Welcome To Our Website

Thank you for visiting our corporate website.
The Company
Global Gold Bank service is owned by Galmarley Limited [name origin], which is company number 4943684 registered in England and Wales at 12th Floor, Landmark
House, Blacks Road, Hammersmith, London W6 9DP.
Our website services are managed, hosted and delivered to you by Galmarley’s wholly owned subsidiary global gold bank Ltd, which is company number 07400400 also
registered in England and Wales at 12th Floor, Landmark House, Blacks Road, Hammersmith, London W6 9DP.
Our computers are managed from our London offices. Our live service is hosted in London, while other international locations maintain our back-up systems and data.
Our offices are in West London (UK) and we welcome callers during normal office hours. You do not need an appointment, but making one will usually save you some waiting
time. Our contact details are here.
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Business History and Financial Performance
An original £275,000 [$500,000] of seed capital was injected at the incorporation of Galmarley Ltd in October 2003, and it funded the early planning and development of the
global gold bank service.
After developing the software, and over a period of two years from March 2005, the business raised approximately £3.5m in equity funding. This money was invested in gold
bars and currency to provide the inventory which the business needed to operate.
The accessibility, safety and value of gold bought through global gold bank quickly made the service popular, and the business traded profitably in year one. Its revenues come
from a mixture of four sources:-
Commission
Custody fees
Interest receipts
The difference between buying and selling prices of gold, known as the “trading turn”
The company traded profitably from its first year (2005). We have grown steadily, and particularly rapidly since 2008.
On 1st September 2008 we were elected into the London Bullion Market Association which represents the largest of the world’s physical bullion markets.
In April 2009 we won the Queen’s Award for Enterprise (Innovation) for our use of technology in making the efficiencies and reliability of the professional bullion market
available to private customers. In 2013 we were awarded a second Queen’s Award for Enterprise (International Trade) for growing overseas sales by 140% in 3 years.
We always publish our most recent audited accounts online.
We now have over 70,000 active customers, from over 175 countries, holding approximately $2 billion in stored bullion. In fact, with more than 38 tonnes of gold and 500
tonnes of silver bullion, global gold bank’s customers are already holding significantly larger reserves than most of the world’s central banks.
Our financial strength is formidable. Our asset value per £1 ordinary share has grown to over £80, and those assets are denominated in currency balances and our own gold
bullion stock, all available at short notice.
This financial strength was consolidated when on 17th June 2010 we completed an important deal. The World Gold Council and Augmentum Capital each bought an 11.4%
equity stake, investing a total of £12.5m (US$18.8m). On 12th April 2016 the World Gold Council transferred its 11% holding in BullionVault to Gold Bullion Investment
Trust [GBIT] which became the registered owner. GBIT is a connected organisation of the World Gold Council.
In January 2017 we became members of the London Platinum and Palladium Market in anticipation of offering platinum on the platform in partnership with the World Platinum
Investment Council.










Chairman : Paul Tustain

Paul graduated with distinction in Computer Science. In the 1980s he worked as an equity analyst in London, but found himself increasingly involved in systems. On a
sabbatical in 1989 he developed a new design for banks’ trading control systems and subsequently launched SAM in 1990, which over 10 years grew to provide computer
solutions to 12 organisations including four of Europe’s biggest banks.
When SAM was taken over in 2001 Gordon Brown was trying to sell Britain’s gold. Paul tried to buy some, and although he succeeded – eventually – the bullion market
process was opaque and the transaction terms unattractive to a private investor. Sensing that more people would soon be looking to buy gold he started planning Global Gold
Bank in 2002.
Development of Global Gold Bank, which he funded, started in late 2003, and the Global Gold Bank service was launched in spring 2005 supported by investment from 30
friends, family and business angels. He was CEO from launch until 2016, during which time the business grew to become the world’s biggest online investment bullion service.
In 2015 Paul co-founded WhiskyInvestDirect with Rupert Patrick. In spite of obvious differences in the products both Global Gold Bank and WhiskyInvestDirect run
strikingly similar business models and software. Each makes a wholesale marketplace investable to the private investor.
Reflecting this split interest Paul became Chairman of both Global Gold Bank and WhiskyInvestDirect in 2016, and remains one of their biggest customers.
For 60% of his time Paul works for Galmarley – which owns 100% of Global Gold Bank and over 80% of WhiskyInvestDirect. His salary and benefits are paid for by the
company and disclosed, along with his interest in the company’s equity and bonds, in the audited account





Robert has over 20 years’ experience running e-commerce and financial services online. He graduated with Honours in Combined Studies from Newcastle University in 1994.
In 1996 he took a temporary job as a filing clerk in San Francisco at Charles Schwab & Co., Inc. – the pioneer in internet financial services for private investors – and left in
2005 as eCommerce Director.
During his 9 years at Schwab, Robert held a number of managerial roles in its market-leading online division, heading initiatives to increase customer acquisition and deliver
multi-million dollar cost savings.
In 2005 Robert returned to the UK and joined Betfair Ltd (now Paddy Power Betfair PLC). As Head of Sports Product Management, Robert led the team developing and
launching new betting products and website functionality for the core division. Sports revenues more than doubled during his 2.5 years managing the group. Promoted to
Product Director in 2009, he was part of the management team that saw the company float on the London Stock Exchange in 2010.
Robert joined Global Gold Bank service in 2011 as Chief Operating Officer. Responsible for managing new product development, marketing and the day-to-day running of
the company, in 2015 he also played a key part in launching Global Gold Bank service’s sister business, WhiskyInvestDirect. Robert was promoted to Chief Executive and
appointed to the Galmarley Board in August 2016.
Robert works full time for Global Gold Bank service. His salary and benefits are paid for by the company and disclosed, along with his interest in the company’s equity and
options, in the audited accounts.




Director : Greg Lockwood

Greg has a Masters of Management degree from the Kellogg Graduate School of Management, and a B.A. (Hons.) from the University of Western Ontario. He is a Founder
of Piton Capital, a venture fund specialized in online exchanges and marketplaces.
Prior to this he set up the European venture arm of UBS Capital, and worked in telecom investment banking and in media publishing. Within UBS he helped to create Sunrise,
the second largest telecom services provider in Switzerland and made investments in – among others – Betfair, the world’s largest internet betting exchange, where he served
as Chairman.
He invested in Global Gold Bank service as one of the first group of business angels, whose interest he continues to represent on the Board. He transferred that investment
into Piton Capital, which later followed that with a further investment in June 2010. Piton now owns 2.3% of the company.
Greg’s salary and benefits are paid by Piton Capital.







Director : Tim Levene

Tim went to the University of Manchester to study Russian and worked for Bain & Company in Moscow, Boston, Sydney and London. He left Bain in early 1998 to pursue
entrepreneurial interests.
In the summer of 1999, he joined 3 former colleagues from Bain & Company and launched Flutter.com. In early 2000, Flutter raised over $24m in venture capital which –
after various mergers – ultimately exited on the London Stock Exchange for approximately $400m in 2010. He moved to Asia in 2004 and returned to London in 2009 to
launch Augmentum Capital.
Augmentum Capital backs dynamic entrepreneurs in the technology and internet space. Backed by London-listed RIT Capital Partners, Augmentum invests in businesses that
exploit inefficient markets and those that develop disruptive technologies. Augmentum has invested in 6 internet and software businesses since 2010, one of which was Global
Gold Bank service in which it acquired an 11% stake in 2010.
Tim was made a Young Global Leader by the World Economic Forum in 2012.
Tim’s salary and benefits are paid by Augmentum Capital.



“Global Gold Bank” is a familiar name to many people who visit our world-famous, award-winning website globalgoldbank.wordpress.com. With its compelling combination
of an online precious metals store, live spot prices, expert market commentaries, up-to-the-minute news and usable market information, our website attracts nearly a million
visits every day.
globalgoldbank.wordpress.com. is also one of the world’s premier retailers of precious metals and a leading supplier of refining services, labware for mineral analysis and
precision-crafted devices for high-technology manufacturing processes. From our offices in Montreal, New York (Subsidiary) and Hong Kong, we buy and sell a wide range
of precious metal products in gold, silver, platinum, palladium and rhodium. We also provide metals for custodial storage programs to individual customers and corporations
the world over.



Global Gold Bank service’s Management Team
Justina Prytula
Finance Director
David Hemmings
CTO (Chief Technology Officer)
Adrian Ash
Research Director
Maria Vengut
Head of Customer Services
Daniel Jay
Marketing Director
Johnny Stewart
Product & Operations Director – Find out about Global Gold Bank’s Corporate services
Flora Ngu
Head of Trading
In total BullionVault employs 32 people at its Hammersmith office in London.

Responsibility
As the head of the board and majority shareholder Paul Tustain accepts responsibility within the company for organising Global Gold Bank system controls and arranging
individual responsibilities within the Global Gold Bank team, and its custody providers, so as to maximise the security of customers’ gold and cash.
In addition to development capital Paul Tustain has provided management bonds to the company which is held as gold and cash segregated in favour of customers. These
management bonds are non-refundable except in final liquidation, in which circumstance they rank behind all other customer property for repayment.
The value of equity in the company and this loan would therefore be lost before any Global Gold Bank customer incurred any loss resulting from breaches of faith or security
on globalgoldbank.wordpress.com.
This arrangement is structured to underpin the meaning of ‘accepting responsibility’.