Question Does anyone here have ANY idea why they closed this man's account?

[jafo]

I have a client who routinely pays for small stuff in gold and silver coins, so I have been trying to educate myself on the subject. Recently, I've seen these types of YouTube videos:

My Coin Shop Bank Accounts Were Closed! Silver & Gold stackers WATCH OUT!

Does anyone know why they are closing accounts of people who hold gold & silver?

 

[Sols]

Precious metals are popular vehicles for tax evasion, sanctions evasion, terrorist financing, and money laundering. Relative to how useful they are for such activities, it's an industry with very loose if any regulations and oversight.

It's an industry that's about to start facing a lot more regulatory intensity.

As for why this man lost his bank accounts, only the bank knows. Usually when banks close business accounts for customers that have been around for a while, it's almost always due to the account being inactive or seeing very little use (doesn't seem the case here) or because the bank has changed their risk appetite/focus markets. The bank may have decided that compared to the size of business (i.e. how much money the bank made) it was no longer worth the risk. Or maybe the bank is closing all similar business accounts and shifting towards more profitable businesses.

Another less likely possibility is that the off-boarding was triggered on reputational grounds. You see that sometimes with politically motivated businesses and organizations, which may lose their bank accounts if a media controversy arises. I'm not sure what that would be in this man's case, though. Maybe some controversial coinage with historical, political, or religious connotations that somehow became known to the bank.

More likely, it's just a change in risk appetite with the bank.

Or he has massive, unpaid debts or something obvious like that.

 

[jafo]

Precious metals are popular vehicles for tax evasion, sanctions evasion, terrorist financing, and money laundering. Relative to how useful they are for such activities, it's an industry with very loose if any regulations and oversight.

NGL...I had NO idea. I was completely ignorant of this.

Thanks for sharing.

 

[bonox]

Gold in physical hands is a very good way to move money.

 

[JohnnyDoe]

Gold in physical hands is a very good way to move money.

True! If anyone wants to buy physical gold (coins and bars) I am happy to sell.

 

[wellington]

True! If anyone wants to buy physical gold (coins and bars) I am happy to sell.

lol how on earth do you move them through borders

Mint worker gets prison for smuggling gold in his butt

 

[jafo]

lol how on earth do you move them through borders

Mint worker gets prison for smuggling gold in his butt

"Leston Lawrence, a Royal Canadian Mint worker convicted of stealing 22 gold “pucks” by smuggling them in his rectum, was sentenced to 30 months in prison Thursday, the Ottawa Citizen reported."

I think his problem was stealing them.

 

[Au999]

A lot of business bank accounts (a great majority) no longer allow accounts for companies in the precious metals trade or even to those in related areas - such as offering marketing services to gold companies.

Which sucks if you work in gold

As for moving across borders it's no issue even flying as long as it's in hand luggage. Regularly fly Dubai to UK with bullion bars. They always flag at scanners due to density - which again is cool as long as you have a receipt with you. The security guards can be surprised but usually just love holding them and get quite excited lol. Landing in UK you may have to declare depending on weight and value but there's no duty or vat on gold bullion bars in UK so nothing to pay.

Super easy.

 

[JackAlabama]

I have a client who routinely pays for small stuff in gold and silver coins, so I have been trying to educate myself on the subject. Recently, I've seen these types of YouTube videos:

My Coin Shop Bank Accounts Were Closed! Silver & Gold stackers WATCH OUT!

Does anyone know why they are closing accounts of people who hold gold & silver?

Yes, you move money out of the fiat system. Same applies bitcoin.
Thats the crime here but they cannot tell. Telling it would end the fiat system by tomorrow in an instant chaos.

Gold is also one of the only commodities which is relatively easy to self-custody, not as easy as Bitcoin but easy enough and far better than soybeans, palm oil, pork belly, oil and such stuff.

The other bs crap like tax, ml and all the neofacist crap is just nice looking front for that underlying matter of not allowing control over ones own money.

A lot of business bank accounts (a great majority) no longer allow accounts for companies in the precious metals trade or even to those in related areas - such as offering marketing services to gold companies.

Which sucks if you work in gold

As for moving across borders it's no issue even flying as long as it's in hand luggage. Regularly fly Dubai to UK with bullion bars. They always flag at scanners due to density - which again is cool as long as you have a receipt with you. The security guards can be surprised but usually just love holding them and get quite excited lol. Landing in UK you may have to declare depending on weight and value but there's no duty or vat on gold bullion bars in UK so nothing to pay.

Super easy.

Its only super easy selectively and very very easy to stop today. However try stopping the digital gold bitcoin, it cannot be done in the same way.
I know some of the stories used to get wealth out of germany 80y ago, it wont work today due to some sophisticated tech detecting it.

 

[Dandyline]

I have a client who routinely pays for small stuff in gold and silver coins, so I have been trying to educate myself on the subject. Recently, I've seen these types of YouTube videos:

My Coin Shop Bank Accounts Were Closed! Silver & Gold stackers WATCH OUT!

Does anyone know why they are closing accounts of people who hold gold & silver?

Maybe this explains it all:

 

[wellington]

Yes, you move money out of the fiat system. Same applies bitcoin.
Thats the crime here but they cannot tell. Telling it would end the fiat system by tomorrow in an instant chaos.

Gold is also one of the only commodities which is relatively easy to self-custody, not as easy as Bitcoin but easy enough and far better than soybeans, palm oil, pork belly, oil and such stuff.

The other bs crap like tax, ml and all the neofacist crap is just nice looking front for that underlying matter of not allowing control over ones own money.


Its only super easy selectively and very very easy to stop today. However try stopping the digital gold bitcoin, it cannot be done in the same way.
I know some of the stories used to get wealth out of germany 80y ago, it wont work today due to some sophisticated tech detecting it.

Banks are increasingly closing rank and putting a mesh on funds coming out of the system, this is all across the West -> Suspect we will see a bank bail in in the coming months before March.