The global bullion industry has just lost one of its greatest minds. Paul Tustain of BullionVault tragically died in a motorcycle accident in Spain this past Thursday the 17th of May.
I first came across Paul Tustain in 2006. BullionVault, the company he founded, was already on my radar. It was a fast growing web platform and a direct competitor. What was initially infuriating was not just how polished the company was, or how well their platform functioned, or even how fast they were growing. It was how utterly brilliant their founder was.
As a proud Irishman, I reserve the God given right to instinctively bristle at any British “toff,” especially one who happened to be a competitor and carried himself with such apparent flair and arrogance. But that dislike quickly began to evaporate. Within minutes of reading his essays on the Galmarley educational site, BullionVault’s sister platform, I found myself captivated. Things got worse still when I met him at an LBMA conference in Italy a few years later. I was bowled over by his genuine warmth, sharp intellect, and quiet confidence.
What struck me first was the intensity of his intellect. He recalled facts, people, and policies with blazing speed and could explain the most complex of concepts with stunning clarity. He did not suffer fools and would argue passionately and precisely. I remember thinking what a formidable debating opponent he would be, and I had no doubt he was a hard taskmaster to those who worked with him.
Ours is an industry of extremes. There have been the best of times and the worst. On some days, the phones would fall silent and you would question whether starting a bullion business had been a huge mistake. In those moments, Paul was a kind of therapist. His essays offered insight, reassurance, and a deep historical perspective on gold’s role in a world saturated with credit. Knowing someone of his calibre was in the business gave me courage and a vital education. I distinctly remember congratulating him on a brilliant Financial Times interview, which recounted his journey before and after founding BullionVault.
Time and again, I would reference Paul’s work in client conversations. One standout piece, Is Bitcoin the Answer?, published in 2017, remains the finest description of money I have ever read. Some in the office found it odd that I would send prospective clients to a competitor’s writings. But to me, it was simple. No one explained monetary concepts like Paul Tustain. I rated his work, and him, that highly. The article mentioned a forthcoming book, which I was eager to read.
Paul also spoke out fearlessly on regulatory overreach. I remember his fury over mounting compliance burdens, especially anti money laundering protocols. He did not hold back, even though others would have preferred he stayed quiet for fear of provoking the wrath of bureaucrats. He believed it was wrong to make private firms responsible for proving citizens’ innocence. It was too costly, largely ineffective, and most importantly, not our job. I recall thinking how courageous and absolutely right he was.
He launched BullionVault and Galmarley on 27 October 2003, when gold was just $365 per ounce, investing £275,000 of his own money. According to their most recent accounts, the firm holds £53 million in shareholder funds. Quite the return. As a servant to his clients, Paul built a brilliant company supported by an exceptional team. He created tremendous value, not just in monetary terms, but in trust, service, and education.
Over the years I have met Paul many times. Just last June Paul reached out to me, he was visiting Dublin for the weekend. We shared pints at The Bleeding Horse and had dinner at the wonderful Pickle restaurant. He was in fantastic form, speaking of his family, especially his daughter’s wedding, and his many passions, including fly fishing. I teased him that such a frenetic mind could not possibly stay still long enough to fish. I explained how embarrassing it had been for me personally to refer clients to his “blasted” work – he was humbled. I gave him grief for not releasing his long awaited book. I had waited years, always in awe and, truthfully, jealous of how he could write so lucidly about technical subjects. I told him it was his duty to publish it. No more delays.
We talked; markets, family, history, and career war stories. He shared his thoughts on the whiskey industry, which he had taken an interest in, and offered advice on all sorts of matters. He was generous, supportive, and sharp. The night flew by.
Today, I am deeply saddened. Paul Tustain was the best kind of competitor. Honest, intelligent, affable, courageous, supportive, and great fun. I admired his maverick mind, razor wit, and uncanny gift for communicating complexity in such a human and accessible way. He was an enormous asset to our industry and his loss will be hard felt.
On behalf of all of us at GoldCore, who owe much to Paul, I extend our sincerest condolences to Francoise, the Tustain family, his close friends, and especially to Rob, Adrian and the entire BullionVault team.
Ar dheis Dé go raibh a anam.
May he rest in peace.
