An Update from Bullion Capital CEO, Tom Coughlin

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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: https://www.bullioncapital.com And here's a link to the landing page of the just-announced Allocated Bullion Exchange: https://www.abxglobal.com

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.

TF

(For a two-week free trial of our subscriber-only "Vault" service, please click here: https://www.tfmetalsreport.com/freetrial)

  85 Comments

Longstreet
Apr 24, 2015 - 5:38pm

http://www.nasdaq.com/article

https://www.nasdaq.com/article/bullion-capital-announces-liquidity-deal-...

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.

Thanks,

Tom Coughlin

wildstylechef
Apr 24, 2015 - 5:38pm

SOUNDS LIKE EXCUSES

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

TMallen,

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 - https://www.bullioncapital.com/d/resources/BC-Brochure.pdf

Also, please login and test out our demo platform at www.bullioncapital.com

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.

Best,

Tom

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.

wildstylechef
Apr 24, 2015 - 6:20pm

Track/Tom

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.

rgds

Ian

procog
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.

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