Silver & Gold Dealers To Be Shut Down?
- Thread starter JulieW
- Start date
The medical/recreational marijuana industry in Colorado is exploding into a multi billion dollar industry - using cash. Almost NO banks will deal with any business involved in the state-legal trade because it is technically illegal under federal laws.
People just went back to using cash, with spectacular results. Cash handling and security businesses are booming alongside of it.
Operation Chokepoint does appear to have had an impact on some of the online guns and ammo businesses here - but the problem appears to be "implemented" by individual banks and payment processors at the business to business level, which has led to the rise of a new class of payment processors that call themselves gun friendly. All credit card companies (Visa, MC etc) have come out and stated that they DO accept firearm/ammo transactions. It's the payment processors where the issues are occurring. Authorize.net is an example of a payment processor that changed its acceptable use policy to make firearm transactions against their terms and conditions.
Precious metals dealers over here do seem to be coming under increasing pressure, but nothing like the firearms industry, and it is thriving.
People just went back to using cash, with spectacular results. Cash handling and security businesses are booming alongside of it.
Operation Chokepoint does appear to have had an impact on some of the online guns and ammo businesses here - but the problem appears to be "implemented" by individual banks and payment processors at the business to business level, which has led to the rise of a new class of payment processors that call themselves gun friendly. All credit card companies (Visa, MC etc) have come out and stated that they DO accept firearm/ammo transactions. It's the payment processors where the issues are occurring. Authorize.net is an example of a payment processor that changed its acceptable use policy to make firearm transactions against their terms and conditions.
Precious metals dealers over here do seem to be coming under increasing pressure, but nothing like the firearms industry, and it is thriving.
It would seem in some way then, that the PM market on a local level, would have no trouble living within the cash economy. Most of us have a tendency to stay under the radar.
goldpelican said:
That's a fantastic insight which I'm sure many here appreciate, I do, thanks!
I am wondering what happens as they remove cash from the system? As we are seeing a rise in electronic payment methods, paywave, paypass etc. at least here in Australia.
The oft-proclaimed cashless society is just a round the corner. Here in Aus a lot of places have stopped accepting cheques recently and signatures are no longer allowed for card transactions. All for our own security and happiness of course..... If the government can track it then they can steal it. Also noted that the IRS has extended its tentacles to banks all around the world too.
Yes the IRS has gone global and is more than happy to rat foreign citizens out to their own governments as well.
https://www.corbettreport.com/interview-991-new-world-next-week-with-james-evan-pilato/
https://www.youtube.com/watch?v=OhcWwGFDnIA
Yes the IRS has gone global and is more than happy to rat foreign citizens out to their own governments as well.
https://www.corbettreport.com/interview-991-new-world-next-week-with-james-evan-pilato/
https://www.youtube.com/watch?v=OhcWwGFDnIA
sterling-nz
Well-Known Member
GP is onto it.Director said:
This is about weed !!!!!!
And the best way to avoid the IRS getting into your personal life (and that of your family and SPOUSE) is to get rid of your USA passport.
Many are doing it now, and this avoids the vultures invading your privacy and the privacy of NON usa citizens that you are in a relationship with.
I read the other day an article on just this point(source forgotten).
An ever increasing number of usa citizens are renouncing their ties to the usa to avoid these constant invasions.
sterling-nz said:
That is more bs from the press. The press played up the percentage increase, but the number is still extremely small (3,415 out of 320+ million).
http://finance.yahoo.com/news/recor...or-long-term-residency-in-2014-183139878.html
sterling-nz
Well-Known Member
Your own link even shows a great increase in the number of people surrendering their usa citizenship.dccpa said:
I do not understand your point.
Were you agreeing with me?
from the article"over the five years through 2008, fewer than 500 individuals a year on average renounced their citizenship or long-term residency."
Last year it was 3145 people and the year before that is was 2999.
THIS SEEMS TO BE AN INCREASING NUMBER TO ME.
Bloody glad you are not my accountant.
Unless i misunderstand what you have written
Edit: If i am reading you correctly then a jump in silver price from $20 to $120 would not be a big increase?
sterling-nz
Well-Known Member
And you should not read into things as much dccpa.dccpa said:
The reports are of "an increase in the number of Americans" not a percentage of Americans , or LARGE number of Americans.
Simply AN INCREASE IN THE NUMBER OF AMERICANS, and that increase over the last 2 years is massive.
Miloman said:
Won't happen in the U.S. for a long, long time.
The American payments networks are archaic with plenty of examples of 1960s-70s era systems and processes still in use. Millions of Americans don't even have bank accounts. Peripheral banking-like services such as PayPal, pre-paid debit cards and Western Union are popular, but they're so fragmented that the U.S. still has a big need for cash to bridge the gaps.
A good example of this is BitCoin. Americans jumped all over it as a solution to electronic funds transfers. The whole of Europe went "Uh, yeah, we've had free transfers for years..."
Frankly, America sucks at monetary utility.
Big A.D. said:
Agreed Biggie,
I was in the US recently and folk are paying for stuff with cheques (checks) at the supermarket and restaurants ... WTF.
I opened a bank account, and they asked if I wanted a cheque book. I said yes. They sent me SIX books.
.
sterling-nz
Well-Known Member
I think i will agree on one point.dccpa said:
We should not tie up the thread with this disagreement
Actually there is some merit to this in some countries. I occasionally pick up pieces in France where in most cities there are bullion dealers selling perth silver, bars, variety of swiss, French, krugs, us coinage etc and there has been a fairly major drive against cash purchase.
You *cannot* legally buy from them using cash - bizarrely many do not accept plastic either (some do) and the preferred legal method is to actually set up an account to account bank transfer. You can purchase gold jewellery from pawn stores with cash but not bars, coins, silver etc from businesses registered as bullion dealers.
Their prices are generally quite decent and it is a pain in the neck as in my experience only 50% of them have card payment processing.
This is very irritating but undoubtedly hits their business hard . It's a recent change.
The French also passed laws prohibiting gold being sent via the national postal service last summer.
Along with the German increase in VAT on silver there has - centred on France been a fairly big clampdown on gold dealers.
There is a definite drive to make sure gold buys have an auditable tax trail and barriers in place to hinder gold leaving the country readily.
It is still one of the better EU countries for buying (Estonia being the best) as sales tax is not applied to 'secondhand' jewellery and erratically on silver coinage if it is of French origin (i.e VAT free for 50 France silver Hercules, a great coin). You have to rummage - but you will not get a French bullion dealer to take cash even for a gram or sov.
You *cannot* legally buy from them using cash - bizarrely many do not accept plastic either (some do) and the preferred legal method is to actually set up an account to account bank transfer. You can purchase gold jewellery from pawn stores with cash but not bars, coins, silver etc from businesses registered as bullion dealers.
Their prices are generally quite decent and it is a pain in the neck as in my experience only 50% of them have card payment processing.
This is very irritating but undoubtedly hits their business hard . It's a recent change.
The French also passed laws prohibiting gold being sent via the national postal service last summer.
Along with the German increase in VAT on silver there has - centred on France been a fairly big clampdown on gold dealers.
There is a definite drive to make sure gold buys have an auditable tax trail and barriers in place to hinder gold leaving the country readily.
It is still one of the better EU countries for buying (Estonia being the best) as sales tax is not applied to 'secondhand' jewellery and erratically on silver coinage if it is of French origin (i.e VAT free for 50 France silver Hercules, a great coin). You have to rummage - but you will not get a French bullion dealer to take cash even for a gram or sov.