Live ThursdaysHonest Money Hour with Bobby Gray · 7pm CentralWatch & Register
TEXITcoin logo
TEXITcoin
Honest money · Mined in Texas
Philosophy & Character

Uncommon results require uncommon integrity

At TEXITcoin, our core values are the bedrock of everything we do. In an industry filled with scams, pitfalls, and broken promises, our commitment to character, transparency, and honesty isn't a mantra — it's a promise. These values guide our actions, our decisions, and the way we lead our community of miners.

Anyone can print values on a page. The only thing that makes them mean anything is what you do when the story gets hard to tell. So this page does both: here's what we believe, and here's the full public record — including the parts most companies would bury.

The Bedrock

Four things we don't negotiate on

Character

You can't make a good deal with a bad person

We're all human — imperfect and prone to mistakes. What matters is the relentless commitment to be better today than yesterday. Character isn't good intentions; it's consistent action, especially when nobody's watching.

Transparency

Receipts, not reassurances

Crypto has earned its reputation for being shady. That's exactly why we put transparency above everything. Real results, real numbers, verifiable proof — so you can check our work instead of taking our word for it.

Honesty

We won't sugarcoat it

You may not always like what you hear, but you'll always hear the truth. Good news and bad news both ship. Nothing is worse than letting bad information drive our community's decisions.

Accountability

Hold us to it

These values are meant to be enforced, not admired. Watch our backs, call out the gaps, and keep us honest. A standard nobody is willing to enforce isn't a standard.

The Test

Character is what you do after the failure

Every founder worth trusting has a chapter they'd rather not discuss. Ours is Mulligan Mint — a Dallas private mint that pressed silver for the sound-money movement in 2012 and 2013, and ended up in bankruptcy court in the Northern District of Texas.

We're not going to spin it, hide it, or wait for someone else to find it. It's a matter of public record, so we've collected the record ourselves and put it on our own website — the news coverage, the court dockets, the published opinion, even the forum threads where customers were angry in real time. Read all of it. Then decide.

What that experience taught us is baked into how TEXITcoin operates today: never take custody of what you can't account for, never let a supply chain sit between a promise and the people you made it to, and publish the bad news yourself, first, in full. Brutal transparency isn't a marketing angle here. It's a scar.

Mulligan Mint

What the record actually says

The timeline below is drawn strictly from court dockets and published reporting — every claim on it is linked in the receipts section that follows.

  1. 2012

    Mulligan Mint founded in Dallas, producing one-ounce fine silver medallions for the American Open Currency Standard and the broader sound-money movement.

  2. Jul 2013

    Community reports of a court-ordered seizure action surface — roughly six weeks before any bankruptcy filing.

  3. Sep 13, 2013

    Chapter 11 petition filed in the Northern District of Texas, Case No. 3:13-bk-34728.

  4. 2013–14

    Litigation with bullion supplier Republic Metals Corporation across two federal cases, including a fight over the automatic stay.

  5. Aug 27, 2014

    District Court affirms the bankruptcy court in a published opinion, 516 B.R. 407.

  6. Mar 2014

    NTR Metals, LLC acquires substantially all assets out of the case.

  7. Jun 16, 2015

    Case converted from Chapter 11 reorganization to Chapter 7 liquidation.

  8. Mar 1, 2021

    Case formally terminated after the claims process ran its course.

Receipts

Every link we could find

Some of these are paywalled, some are unflattering, and none of them were written by us. That's the point. If you find something about Mulligan Mint that isn't on this list, send it to us and we'll add it.

Court records

The bankruptcy docket, the related federal litigation, and the one published opinion that came out of it.

News coverage

Contemporaneous reporting from local press, numismatic trade publications, and the buyer's own counsel.

Community record

What customers and collectors were saying at the time, unmoderated by us.

Known gaps

We could not locate any SEC enforcement action related to Mulligan Mint. Coin World and Numismatic News likely covered the story, but their archives are not openly indexed. Full PACER filings require a paid account. If you have access to any of it, we'd rather publish it than leave the gap.

Time Tells the Truth

What happened to everyone else

A bankruptcy is a snapshot. It tells you who was standing and who wasn't on one particular day. It takes years to find out who was actually running a clean shop. So here's the rest of the story — what became of the company that bought the mint, and the company that sued it. Neither of them is still standing, and neither went out quietly.

We're not posting this to deflect. Our record is our record and it's all above. We're posting it because the same industry that watched Mulligan Mint fail kept doing business with both of these firms for years afterward, and the public record eventually caught up with everybody. Every claim below is linked.

The buyer of Mulligan Mint's assets

NTR Metals / Elemetal

Bought the mint in 2014. Pleaded guilty to a federal money-laundering failure in 2018.

NTR Metals, LLC — a Dallas subsidiary of Elemetal, LLC — acquired substantially all of Mulligan Mint's assets out of the Chapter 11 case in March 2014. Four years later, NTR's Miami arm was at the center of one of the largest precious-metals money-laundering prosecutions in U.S. history.

Federal prosecutors in the Southern District of Florida alleged that NTR Metals Miami imported roughly $3.6 billion in illegally sourced South American gold — much of it from illegal Amazon mining operations in Peru — and that the trade was used to launder narcotics proceeds. Three NTR traders pleaded guilty. Samer Barrage was sentenced to 6 years 8 months and Juan Pablo Granda to 6 years on January 19, 2018; Renato Rodriguez received the longest term of the three.

On March 30, 2018, Elemetal itself pleaded guilty in Miami federal court to failing to maintain an adequate anti-money-laundering program and agreed to a $15 million fine. A year earlier, on March 31, 2017, the LBMA had quietly moved the Elemetal brand to its Former List — stripping Good Delivery status — and COMEX suspended its bars for futures delivery. Elemetal announced it was exiting South American gold entirely and its refining business wound down.

Alleged laundered gold
~$3.6 billion
Corporate plea
Mar 30, 2018 · AML program failure
Corporate fine
$15 million
Accreditation
LBMA Good Delivery revoked, Mar 31, 2017
Sources
The bullion supplier that sued Mulligan Mint

Republic Metals Corporation

The refiner on the other side of the lawsuit went bankrupt in 2018 — about $100 million of metal unaccounted for.

Republic Metals Corporation was the Miami refiner that litigated against Mulligan Mint across two federal cases in 2013 and 2014, including the automatic-stay fight that produced the published opinion at 516 B.R. 407.

On November 2, 2018, Republic filed for Chapter 11 in the Southern District of New York, later renamed Miami Metals I, Inc. (Case No. 18-13359, jointly administered). The stated cause was blunt: a significant discrepancy in its inventory accounting. Reporting put the missing gold and silver at roughly $100 million. The petition listed $100 million to $500 million in liabilities against $1 million to $10 million in assets.

Japan's Asahi Holdings won the bankruptcy auction and acquired substantially all of Republic's assets for $25.5 million in early 2019. The case terminated April 3, 2020. Within roughly two years, both of the largest private producers of bullion bars and rounds in the United States — Elemetal and Republic — were gone.

Filed
Nov 2, 2018 · S.D.N.Y.
Case
No. 18-13359 (Miami Metals I, Inc.)
Metal unaccounted for
~$100 million
Outcome
Sold to Asahi Holdings for $25.5M
Sources

Note on sourcing: nothing above asserts a connection between these prosecutions and Mulligan Mint. NTR bought assets out of the case in 2014; Republic was a supplier and litigant in 2013. Their later collapses are separate matters of public record — we've linked the primary documents so you can read them yourself rather than take our framing for it.

In His Own Words

Here's what led up to the bankruptcy

Everything above this point is the paper trail — dockets, filings, trade press. This is the other half: Bobby Gray's own account of the months leading into the Mulligan Mint bankruptcy, recorded at the time, unedited and unretracted. It's the Silver Bullet Silver Shield story from the inside.

The Standard

Let's set a new standard

These core values define who we are, and we expect them to be reflected throughout our community of miners. We're in this together. Watch our backs, hold us accountable, and together we build something grounded in trust, integrity, and real results.

Meet the Leadership Open Legal RecordRead: Our Core Values
Stay in the loop

Honest updates. No spam.

Drop in your email and we'll send you new posts, network milestones, and the occasional Bobby rant. Unsubscribe any time.