Three Coin Shop Owners Shocked as Their Bank Accounts Suddenly Shut Down
Three separate coin shop owners have found their bank accounts suddenly shut down without any prior notice or explanation from their financial institutions.
I hope everyone's got their gold and silver. Seems like they're trying to end it. Don't know if a credit union would be a good option or not. So far the CU I use has treated me great. -sammy
First National Bank of Omaha was another. They all appear to be regional banks.
Still, this is clearly due to some kind of centralized directive. The policy appears to be to eliminate the coin/jewelry/PM dealers and make it more difficult to obtain these products in the near term and impossible to use these businesses as a banking alternative where you can cash in your PM's for whatever the working currency is later on down the road. It will probably become more widely implemented soon and perhaps even expanded to pawn type shops and check cashing businesses that offer certain financial services to the underclasses. Rather then pull back from PM's, I intend to move convert more cash reserves into PM coinage. I pay cash in person in a state that has no sales tax. When the crash comes and the smoke clears, pm's will still be money. The average dope who does not know how to transact in cash and has always used a debit card may not be aware of that fact, but I probably won't have a reason to interact with that person anyway. China certainly thinks gold is money and they are laying back all they can get their hands on. That alone should convince the skeptic that pm's will retain their traditional role in the future regardless of what the central bankers want you to believe
You know why they’re pushing people to buy precious metals. When the government mandates digital currency, instead of converting worthless paper they’ll have something REAL to take from us.
Uh huh, and every time the government outlaws something, it instantly creates a thriving black market for it. Think Prohibition as well as drugs for starters.
I've never been one to go buy gold and silver, because I think when SHTF it's going to be worthless. People will NEED food, clean water, shelter, self defense items, etc. They won't NEED cash, gold, silver, or copper. Lead, perhaps, but not the other metals. But this makes me want to go out and get some just because.
This is no surprise. The government does not want people to anonymously deal in precious metals and these shops were likely buying/selling for cash. The premiums over spot prices do not have enough profit margin to take credit cards without charging 3-4% more which only a fool would pay. So what is left is payment by check, which you would have to wait 10 days for the check to clear, before you get your metal, or CASH! Cash purchases are limited to less than $10,000 for ANY PURCHASE not just precious metals. That is the "Anti Money Laundering" policies that they talked about in the article. If a buyer comes into any store and buys more than $10,000 worth of anything and wants to pay cash the store must notify the government that the purchase may be made with illicitly gained funds. Even if the same person spend over $10,000 over a short number of days the store needs to file the suspicious purchases with the government. You cannot even deposit or take $10,000 cash out of your bank account at one time without setting off alarm bells. The government thinks all cash is from illegal enterprises, and to be fair a lot of cash is!! Those whores selling pussy and the dude selling Blow to some politicians son don't take American Express. Pawn shops and coin shops deal in cash and the banks hate the paperwork that large quantities of cash require and the government wants to know what you bought so they can confiscate it later.
This reminds me of "Operation Choke Point" where the Obama administration used the banking system to shutdown legal business they didn't like. Just more of the Democrats (sic) weaponizing the government.
Over the last several years every time I went to our locally owned small town bank I would ask for 50 cent pieces, buying anywhere from one roll to several hundred dollars worth at a time. Not any more, if I'm lucky I can get a dollar or two worth, the tellers said they don't even order them any more. As for physical silver / junk coin the only honest dealers around this area say it is like unobtainium or so over priced they can't / won't mess with it or will put you on a waiting list to see what turns up. I won't be getting into a bidding war for any of it.
Could be due to CBDC and top town orders, could be that cash businesses are expensive for banks and it comes down to the numbers. Large cash deposits require more armored car services, more labor hours counting, logging, and verifying, larger insurance if something goes wrong, etc. Usually this is covered in deposit fees which amount to a few hundred to several thousand depending on the store. That said, if it's multiple banks and all at once, I doubt it's merely about the balance sheets.
Sounds like fertile ground for a new business model of providing armored car services, cash banking, etc, for cash businesses.
Talking out of my ass here but I think credit cards companies also rent their card machines for an obscene amount each month and double dip on the fees, charging both the business and the customer. Imagine being charged every time you use a CBDC. . .
"could be that cash businesses are expensive for banks and it comes down to the numbers", and the banks make a profit EVERY time someone uses a card rather than money.
I hope everyone's got their gold and silver. Seems like they're trying to end it. Don't know if a credit union would be a good option or not. So far the CU I use has treated me great. -sammy
ReplyDeletePriming the digital currency pump by going after gold & silver dealers.
ReplyDeleteFor some reason the banks' names are all left out, or hidden, except for one. (Old National) Odd story.
ReplyDeleteFirst National Bank of Omaha was another. They all appear to be regional banks.
DeleteStill, this is clearly due to some kind of centralized directive. The policy appears to be to eliminate the coin/jewelry/PM dealers and make it more difficult to obtain these products in the near term and impossible to use these businesses as a banking alternative where you can cash in your PM's for whatever the working currency is later on down the road. It will probably become more widely implemented soon and perhaps even expanded to pawn type shops and check cashing businesses that offer certain financial services to the underclasses.
Rather then pull back from PM's, I intend to move convert more cash reserves into PM coinage. I pay cash in person in a state that has no sales tax. When the crash comes and the smoke clears, pm's will still be money. The average dope who does not know how to transact in cash and has always used a debit card may not be aware of that fact, but I probably won't have a reason to interact with that person anyway. China certainly thinks gold is money and they are laying back all they can get their hands on. That alone should convince the skeptic that pm's will retain their traditional role in the future regardless of what the central bankers want you to believe
Agreed 100%.
DeleteAnother option is ammo. .22LR, .223, .556, .357, .40, .45 and so on will be as good as cash, maybe better.
DeleteEvil Franklin
I think I'd have to shoot a motherfucker over that.
ReplyDeleteAnyone know what the shops may have been "wrong thinking" about?
ReplyDeleteThat's what I want to know, but of course, the laws dictate that they aren't required to tell you... which makes no goddamn sense.
DeleteAnd people think having precious metals is safe from government fuckery.
ReplyDeleteLike the time FDR's administration made private gold ownership and paying by precious metals illegal.
You know why they’re pushing people to buy precious metals.
DeleteWhen the government mandates digital currency, instead of converting worthless paper they’ll have something REAL to take from us.
Uh huh, and every time the government outlaws something, it instantly creates a thriving black market for it.
ReplyDeleteThink Prohibition as well as drugs for starters.
Stockpile illicit drugs, not gold. Addicts will trade you whatever you want for that!
Delete😉
Whatever you want? Prolly more whatever they got...
DeleteApparently, the "drip" is popular with today's younger crowd ¿
I've never been one to go buy gold and silver, because I think when SHTF it's going to be worthless. People will NEED food, clean water, shelter, self defense items, etc. They won't NEED cash, gold, silver, or copper. Lead, perhaps, but not the other metals. But this makes me want to go out and get some just because.
ReplyDeleteThis is no surprise. The government does not want people to anonymously deal in precious metals and these shops were likely buying/selling for cash. The premiums over spot prices do not have enough profit margin to take credit cards without charging 3-4% more which only a fool would pay. So what is left is payment by check, which you would have to wait 10 days for the check to clear, before you get your metal, or CASH! Cash purchases are limited to less than $10,000 for ANY PURCHASE not just precious metals. That is the "Anti Money Laundering" policies that they talked about in the article. If a buyer comes into any store and buys more than $10,000 worth of anything and wants to pay cash the store must notify the government that the purchase may be made with illicitly gained funds. Even if the same person spend over $10,000 over a short number of days the store needs to file the suspicious purchases with the government. You cannot even deposit or take $10,000 cash out of your bank account at one time without setting off alarm bells. The government thinks all cash is from illegal enterprises, and to be fair a lot of cash is!! Those whores selling pussy and the dude selling Blow to some politicians son don't take American Express. Pawn shops and coin shops deal in cash and the banks hate the paperwork that large quantities of cash require and the government wants to know what you bought so they can confiscate it later.
ReplyDeleteThis reminds me of "Operation Choke Point" where the Obama administration used the banking system to shutdown legal business they didn't like. Just more of the Democrats (sic) weaponizing the government.
ReplyDeleteOver the last several years every time I went to our locally owned small town bank I would ask for 50 cent pieces, buying anywhere from one roll to several hundred dollars worth at a time.
ReplyDeleteNot any more, if I'm lucky I can get a dollar or two worth, the tellers said they don't even order them any more.
As for physical silver / junk coin the only honest dealers around this area say it is like unobtainium or so over priced they can't / won't mess with it or will put you on a waiting list to see what turns up. I won't be getting into a bidding war for any of it.
HTR
Could be due to CBDC and top town orders, could be that cash businesses are expensive for banks and it comes down to the numbers. Large cash deposits require more armored car services, more labor hours counting, logging, and verifying, larger insurance if something goes wrong, etc. Usually this is covered in deposit fees which amount to a few hundred to several thousand depending on the store. That said, if it's multiple banks and all at once, I doubt it's merely about the balance sheets.
ReplyDeleteSounds like fertile ground for a new business model of providing armored car services, cash banking, etc, for cash businesses.
Talking out of my ass here but I think credit cards companies also rent their card machines for an obscene amount each month and double dip on the fees, charging both the business and the customer. Imagine being charged every time you use a CBDC. . .
- arc
"could be that cash businesses are expensive for banks and it comes down to the numbers", and the banks make a profit EVERY time someone uses a card rather than money.
DeleteMost of my precious metal collection includes blued & stainless steel, & lead/copper clad coinage.
ReplyDelete