You may reveal this card from your opening hand. If you do, at the beginning of the first upkeep, create a 1/1 red Goblin creature token with haste.
When Chancellor of the Forge enters the battlefield, create X 1/1 red Goblin creature tokens with haste, where X is the number of creatures you control.
6/1/2011 The number of creature tokens you put onto the battlefield with the last ability is determined when the ability resolves. If Chancellor of the Forge is still on the battlefield at that time, it will be counted.
6/8/2016 A player’s “opening hand” is the hand of cards the player has after all players have taken mulligans and “scryed” if applicable. If players have any cards in hand that allow actions to be taken with them from a player’s opening hand, the starting player takes all such actions first in any order, followed by each other player in turn order. Then the first turn begins.