In Remembrance: Paul Tustain

BULLIONVAULT wishes to thank everyone who has sent such kind condolences following the tragic loss of Paul Tustain, Founder and Chairman, in a motorbike accident at the age of 62.

Paul took a unique path into our industry, and he leaves it different to how he found it. An entrepreneur in the digital ‘plumbing’ of City settlement systems, Paul suddenly took an interest in gold when, at the turn of the millennium, the UK Treasury ordered the Bank of England to sell half the nation's reserves at what proved to be rock-bottom prices.

Gold must be undervalued, thought Paul. But he found the dealing spreads in retail bar and coin far too wide, while unallocated accounts carried credit and default risk. So, he set about building a platform to satisfy his own exacting aims as a private investor, while quickly making friends and allies across the industry.

"Paul widened the width of our market," said John Coley, then at Brink's, "enabling the man on the street to access wholesale prices," through BullionVault's 24/7 marketplace. Paul innovated in legal title, added David Gornall, then at Natixis, giving private investors ownership of grams of fine gold, "undivided in bulk" in Good Delivery bars, and proving full allocation each day by publishing the vaults' Bar Lists — a move followed by other services including gold-backed ETFs. Accepted as an LBMA Member in 2008, BullionVault was the first full member dedicated to private investors.

Although Paul stepped back from managing the business a decade ago, he continued to champion gold and Good Delivery in online articles full of his inimitable wit and insight. A fierce advocate of free markets, Paul loved meeting and encouraging new entrepreneurs in precious metals and became great friends with many competitors. A celebration of Paul's life is being planned for later in the year.