Canadian Precious Metal Dealers forced out of business?

Discussion in 'General Precious Metals Discussion' started by Mintaka, Mar 25, 2022.

  1. Mintaka

    Mintaka Active Member

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  2. Ag bullet

    Ag bullet Well-Known Member

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    If the last 2 years has taught me anything, it's that anything is possible and nothing would surprise me.
     
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  3. silverhair

    silverhair Well-Known Member

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    thats very concerning news if true.
     
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  4. Timmy88

    Timmy88 Well-Known Member Silver Stacker

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    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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  5. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    It wouldn't surprise me they're de-banking people in Canada (after that trucker donations debacle), but somehow I doubt the suggested conclusion that big banks would be moving in to PM dealing space.

    More like paving the way to CBDC and making it more difficult for average joe to get their hands on bullion that could be used as "black market" alternative. But I do love a good conspiracy theory. :cool:
     
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  6. Mintaka

    Mintaka Active Member

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    Are you in Canada or did this de-banking happen in Australia?
     
  7. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    That's why crypto
     
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  8. Timmy88

    Timmy88 Well-Known Member Silver Stacker

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    Australia.

    Try run a business with crypto, easier said than done.

    Be like paying for fuel at the servo in silver yeah sure it can be done, but when you next fill up give it a try and report back.

    Timmy
     
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  9. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Wasn't suggesting it as an alternative payment system, just one of the many reasons why crypto exists, to enable us to debank from the legacy financial institutions
     
  10. neonuke

    neonuke Well-Known Member Silver Stacker

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    Take it all out as cash?
     
  11. Davros10

    Davros10 Well-Known Member Silver Stacker

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    Doesn't help with the ongoing running of a business
     
  12. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Worst case use prepaid Post Office credit cards.
     
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  13. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    No wonder the world is marching towards a cash fee model so quickly. It allows absolute control and surveillance more perfectly than any other fundamental change and people won’t realise until it’s too late. What confuses me is that the people ushering this in must know that it will destroy their own children’s future and leave them with a dystopia that won’t be worth living In.
     
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  14. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Maybe they don't share that belief?
     
  15. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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  16. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    I also see that both the CBA and the ANZ have launched their own crypto currencies in the last few weeks. I can't see the desirability of owning any, it's exactly the opposite of why most people "own" crypto.
     
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  17. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    If you are a truck driver or a metals dealer in Canada (if that article is true) then that dystopia has already become apparent. I would say that absolute tracing of every financial transaction between people down to a purchase of a cup of tea and the ability to remotely disable a human beings ability to participate in society by removing their funds and preventing them from transacting is dystopian enough.

    Not to mention having all access to personal and business financial assets and transactions being completely dependant on electronic devices and an internet connection (and a functioning internet) is a liability. Can you assume a working internet when China attacks Taiwan or later on Australia?
     
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  18. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Got a link to that news?

    All I'm aware of is that these two banks are offering customers the opportunity to purchase crypto.

    Now if they did offer their own crypto, then it would likely be a stable coin denominated in AUD which would be most welcome.
     
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  19. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Not sure where you get your information but nobody is interested in tracing your transactions for cups of tea.

    Then if the internet goes down we use cash or something else like we already do until it's back online and if it's because China has invaded us then we'd likely have far more pressing issues than our mortgage repayments being suspended or monitored.
     
  20. Ag bullet

    Ag bullet Well-Known Member

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    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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