to what we are trying to achieve.

It's quite a collaborative art in gaining full participant support and bringing a market together.

Anyway, I'm here to answer questions should you wish to throw them at me.

Thanks for your airtime.


Apr 24, 2015 - 8:01pm

Thanks Tom

I'm as jaded against this poor excuse for 'market' as anyone here. I was holding about 150 call options in gold coming into Y2K... on the Comex.... when the Washington agreement was announced. Absolutely massive fiat gains..... that were then massively trimmed in short order with no change whatsoever in the fundamentals.... other than that supplies going forward would be limited. It's not like they said... 'Oh...just kidding... that's not the reaction we expected... we'll continue to sell'. Econ 101 says price ought rise some and stay put.... especially with Y2K uncertainly still looming. That event started (along with trying to understand how a Tech company with no earnings and no sales could IPO at $5 billion) started me on this long sick journey of discovery of the fraud and gross criminality of this Western stewardship of the global monetary and financial system. And since 2011, its been one long and continuous looting of accounts in plain sight of everyone.

I am beyond fed up with this blatant criminality flaunted on a worldwide basis. Econ 101 also says eventually all manipulations of price have to end when free market forces take hold. I hope you and Bullion Capital are instrumental in making it happen. I'm not holding my breath for any quick changes... but I also know there is a house of cards that is in danger of exposure.

It is anyone's guess what rapacious governments might do to prevent us from profiting from a real gold market.

Two quick questions.

1. Can this new exchange be HFT'd ?

2. What keeps the same criminal entities from the old system from compromising this new exchange going forward?

All the best,


Apr 24, 2015 - 8:23pm

Thanks Unwired

To answer your questions:

1. No this exchange cannot be HFT'd. Firstly, we are not in NY4 or LD3 data centres where the HFTs plug directly into the exchanges, called co-locating, and have a competitive latency advantage over other participants. This advantage can be so pronounced that their systems are able to see orders being routed into the exchange and are able to front-run them. Our primary fully redundant server is housed in a high security Softlayer server in Singapore, which is a politically neutral and stable jurisdiction. We offer low latency trade routing, however no one co-locates with us and everyone is treated equally.

2. We are a one-for-one physical exchange. There is no short-selling in our exchange. If a liquidity provider sells into the exchange they are selling physical gold that must be delivered into the exchange. Precious metals are very limited in supply so should one try to push the price down by selling they will just run out of metal. I think the path of least resistance in our market will actually be higher as the physical gold being consumed every year far outweighs what is being produced. In our market, physical market dynamics prevail. We have developed this exchange for the physical market, not for anyone else.



Apr 24, 2015 - 8:47pm


At the end of the day, IF the thing ever actually becomes the new and improved pricing mechanism of the land (it won't), it is STILL just another chart with supposedly a now different mechanism behind it's curtain.

IF this is supposed to be the new exchange that feeds the new charts that set the prices for the world's physical silver and gold transactions in a new currency... THEN it is about to be an integral part of the system's upcoming grand failure of an attempt at immortality as it tries to save itself by sacrificing it's USD standard and USD denominated silver and gold charts.

If Tom really is just trying to set up what sounds like a kinder gentler privately owned chart in hopes of replacing the current privately owned chart, then WOW- picking the dying days of the global fiat system was very unfortunate timing.

Tom, please read The Complexity Factor voids any Ban on Cash attempts.

The same reality applies to any new central (system) silver and gold pricing mechanisms.

The synopsis of that reality as it relates to the system's silver and gold pricing mechanism is basically this- The chaos and trauma involved in a systemic transition from one silver and gold pricing mechanism to another will kill the system long before the transition is implemented.

"Kill" meaning systemic/central (control via a chart) control of the price of the world's physical Silver and Gold transactions will end.

Silver and Gold will then be priced on the free market where the buyer and seller directly agree. Not on another central market with a "free market" label that tries to wiggle in and claim to be a free market.

Nothing personal, that's just the monetary reality of the situation.

The system is dying and any attempt to fix it will kill it. Best to exit the system and stack as much metal as possible on the way out.

Only Silver and Gold are Money.


Apr 24, 2015 - 9:03pm


For me this is what I want to read from someone actually trying to do what you are doing.

Talking about specifics and real situations . Explain to us the non prof how it will work and real reasons for actions.

Here is a question for you ; Will anyone from the data supply like NetDania be covering your spot price for gold in the various prices seeing as allot of people look to for data and charts

Apr 24, 2015 - 9:36pm

Market Data Vendors

Thanks for the note Wildstylechef.

We will indeed be disseminating our market data to vendors like NetDania. In fact, we've already had a conversation with NetDania to do just that for charting purposes etc, so great example there. Other big vendors we will disseminate our data to is Bloomberg and Reuters.

We will also have charts on our website that can used to view our historic market data.

I'm not sure whether anyone is interested, but I also recently did an interview on the Keiser Report -

As I said to Craig, either I need to buy a bigger suit or lose some weight. Hotel food is taking its toll. With wedding photos around the corner I'm sure my financee would be appreciative if I lost some weight.

Have a great weekend all.


Apr 24, 2015 - 9:38pm

Piling on

Everyone here has done a yeoman's job of voicing their concerns about the delay of the launch. Fine points and a professional job of responding on Tom's part. Kudos for your composure, sir.

The thing about this that stuck out to me, and I don't think anyone has mentioned it, though ss121 alluded to it, was the digitization of trades on an electronic trading platform. Man, oh, man, what a wet dream for the fascist police state to immediately see and exercise a tax on every ounce of gold traded on that platform. Great mechanism for price discovery, but, surprise 70% tax on the revenue from your sale. How easy it would be to confiscate wealth from outside their system with all those nice, easily accessible records of all those transactions, and inventory, all right there, electronically recorded. I'm a stacker, and I'm a dealer, and I think I'll sit this one out.

And I don't even want entertain all the possibilities that a large player would have to spoof an electronic trading platform and manipulate price. But, that's another discussion. Don't see too much here that's any different from an exchange like the comex, just writ large.


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Key Economic Events Week of 4/15

4/16 9:15 ET Cap Util and Ind Prod
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4/18 8:30 ET Philly Fed
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Key Economic Events Week of 4/1

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Key Economic Events Week of 3/25

3/26 8:30 ET Housing Starts (Feb)
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3/28 8:30 ET Q4 GDP final guess
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