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

#2
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.
 
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#8
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.
 
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#9
jafo said:
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? :rolleyes:
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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.

Au999 said:
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.
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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.
 
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#10
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#11
JackAlabama said:
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.
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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.
 
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#12
wellington said:
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.
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Which bank did ?
 
#15
cryptofriendly said:
Pax Gold (PAXG) offers all the advantages of gold, and making border crossings a child play.
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No, the oracle problem is not solved at all as its holdings cannot be verified (I know there are audits and certs but these dont mean anything). Additionally, it can just be seized with ease, all it needs is a simple court order or certain consultations by friendly govs.
Plus you have all kind of internal risks as well.

So just 3 simple risks outlined.
 
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#16
JackAlabama said:
No, the oracle problem is not solved at all as its holdings cannot be verified (I know there are audits and certs but these dont mean anything). Additionally, it can just be seized with ease, all it needs is a simple court order or certain consultations by friendly govs.
Plus you have all kind of internal risks as well.

So just 3 simple risks outlined.
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PAXG is owned out of the Caribbean via a US NY Trust or something, there was a expose on the people behind a while back, didn't really incite fear, but frankly speaking PAXG is something that can be frozen with ease, so coming back to capital control discussions a while back, you could be charged with such and then the funds seized, good luck dealing with a construct violation and forfeiture notice lol.
 
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#17
wellington said:
PAXG is owned out of the Caribbean via a US NY Trust or something, there was a expose on the people behind a while back, didn't really incite fear, but frankly speaking PAXG is something that can be frozen with ease, so coming back to capital control discussions a while back, you could be charged with such and then the funds seized, good luck dealing with a construct violation and forfeiture notice lol.
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You are right of course. Though I think it's not too risky short term, I have held some for 3 years and crossed borders without any trouble (of course, i didn't have anything in my pocket). And Nexo paid me even 6 or 8 percent APY on PAXG, if I remember correctly.

Physical gold is troublesome, especially if you don't own a place where you can just hide it in the ground. Even bullionstar in Singapore is requiring KYC now for high five digit amounts, so is it's gold bars in your garden or nothing, if you really wanna be safe and anonymous. Taking physical gold over borders is a thing of impossibility in todays world, in the EU they will stop you and tax you even on your gold chains and bracelets.
 
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#18
cryptofriendly said:
You are right of course. Though I think it's not too risky short term, I have held some for 3 years and crossed borders without any trouble (of course, i didn't have anything in my pocket). And Nexo paid me even 6 or 8 percent APY on PAXG, if I remember correctly.

Physical gold is troublesome, especially if you don't own a place where you can just hide it in the ground. Even bullionstar in Singapore is requiring KYC now for high five digit amounts, so is it's gold bars in your garden or nothing, if you really wanna be safe and anonymous. Taking physical gold over borders is a thing of impossibility in todays world, in the EU they will stop you and tax you even on your gold chains and bracelets.
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Seriously the EU will stop and tax someone wearing gold jewellery - that’s utterly crazy

Where I am (Asia) gold is tax free and the avg upper middle class person walks around with 20-40,000$ in jewellery and even the poor walk around with 1000-5000 in jewellery (gold)
 
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#19
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