Banks Closing Coin Shop Accounts - Future of Gold and Silver

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Information Banks Closing Coin Shop Accounts - Future of Gold and Silver

Title	:	Banks Closing Coin Shop Accounts - Future of Gold and Silver
Lasting	:	8.26
Date of publication	:
Views	:	31 rb

As a retired farmer, I learned to cover my exposers I was taught by parents, grand parents, and great grandparents I come from an “old” family My family came here to the US before there was a US, willingly and otherwise I was taught family history from an early age We’ve survived by being flexible, opportunistic, and not putting all our eggs in one basket My family always kept bank reserves, but also, cash, and metals, and “stock”, the on the hoof kind Assets I still have useable possessions that are practical, useable and that I can pass on to my heirs, that are generations old What is their real value now relative to cost? We live in a throw away world, but hard assets are hard to take away from you They offer you options and flexibility The woke buzzword is “resilient”, I believe I’m rambling like an old man, but I could go on The topic gets me going
Comment from : Mark Dunbar

This is agenda 2030 playing out with clockwork precision to force a totalitarian one world government
Comment from : SolarSeeker45

Yeah the banks might not care if you have gold, that is true What they brdefinitely 100 percent do care about is the letters they are getting brfrom government agencies telling them to close these accounts They are brgetting BSA letters telling them to close the accounts These banks are brgoing to do every single thing they are told by the government because brit is to much of a risk to stand up for their customers There is a brreason why none of these banks can even tell their customers why they brdon't want their business anymore Shouldn't that be an incredibly easy brthing to relay to them?
Comment from : riothero313

Thank you for the information
Comment from : NC Farmer

There is a lot of talk of currency going digital It would be interesting to see how that would affect bullion
Comment from : Frugal Rad

basically if you have precious metals to sell it will not be able to be done if we go digital and there is no blackmarket for this because not redeemable in any currency just other non monetary items
Comment from : Stevareno

Or silver
Comment from : Curtis Linker

The Federal government is behind this pressure to hinder cash intensive business The banks are not going to turn away good customers unless there is some kind of threat from regulatory agencies
Comment from : Rizzo DRat

I had a feeling you were gonna have this kind of insight on the situation and that's why I'm a subscriberkeep up the great work !
Comment from : Master of None

Something you MIGHT be overlooking herebrSo what is the problem here?brSuspicious transactions correct?brLarge sums of cash being moved around could come from illegal behavior brSo how do you get around that?brInstead of swapping cash and triggering the alarms, you instead use gold or other metalsbrSo your drug deal is now paid for in gold, platinum, etc instead of cash brGold is outside the system They cant track what its being used for All they see is gold traded for $$$ on either side of the deal brSo yeah, at a point PMs are going to be seeing the same problems large cash transactions are nowbrbrDont be surprised when soon enough we're hearing something likebr"why do you need all that gold? are you a drug dealer? Are you using it to buy drugs?"
Comment from : THESHIT SHOW

What whisky are you drinking? Whiskey, pocket knives, gold and silver go very well together
Comment from : Viking Berserkers

Hi 2is1 Great video and common sense explanations Hope this helps with the ridiculous conspiracy theories going around "The banks are not going after LCS businesses"plain and simple, as you said Adapting, having a Plan Bare good business sense In everyday life as well Thanks much
Comment from : Barbara Carbone

Countries are pushing to digital currencies Your coins are a problem
Comment from : Axe Pagode

The transfer of large sums of cash is considered as possible money launderingbrWhat is needed is exemption certificates or alternatively a second bank where this cash can be moved without causibg problems if shut downbrThe final thing is money laundering is rare but businesses which pay taxes are being slandered for being successful
Comment from : J Fryer

really is a free country isn t it?
Comment from : andyrme2

Biden canceled Trump's executive order that protected consumers from this So if you voted for Biden; take your medicine and stop whining like a little ____ Next they are going after people who buy rifles, to much ammunition and fast food Vote Democrat for total authoritarianism
Comment from : Greg

I don't know what to think anymore! Different countries worldwide dumping the USD? Our currency already is losing value! And with the second mandate, will be a good excuse to replace all things physical, and some stores reportedly are refusing cash! AI is a global monster! Their global government motto "everyone will own nothing and be happy"! Sources, Goshen prepping channel YouTube!
Comment from : LAMARJ

Whats the goldcoin?
Comment from : Ar Geni

Isn't it ironic that the purveyors of fake money (aka Federal Reserve notes) have the audacity to close the accounts of the purveyors of real money?
Comment from : Cowboy Bill

Yeah, but if LCSs are significantly shut down by the banks (for whatever reason), doesn’t that concomitantly shut down the liquidity of our stacks?
Comment from : Robert Sturgess

What's with SD Bullion? There seems to be a lot to channels now promoting them Reminds me of a similar time when PMs were at a peak just before they crashed
Comment from : Kevin Fulop

Does your checking account say Blah Blah COIN shop They knew what you were going to be doing They are setting us up for a digital society where they own and control ll the precious metals
Comment from : alex sanders

I'm not so sure this is about gold and silver specifically - I think it's more about access to cash for the average personif you think we're being herded into somethingbad
Comment from : Free man

Creature from Jekyll IslandbrHJR192brEO6102brPublic Law 73-10
Comment from : Promyntheus

How about if the price shot upbrSo high that banks might not have enough cash to cover the selling?
Comment from : Ron Galiene

Greedy, entitled bankers want to control all money transactions and take their cut out of every transaction Cash is legal tender for now but will soon be obsolete Gold and silver bullion will be confiscated, they did it before and they will do it again By running the LCS out of business, gold for cash becomes impractical and forces everyone that wants to buy precious metals to purchase it in ways that can be traced, same goes for guns By doing this it will make confiscation easier when the time comes The second Great Depression is well on its way and 90 of the people are going to be wiped out
Comment from : Tom Sullivan

Wow beautiful coins❤❤❤🙏
Comment from : Dalz Coins

Banks are vulnerable to pressure from government and so have been historically eager to help them out For example, we know that the government requires them to be notified if someone makes deposits of $5,000, but did you know that most banks volunteer to inform them about customers making $1,000 deposits? Probably not
Comment from : Richard Lucas

I don't think this has anything directly to do with whether banks care about your buying Gold or Silver, per se However, I do think that banks are actively adopting FedNow and they are anticipating a future digital currency rollout sometime in the next 5 to 10 years Understanding the nature of a CBDC, as well as the incestuous relationships that exist within banks & governments, banks & lobbying organizations, and banks & elite forces like the WEF, it's not surprising that banks would start a process of getting rid of their relationships with any business that is in the business of giving average people open access to genuine wealth, money, or purchasing power than can be held successfully outside the banking system and used to transact under a future financial regime whose purpose is surveillance and control of economic and other activity So I could see them slowly but surely severing ties with small refineries, jewelry stores, coin shops, and maybe even some scrap yards I could see them wanting to narrow the avenues of access so that they could better surveil and interdict those who were trying to build a backup plan into their lives in the form of a large store of wealth or redundancy & resiliency in their financial lives For a lot of banks, it may not even be a fully conscious thing As we don't know the inner workings of the banking system, there may be some incentives that they are responding to, which aren't even explicit It may have to do with drug cartels and terrorists, or so they are told I have no doubt that in 10 or 20 years, if not already, people like you and I will very likely be looked at through this lens, simply because we've chosen not to leave ourselves completely at the mercy of our beneficent and trustworthy government Will they get rid of all Gold & Silver holdings? No, that would cause too much stir My suspicion is that they will simply regulate it highly, limit it mostly to holding genuine numismatic material, and likely have licensed and authorized dealers approved by the banks or governments that will keep a tight reign on and control of the supplies that are allowed to see the light of day This is why I think it's so important that people get as much of their Gold & Silver before a CBDC is rolled out as they can We don't know how expansive it will be at first, nor do we know or understand all of the incentives they will use to force our adoption of it I suspect that it will come in the form of access to things like Medicare, entitlements like Social Security, and maybe even pension or retirement account payouts You take your payments in a CBDC, or you don't get your payments I'm not overly worried about this, but it does maintain the fire under my backside to continue pursuing my strategy while time remains
Comment from : veritasfiles

banks are federally regulated and need to bend to all the civil rights stuff the government does, this includes not making false accusations this should go to the supreme court
Comment from : mason appalachiantrail

I see you're finally starting to recognize reality
Comment from : JB Gant

We live in a world of problems, and therefore, a world of solutions Stackers are hunters of solutions, I agree we can only learn from the coin shop problem with banks Feeling like a rebel or a pirate is a popular thought some of us like to entertain😁
Comment from : Lobo Plateado Stacker

Banks are scammers Just use money orders
Comment from : John

I keep all pre 1933 gold in case there is a gold confiscation again Better to be safe than sorry
Comment from : Steven Higby

I always appreciate your calm, rational take on topics that can cause many to panic
Comment from : Nic 1701

what happens to bullion once digital currency takes over and its no longer legal tender?
Comment from : BogusDude

My recent complications with money being frozen have helped pushed me toward dealing directly with LCS's instead of drawing attention to myself from online purchases I'll always be into precious metals After what happened to our northern neighbors as well as disheartening domestic policies, I think it's better to remain as physical and cash-driven as possible, even with investments
Comment from : Maurice ORay II

Banks want everything in electronic transactions, not cash or bullion because if it's not in the system they don't control it
Comment from : Kien Hweng Tai

So this is a channel for Biden voters Got it
Comment from : Ricky Sampson

As someone who follows your channel and does intend to draw down (some) on bullion in retirement, I hope you do get into that tax topic soon I'm lucky in that there's easily a dozen or more LCS's under a 90 minute drive from me but making smaller conversions at multiple shops has been my only "plan" to date
Comment from : Jay Barr

Who plants these stories?brTry to scare people out of gold
Comment from : M Man

People who own gold often complain that mainstream society doesn't properly appreciate the true value of gold This can sometimes lead to a bit of a persecution complex You see people out to get you when really people don't care about gold at allbrbrStill, while those fears may be misguided and even irrational, it's not like there's never been any reason to be concerned about gold confiscation That can happen, but the present political climate doesn't indicate thatbrbrBasically, we should keep our eyes out, but at the same time, never attribute to malice what could more plausibly be attributed to laziness
Comment from : Evan Graessle

OK, you were able to hide your gold (safely) until you needed it Now you need cash and where are you going to exchange the gold for cash? That's right the coin shop (or dealer) You go in to exchange your gold for cash, the bad guy knows this If he misses you going into the coin shop with gold, he'll simply get you when you come out with cash Don't seem like a plan
Comment from : TEX

In general, my biggest fear will be that we will nog be able to buy gold any more when CBDC hits the tape
Comment from : Gaming Lio

thank you 2 is 1 hey can you tell me about that thick double eagle you were holding, i tried to zoom in on the date and all i could make out were letters, what is this item? thank you again for your content
Comment from : mike zambrano

People who hold physical gold are their own banks 👍🪙
Comment from : Classical Numismatics

I really like your set, the beautiful classic cooks,high end knife,and some good bourbon? In a crystal decanter, ohh I was dazzled by the surroundings!!! Great content keep up the good work!
Comment from : Craig Jones

Type in Claude AI what the ratios are on Commodity futures contractsbrI think gold is 100 ounce contracts to 50 to 100 claims on that goldbrHowever contracts are either rolled over or settled in cashbrThe problem I have is how can they over a product, where purchases effect the price and they clearer don’t have that asset available in the vault
Comment from : Richard Humphrys

Thanks for rising the subject Let’s extrapolate, what might happens in the future? Well there is new way of paying today in Holland and in France Avoid € for transactions (shops and groceries) but use your old French silver francs or old Dutch silver guilders Many shops accept to be paid in real money This is quite an interesting development in fact Because banks block transactions, consumers and merchants tend to turn back to real money That might be better future for us, time banking legislations or fiat money make our life impossible Cheers 🥂
Comment from : Y G

What’s interesting is in the UK banks have gotten into a lot of trouble lately for closing peoples accounts for now reason I wonder if there’s some underlying international cause that the public aren’t privy to…
Comment from : White Rabbit

I own gold I’m a BADA$$ rebel pirate wearing an eyepatch and a have drunken parrot perched on my shoulder
Comment from : Pistol Packing Pilot

Why now? 🤔 Don't be so sure that this is just about cash transactions Bullion has been sold for a very long time, and banks didn't close dealers' accounts This is the era of political persecution The Federal Government doesn't like bullion It is viewed as a competitor to fiat currency Now that more people are buying bullion, they're seeing the threat to their control They also want everyone to buy into the digital currency (ultimate control) they're about to unveil 😲
Comment from : audiophile man

Adding to the comments, if the feds want everyone to be above board and using the banking system, they need to pass refs that prohibit closure of an account without legitimate cause ALONG with just cause being disclosed, 30 days notice, perhaps an appeal process that might even be re-appealed to an external state/fed oversight board
Comment from : Lee E

For some reason banks are starting to get nasty 🤢
Comment from : Tina liebe

strategic matrix attack
Comment from : Jacques Webster

This is exactly why people love BITCOIN and crypto The banks and government want to see exactly what your doing and control what your doing We think we are living in the land of the free but are we really free or so controlled we don't even realize it and if you do anything out of the governments control you get in trouble, doesn't sound to free to me Buying gold is great you walk in a coin shop and nobody knows anything
Comment from : DD

Gold will be over 2500 soon
Comment from : DD

This just happened to a friend of mine ,up here in Canada Ive cut out the dealer namesbr"( & )Coins gold cashout report They have many signs that say government ID is required for all transactions and many overt cameras As I breached the 10,000 CAD reporting limit with my coins, they took my ID and photocopied it They hadn't done that before for smaller transactions The dude said he "had to ask me 3 BS questions" 1 What was the source of the fund to buy the gold, 2 Am I acting on anyone's behalf as an agent, and 3 what were the funds cashed out to be used for The worst part is they handed me a full week post dated cheque plus 2,000 CAD in cash I wasn't expecting the cheque to be post dated He said they have had an unusually high amount of recent precious metals sales, mostly from people in the movie business because of the strike I guess I hit them past whatever liquidity they had readily available ( ) in BC, doesn't even ask for your ID for a single coin to sell, but they pay 35 CAD less per coin than ( & )"
Comment from : GB

I was nervous about government cracking down on us from all sides…BUT I just went to Harry’s coin shop from Silver Dragons channel Got 2 gold maples and flew back home with them with absolutely no issues and no carry on bag inspection I had heard stories that TSA has confiscated gold Flying out of woke Portland i had no problems…gives me faith in our nation!
Comment from : SuperDutyOHV

Always have a backup, 2nd planTwo is one and one is none! Well said for sure!
Comment from : 72cmcinc

Chase bank just closed my 91 yr old grandpa accounts with no explanation He had no access to money for two weeks while they held all his cash and mailed him a check They only thing we can think about is his every three month withdrawal of $9,900 in cash
Comment from : Kian

I got my start as a personal banker The ONLY time we considered submitting an SAR was if something truly looked sketchy Like multiple cash deposits from different people to the same account, or multiple deposits at multiple branches, all on the same day, and all just under $10k Larger businesses with multiple locations excepted because that was expected brbrI feel for the coin shops as most probably didn't warrant an SAR, and was just a misunderstanding That or they got unlucky with an overzealous bankerbrbrMy point is I don't think this will be a widespread issue And if you're a business dealing in cash, emphasize that when you open your account, and/or update the bank if things change or business increases
Comment from : Electric Sheeple

Again, if you play with cash, $833 or less a month ($10,000 in less than a year IS tracked, not just each month) I'm not saying all stuffed in a fireproof bag under a mattress but holding more than $9,000 is curious waste of holding deflated equity
Comment from : Cairpre Liffechair

Funny thing is, somthing similar happened to me in 2017, I was banking with USAA (military bank) and after I got out of the service I finished off my software engineering degree and had a small business and cater to a small group of Rich individuals Long story short, occasionally I would take gold or silver or combo a of both (but no more than 50 of total cost up to the 10k limit Per day if wanted to pay over days) either way, I was cashing out a lot of gold during one business opportunity because I told this guy I could do the job for them in all gold (about $65k) And being employees don't like being paid in gold, I elneeded to hire someone and pay them so I cashed in 20k worth Filled out my form for tax and moved on Latter that day the guy wanted to change it up a bit, after realizing he didn't have the full amount and was off by a bit either way he ended up wiring me 35k and put in the memo that the other part was in gold Bank saw that and said I was trying to launder money good thing I filed my paperwork same day 😂 which saved my butt but either way I ended up having a hold on my account for about two weeks trying to explain to them I did everything correctly and eventually got the hold off of my account but ended up losing all that time Crazy crap distance goes to prove Banks will go to extreme lengths to protect the dollar Sad if u ask me Anyways have a great day thought I would share my experience
Comment from : TwitchRadio

I dont own any gold or silver,but i like the thought atm with America's current situation
Comment from : Blitz on Controller

A quick read of any PM forum shows HUNDREDS of posts advocating tax fraud when buying/selling And yet, people are surprised when a bank gets skittish with a Mom and Pop "precious metal dealer" working out of a broom closet Too funny ! Apparently I am the only one that knows the FBI were Mods on the Silk Road forum Don't even get me started on the IRS Criminal Investigation Units and what forums they Mod Sure, they are only going after big fish, but that will change now that we have the computational power, machine/artificial intelligence and most importantly, every single digital bit you leave behind Banks don't want to be an accessory to criminal activity (ok, some do) so they just cut bait Not sure what the fuss is all about Weed shops can't use banks either (or credit cards) and it is billion plus dollar a year business But they aren't advocating on every weed forum how to commit tax fraud (just by your gold in two purchases of $8k each)
Comment from : Robb

It's all shits and giggles until someone giggles and shits
Comment from : Calvin nvprofection

Copium
Comment from : archie wilson

One of the reasons i have never really liked the banks is because in my eye's they have become a little intrusive at times and they simply just have to know everything, And i joke that they need to know when i last went to the bathroom Would not be surprised if they wanted to know that eitherbrbrAs time goes on i am becoming aware of more and more taxes that come with having assets to account for and maybe that is simply the drawback to having it, would it be better to not have assets? or have assets and be taxed? the latter would still be the better option and that is where Gold is in, I am sure there are some loopholes around here somewhere
Comment from : Colossus

It’s a shocking temporary outage
Comment from : wayne gough

Not worried at all, thanks have a job to do and I believe they’re doing it
Comment from : Silver Delta

Instead of making $2000 cash deposits, spend it in your day to day for gas, dry cleaning, Home Depot Anyway I ain't skeered, much
Comment from : David Knigge

Gold is going to be $1600/ton by end of 2023 Bitcoin is where real assets are
Comment from : Grizzly Gnarwhal

I've seen 2 of those videos I didn't understand the driving force behind it Now I know Nosey Government bullshit
Comment from : Roger Johnson

I think the bottom line here is obvious CYA all the time boys and girls and remember, a poor rabbit has only one hole Don't be that rabbit
Comment from : William RIce

Gold is out of the system, so is cash You turn gold into cash and buy things you need What happens when you can only turn gold into digital, in-system funds? That is when gold will loose its edge for many as it really will no longer be an outside of the system asset
Comment from : West Stephan

Thank you for always trying to tamp down the tinfoil fueled fears There are always going to be people taking a reductive look at metals investing, I appreciate you being one of the even keeled commentators in the community
Comment from : Hank

They don't want you to have metals Get rid of people buying and selling problem solved
Comment from : mike

It’s BS of the banks
Comment from : Delton Doucet

I remember when Stronger KYC banking regs came into effect I believe it started with the creation of Homeland Security post 911
Comment from : Jim Scherer

Yeah, i figured those account closures were caused by large casg deposits, even though it's from legit business Bunch of BS! Was obviously ok for decades Why all if a sudden its not now? So maybe the precious metal business does come into play Fn scrubs!
Comment from : LdTush

Another thing my bank does is charges a fee for depositing cash into our biz account They say it's to help prevent money laundering, which is a crockbrInterestingly enough, they don't charge a fee for depositing cash into a personal account?
Comment from : Designer Visuals

Due to instructions from the government Banks are closing all precious metals companies accounts They are calling it debanking Metals are to hard to regulate but easy to shut down if they can't bank
Comment from : Treasure Coast Bullion Group, Inc

Really? Talk to the Canadian truckers
Comment from : Glenville Ashby

Banks close a lot of peoples accountsyou are not special
Comment from : Thomas Jensen

That esg nonsense is turning on its headone of its attributes being companies having to have a certain rain bow flag outside the building 24/7 an Irishman
Comment from : Noelio Emerald-Isle

I’ve never had issues with my bank and I don’t anticipate having any I’m still cognizant and prepared for the event if it happens That’s what the mattress is for right 😂
Comment from : Silver Britches

They want to stop people from buying physical gold and silver
Comment from : Eroc Optics

They are closing all the coin and jewellery stores so when the mandatory government buy back happens we have to take their measly offer Soup kitchens will be taking the store fronts Small gun stores will close the only thing gold will buy is fur hats Beware it’s coming… or is it bricks that’s coming or 50000$ gold is it to the moon ? Or is it crashing? wait…: I get so confused who do you listen tobrJust being sarcastic thanks for the level approach it’s always appreciated
Comment from : sean graham

It is so wrong and unjust De-banking is a big thing here in the UK as well with people having their accounts closed for having the wrong politics or not being woke
Comment from : John Knox