Canadian Precious Metal Dealers forced out of business?

Ag bullet said:
It's not the cup of tea, it's the ability to trace ALL transactions including something as benign as a cup of tea that they a frothing at the mouth over like rabid dogs.

So if the internet goes down we'll just use what they are so eager to ban (cash) shall we? LOL!
There will be no, "cash is strictly Vorbotten and is banned from use, ............Oh, except when the internet is down".
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Got a link for where they said they'll ban cash?
 
no, but anyone with 3 or more brain cells can see that's what they want. Ban cash, force you into a crypto system they control and game over. your card will be declined if you don't comply.
 
Ag bullet said:
no, but anyone with 3 or more brain cells can see that's what they want.
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Righto.

At the moment the RBA and a number of other CBs are investigating the use of a multi-CBDC platform to make international settlements more efficient. No one sends cash overseas anyway (unless it's stuffed into teddy bears, Xmas cards or the orifice of drug mules) so it's obviously not an issue or related to your concerns.

As far as retail transactions go which are related to your concerns the RBA has made repeated public statements that cash will be retained.
 
Ag bullet said:
A cashless society with govt regulated crypto is the end game for humanity. The insidious tentacles of govt will have a grasp on every aspect of your life.
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Conversely non government Crypto currencies can provide
Freedom
Borderless ownership
Choice
Inflationary hedging

Kind of like the 'Force' there's a 'Dark' side and a 'Light' side and the Midi-Chlorians dictate the Protocol choices.

CBDC's are in fact essential just like regulation and should be looked upon as an integral part of a greater ecosystem.
 
They won't "ban" cash.... They will just stop minting it and the banks will continue to quietly close branches and remove ATMs so that cash will become so inconvenient that stores will increasingly stop accepting it. And of course they could also use the "$100.00 and $50.00 bills are only used by criminals and evaders" narrative which they have already hinted at through the media and announce that those denominations are ending and have to be banked by a certain date after which they will become extinct (ie: bring all of the mattress money that people removed during the GFC into the economy).

The logical way to do it is to announce that in 1 year those denominations will lose 20% of their face value and that percentage devaluation will occur every subsequent year until they reach zero.
 
I used some of those 3 or more braincells I have left and did a search of the RBA's site for any recent discussion on cash. A paper was released in November last year and contained this statement:

The Reserve Bank is committed to meeting public demand for banknotes so that cash continues to be available for those who want or need to use it. It places a high priority on the community having good access to cash withdrawal and deposit services. Having a banknote distribution system that is sustainable in an environment of declining transactional cash use is critical to this goal.
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https://banknotes.rba.gov.au/resources/banknote-distribution-consultation/

I couldn't find any mention of phasing out banknotes. ;)
 
Shaddam IV said:
They won't "ban" cash.... They will just stop minting it and the banks will continue to quietly close branches and remove ATMs so that cash will become so inconvenient that stores will increasingly stop accepting it. And of course they could also use the "$100.00 and $50.00 bills are only used by criminals and evaders" narrative which they have already hinted at through the media and announce that those denominations are ending and have to be banked by a certain date after which they will become extinct (ie: bring all of the mattress money that people removed during the GFC into the economy).

The logical way to do it is to announce that in 1 year those denominations will lose 20% of their face value and that percentage devaluation will occur every subsequent year until they reach zero.
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So you're telling me they'll ban cash......;)
 
neonuke said:
Take it all out as cash?
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Not possible in such a short time and need funds to trade day to day.
Was hard enough making bank cheque's for full amounts of fund and re-drew every facility to the max. Just to keep a float.

Went to ANZ opened new accounts and continued on my merry way.

Mind you they did not close loan/overdraft of line of credit accounts, they just froze them, interest is still charged which is fine, but they still charge bank fee's in full, even though all I can do is log on and view my loans.

Timmy
 
Timmy88 said:
It called De-Banked.

It has happened to me personally in March 2021.

In summary if a bank does not like you, or your industry, or they feel like it, or they don't offer a product you have anymore, it is simply within their terms and conditions to close all your accounts.

All they need to do is give you 30 days notice in writing via registered post. O, buy the way its not 30 days from when you get the letter its from when they post it, so you end up with about two weeks.

Timmy
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What was your sin?
 
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