I had a conversation with a Canadian precious metals dealer yesterday. How interesting this was. He’s been in business for at least 40 years. Unsurprisingly, trust is his real medium of exchange both physically, and in spirit.
He revealed a few furtive, fun facts. Fellow dealers in his realm are being served up ultimatums by their Dystopian charter banks. It seems Dear Leader’s monkey business in the banking sector is extending far beyond freezing truckers’ charity donations.
Banks are trying to force pm dealers out of business by stripping them of services. They have been ordered to empty their commercial and personal accounts and cut up their credit cards. This also includes those of their spouses if they deal with the same institution. All government tax-deferring instruments are included, such as those offered for childrens’ higher education and their registered retirement savings plans (401k equivalent). These are ordered to be liquidated immediately.
What does this mean? This dealer sees the big banks moving into the precious metals dealing space in a big way. He thinks they are trying to eliminate the competition in order to achieve a monopoly.
Given recent events not necessary to repeat, we were given a most explicit demonstration of the chartered banks’ role as an extension of the Dystopian federal government. This dealer calls them ruthless, and said he is very worried. The dealers of whom he spoke included a refinery business founded in 1967. They were also ordered to submit their FINTRAC filings immediately, rather than for the usual mid-summer deadline.
It all begs for many answers to many questions. Will Canadians soon be optioned out and forced to buy and sell precious metals only through government-controlled banks? Will pm ownership be made illegal because it places their holders outside the “system”? How will government close the numerous and emerging gold-backed block-chain currencies? Certainly, one can conclude that trust is not this government’s “medium of exchange”.
Given current world events, including the monetary policy malfeasance displayed by every Western nation, we must consider this development as a precursors to currency controls in the event of an economic or banking crisis. As another friend likened, it’s like ‘sealing the exits at the theater before they set the place on fire’.