Precious Metals Dealer SCREWED by Bank! | The Exchange Podcast | EP. 18
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- Опубліковано 23 бер 2024
- Precious Metals Dealer SCREWED by Bank discusses the ongoing issue many professionals in the precious metals industry are facing. Precious metals dealers use a variety of payment methods to conduct business. However, recently, many dealers have been experiencing banks closing their accounts. This can be due to a variety reasons, but Andrew and I discuss these issues a bit further in this recent episode.
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#silver #preciousmetals #gold
The whole system is slowly being destroyed from currency destruction exponentially.
This whole cash thing is crazy. They are taking it away right before our eyes. My LCS said he's had customers brought up on laundering charges recently. He said one just didn't do capital gains and cashed his check at a check casher leaving a trail. It's all about control.
EDUCATE wives to YOUTH!!! My wife has the proper KNOWLEDGE IM 66 so do my 2 kids 37 and 41, now working on my 5 grankids! Conservative values, hard work REAL MONEY values!!!
🤜💥🤛 Andrew, charge more if you must. But please leave people the cash option. Privacy is very important to some people. Speaking for a friend. 😊
I can only give 10K max per transaction.
Even if Eagles? Thought those were exempt. Or is it the $10K trigger
@@ericreen6168 yeah it has nothing to do with any particular product. Just dollar amount.
Banking has been a huge issue. Had to move from top 3 to a regional bank. They charge anytime I move more than $2k in cash. Getting insane to do cash deals.
I watch you too surfer,so far with my bank Keybank I been there around 20 years I pull from 2k to 7k never once a issue yet,gonna wait for my returns then attempt a 10k pull out and see if my bank is a fake bank,and charging for cash using cash has to be against the law,(taxation with out represantion)
Try credit unions brothers they also perform better in recessions compared to banks but keep stacking that gold and silver
I remember a guy asking people to choose between a Hershey's chocolate bar and a 1 oz gold bar. And everyone knows what a Hershey's chocolate bar is, their familiar with it, they know what it is. But the gold, they don't know or understand the value or what it's worth. So people naturally go towards what they know and what their familiar with, so the vast majority took the chocolate bar. It was a very interesting social experiment
Mark Dice
Great podcast! 👌🏼
Appreciate it!
1960's we (family) filled those blue cardboard binders with coins -- like Andrew said.
Here in Belgium you need to keep a a record of where you bought and how much, or if you can not prove it , it will be considered black money, under the the table, and would be taxed or taken away.
Yikes
That's some real freedom in Europe.
I'm glad that Aussie Banks are not like this. I spoke to my Bank West manager and she was all for my stacking and she's starting to do the same too. Passed that vibe check ❤
Zelle -- 2 banks I use have 1500 or less / day. At that moment that's what I knew. That was me what Andrew mentioned about partial Zelle payments. I wouldn't take partial payments either.
Noticed the table. Got to help what you guys are doing. Was interesting. My local dealer had his bank close his account. Be safe,smart . Thanks for sharing
You should be able to get Zelle paid to your email address or your phone number directly into your bank account. The scam part is when somebody wants to pay you with Zelle and then they tell you that you have to upgrade to a pro or business level and pay extra. Never do that. Only receive. As long as you are not the sender, you are good. They cannot get their money back after they send it to you. So it's safe to be the receiver and it is safe to hook it to your checking account.
Someone needs to know where your stacks are located. Some one you would trust your life with. Also a designated person who is detailed oriented to review and evaluate if something happens to you.
Andrew is right about following the process of compliance for proving to the financial institutions who report it to DOC & IRS.
So it sounds like your gonna be the 1st to comply with CBDC,little by little by little soon you'll just be all checks then all computer transactions,banks just dont have the cash any more,cash is our last line of defence
Until the coin stores become banks. We're not there yet. But that'll probably be the system. Anyone with a decent sized stack will lend from their stack and eventually become the banks.
Once again love the show. Keep up the awesome work. My wife and daughters know I stack and where I keep it, but probably not the size and each individual purchase. My oldest daughter also stacks, so have a great backup for me if anything happens. I also keep a spreadsheet with purchase details for future reference and tracking.
I think people will eventually take digital or checks for payment. Because even if they get cash for their gold or silver, 90% of the time, they will have to put it back into a bank account and turn it digital to spend it.
Otherwise, if they are giving it to a person that wants it, privately, that person would probably take the gold instead.
Some people have no problem taking digital payments. The people that don’t are usually trying to hide profits and not pay taxes.
If you feel you shóuldn't tell your SO you should really think about your relationship...
How big a safe would you need to be your own bank ?
You’d need to buy an old bank.
The wife and I are both on the same page, as far as the importance of wealth preservation. We’ve been together 25 years now and still tolerate each other😂
And as for the Banks, they’ve been given their marching orders. If you want to deprive us from protecting our wealth, then you eliminate the dealers. It’s that simple.
The banks are on the chopping block as well.
I only want cash and I'm in my early 40's. I believe that gold and silver will be the "cash" one day.
Just remind your spouse about the price of gold and silver, every few months. Don’t tell them you have it or that you get bonus’ at work. 😂
It's definitely a generational thing. As older people age out businesses are going to drop cash. You can see it now in all the self checkouts in retail. In a way it makes sense as the days of physical money are ending. It's become like postage stamps. Collectible but no real need for them anymore. Given the US mint loses money on producing circulating coins I'm surprised they haven't at least phased out the metal coinage.
100%
They can try but there are still a lot businesses that deal only with cash.
My wife likes the gold coins I buy. I always tell her when I am buying another coin and she's like ok cool. I talk to her about spot price and price over spot. I make sure she knows the value of my whole stack in case something happens to me.... A little bit ago I sold 11 oz. of gold to a coin shop paid me all in cash.... personally I would never ever sell my gold to a LCS without taking cash. I worked in a FI for years and have seen soooo much fraud in checks/zelle/pop money all that..... Once Zelle funds are out of your account its just like cash if your defrauded you have no recourse there is no protection think about that.
You should also talk about the price you sold your PMs for. How much back of spot they can expect to get for selling, etc.
I only use banks for free silver half dollars
Each bank has different Zelle Limits! With Deluxe E-check there is no limit but there is a small check fee....
Yes. currently looking into Echeck.
Did people stop buying gold yet?
Its nobody's bizz most relationships don't work if shtf happens u can mention I got u I got savings doesn't matter n what tho your biz is your biz
I understand the pressure to go cashless from outside. You gotta do what you gotta do. But cash is the legal money of the US. Says right on it. The loss of cash will be a huge loss of freedom.
It’s coming unfortunately.
I think you are legally bound to tell your partner if you are married. If you are not married, I wouldn't mention it.
I agree that the ladies and non-stackers would ever know how much one of these costs...
I do to make sure she doesn’t get scammed.
My LCS is cash only & I'm good with that. The less the bank & uncle Sam are involved, the better.
The only problem I have with the check or wire deal is when we pay as customers with a check or wire you the dealers hold our product for up to 2 weeks before we get our product even shipped but we're supposed to trust the dealers
People that pay by wire can pick up same day. I have tons of customers that pay by check and leave same day with product as well. First time doing business you will wait for the check to clear.
You have to trust the dealer to a point. Just like you trust the postman, to a point.
Awesome videos this weekend guys!!!! Keep it up Andrew and Matt!- Brian
Thanks! Will do!
The idea for many is to keep money out of banks and he is insisting on check or transfer!
I have to learn this ZeLL thing too
All new to me but it’s def helped. A lot of people prefer to use Zelle.
It's like an instant check payment. Goes straight into or out of your checking account.
my stupid bank limits my zelle to $500 per transaction. However, I can do more transactions per day. Still a pain.
Kool !!! Just 3 days ago I discussed/taught my wife what she would do with our pm’s if I unfortunately not make it home one day …🌎🗿™️
Also educate your adult children to your precious metals value !!!
The Dynamic Dual 🎙️🔥💯
😄😄 I'm a female stacker and I keep meticulous records of my precious metals, BTC and ETF's and my SO knows all about it (although he isn't really interested at the moment 😂)
😂
lol I am the stacker in my family.. Yes he knows I am buying but says he has no interest in it….😮
awesome show guy, i tell my wife everything
Amazing video brothers! 🙏🏽
Thank you 🙌
How in the freak do I become a Stormtrooper ???🌎🗿™️
Great podcast Andrew and Matt have a great week
Have a great week bud.
I think it should be illegal for a business to deny cash. It's legal tender! This is some tyrannical BS. I'm not some old person stuck in his ways either. I'm just educated. I know what these tyrants do! They use tragedy, crime and other outcries to give us false senses of security.
Don't fight guys 😂😂❤
I occasionally buy my wife gold, so she doesn't mind me buying silver
Exactly 😂❤
My spouse knows about my stack and what its worth, The value of my GUNS on the other hand is a problem hahahaha
😂
What's the point of Banks if you can't deposit or withdraw cash? That's what banks are for, to hold our cash.
These aren’t small amounts. I deal in very big numbers.
They're just a ledger system. Most people don't want to handle cash anymore. They have a debit/cc card for expenditures and they probably have direct deposit for pay. Some kind of Billpay system will be there to pay utilities, rent, mortgage, etc. I'm still using a computer to connect to my account but most younger people don't even do that. They are using their phone for mobility. This is why CBDC's will ultimately be put into place with little resistance. We are already 90% of the way there.
@@gregorygreene1940 I just had the same conversation with someone this morning. We are almost there already and most don’t even realize it.
Two broskis going at it 😂
I never seen y’all before but the dude on the left side won’t let the guy on the right side finish a sentence or a thought to save his life before he interrupts and talks over him. Very interesting conversation but wow, so rude.
First I’ve heard this. Usually it’s me interrupting. I don’t notice. I told Andrew to stop being such a dick! lol!
🤡
Once bitten, twice shy. Been through a divorce. Know that's hard to believe given my dashing good looks (see profile picture) and charming personality, but it's true. So yeah, the wife knows about most of the stack. But there are a few secret squirrel holes, just in case. As for Bullion dealers going to wire transfers only, that would suck IMO.
VT247
Some people had to start stacking due to knowing how bad their partner is me included. I'm teaching my son.
Very true. Depends on the relationship.
@3:30 😂❤
😂
First...1 more info guys!
Stormy is absolutely right my spouse knows nothing about how much anything is worth if I pass away then it makes me want to make a list within the will as of don't sell this for less than this amount
Don't put that in the Will because Probate wants their cut of it. Just teach her about it.
What do guys do when their wife knows all about their stack, but then she files for divorce? Quickly hide it all with a good buddy, and say "I'm sorry your honor, that property was cashed to buy Starbucks lattes?" You know you've got problems when your wife goes to the church ladies' lunch, then one of the husbands asks to see your 500 oz of gold eagles.
Divorces are ultimately a negotiation. Just keep your head and get legal advice and/or representation as necessary. In my case, my ex wife got the house and I got the gold.
I tell my wife everything.
hahahah i love these guys
❤️
“This FKn guy “ 😅
Look at yankee staking video of Tim, in NH, his banked stop all is transactions,
It’s happened to me before unfortunately.
👍👍😊👍👍
Buying / Selling metal from / to the bald guy is like dealing with the government directly.
What's the point?!----He's a defacto central banker. Yuck! Paaaasssss!
What are you talking about? How is he a banker?
To sell to me you need a tax ID number. A small time loser like you couldn’t do business with me. You can only buy on my website. Thanks though 🤡
Lol you guys 18:20 19:22
😂
Things with your spouse are good until they are not! I have been married for 18 years. In October my wife filed for divorce. We have three kids together. Unfortunately, you just never know!
Ah yes the mentality of "put it on the customer", and that's why people loose...."customers".
I can’t break laws for people. I have a 10K max payout. As gold prices go higher it’s almost impossible to accommodate everyone in cash.
I think that you guys are completely missing the point of why you have the business you do. People want golden silver don’t want anyone knowing their business. So I feel like your attitude is dismissive of why you have the business you do and you almost sounds spoiled. And I’m honestly not trying to sound like an ass but unfortunately, in today’s world, there are a lot of different forms of payment. You can even pay in bitcoin now and I am waiting for the right time to try and pay with that.
Open your own business buying and selling metals and you’ll have the same problems. You’ll feel much differently about it.
I know why I have my business. Thanks for trying to tell me the reasons I am a precious metals dealer.
Found the guy who will be doing CBDCs just to be 100% compliant
I'll do whatever i have to do to stay in business and follow the law.
my fiance thought it was stupid. she wouldnt say that to me but i could tell when i tried to talk to her about it or show her my purchase etc. eventually i just started not telling her. i wasnt like hiding it and i wouldnt deny it etc, she just didnt care to know about it. we ended up splitting up so its probably best that she didnt know what all i had....she might not have left is she did ;) lmao its a dodged bullet in the end.....and that was a silver bullet lmao
my Wife get's bored when I try and explain, but after many conversations she is finally starting to understand that PM's are money