If you own physical Gold/Silver that is nobody's business but yours.

@jamiehughes5573

Жыл бұрын

Banks are just getting jealous and salty

@Karl_Burton

Жыл бұрын

@@jamiehughes5573 Yeah I thought that. They probably don't want to help other people sell money, that's their line of work

@lessthanpinochet

Жыл бұрын

They want everyone to keep using worthless fiat currency otherwise ever rising inflation won't have an effect.

@abc-ye2ec

Жыл бұрын

Gold and silver undermines the currency and banker control, if enough gold and silver is in private hands then moneyers might start controlling money supply, like in the medieval times...this is a threat to them.

@patriciaariley5810

Жыл бұрын

This person is lying and I am going to repot him

I'm old enough to remember a time when the boss paid your wage cash in a brown envelope every friday and you spent it with a business on the weekend. There was no banks sat inbetween buyer and seller skimming a 2% fee off every transaction!

@gee3883

Жыл бұрын

Me too, all this control by the banks is like living in a communist state, how have we allowed this. The country's gone to shit.

@melissaohlrich2418

Жыл бұрын

Ahhh, yes. The good old days....

@abc-ye2ec

Жыл бұрын

but in those days you were not allowed to own gold in case you hoarded...

@gee3883

Жыл бұрын

@@abc-ye2ec what's that got tod do with it?

@sang3Eta

Жыл бұрын

@@abc-ye2ec Only in the land of the free until 1975 even though your constitution stipulated only gold and silver was money.

That should scare everyone. You should not need PERMISSION to spend your own money and be penalised for your lifestyle choices.

@CalCap

Жыл бұрын

Have you or any of the regards that have liked your comment actually listened to what's been said here? This is about perceived risk in reference to expenditure; nothing about permission or being penalised.

@nickgardener5802

Жыл бұрын

@@CalCap Thank you for your reply. You've answered your own reply using the word 'perceived'. Who is Judge, Jury and Executioner on what I spend my money on legally, and why would it reflect upon my business and credit standing? Or are you saying that you should declare everything you've spent your money on if asked by the banks? So yes, the original comment on permission/being penalised is valid.

@CalCap

Жыл бұрын

@@nickgardener5802 If you want a high value loan from an institution the criteria they set is their prerogative. If you don’t like it, don’t buy into their terms and find another route. So yes, they have every right to scrutinise your expenditure.

@oliverbutterfield9844

Жыл бұрын

@@nickgardener5802 Luckily, the banks actually really don’t care what you sped your money on. They’re not making a lot of money off the typical punter, so anything they have to do is just an extra cost for them. Unfortunately, the government really does care about money laundering, and has delegated the responsibility of tackling this to the banks. If they are not complying with AML rules, they get big fines, so at this point it does become worth their while to develop processes to try to prevent this. “But I’m not laundering money!” Well, until AI gets good enough for there to be zero false positives with minimal false negatives, there will always be these types of issues.

@samuelnewitt6978

Жыл бұрын

Wait until CBDCs take hold, I would love to see a future where banks, market researchers and the state don't use that for influence or control, but I'm just not that trusting

My bank doesn't like me because I always empty my account at the end of the month

@orphancharmander1168

Жыл бұрын

My bank hates me even more, i empty it at the first day of every month, after my montly expenses, so my bank can see a empty account all month, i like to psyke them with the zero 🥴

Buying gold while having a mortgage is not a bad thing. I see it like any other investment, such as pension.

Just because the banks "really want to know" doesn't mean you are lawfully obliged to tell them anything, and if they block you then you can take them to the ombudsman

@claudiacampbell848

Жыл бұрын

I think people are going to start bank with international banks, if UK banks carry on. The banks will lose out big time.

@melissaohlrich2418

Жыл бұрын

I am new at this and only have been able to afford once a month buying so this information is very helpful. Thank you.

@garysmith9321

Жыл бұрын

I think you will find that they are legally obliged to ensure, as far as reasonable, that a transaction is legal. This is part of anti money laundering and terrorism legislation.

@stephenparker5241

Жыл бұрын

@garysmith9321 the burden of proof is on the claimant, if they believe you are money laundering they need to prove that, not the other way around, you don't need to prove your innocence, that isn't how English law works

@oliverbutterfield9844

Жыл бұрын

@@stephenparker5241and that’s not how AML works. The bank will need to have a defined set of policies for how they check they are not participating in money laundering. This includes analysis of transactions and overall behaviour of an account. If they are found in an audit (ie, by the government) to have lax policies or to not be implementing their own policies properly, they get big fines. So in this case the “guilt” is not about you making an illegal transaction, it’s about the banks not complying with AML rules

This is both concerning and frightening. Would they question several grand spent on a new kitchen? Seems the banks really don't like the 'ordinary man' thinking outside the box as to what do with his own money !

I gave my daughter a £5K gift when she bought her first house. The paperwork I had to fill in was ridiculous. Including a contract from her bank that I wasn't going to make a claim of ownership of her house.

Banks are sneaky! Aren't they!! It's great of you taking the time to sound the alert!👍🙏

Becoming a police state more and more everyday.

LUCKY FOR ME I HAVE ZERO DEBT.

I used to sell mortgages for a lving and the banks do not like anything other than straight forward earned predicatable income that you have paid income tax on. Anything else does indeed freak them out.

Buying silver and gold for financial insurance is a must

It's been happening to Bitcoiners for 10+ years. I tried to buy a 1oz gold coin the other day and they wanted a face scan. I refused. £1k is an insane level of capital control!

Banks typically only go back 2-3 bank statements possibly 6 months for high LTV, plus 6 years credit history. if you want to borrow money its best to ease off PM for a while beforenhand .i buy most of my PM on credit card ( paid off in full each month) from a differemt provider so my bank doesnt know ehat im buying .

@garysmith9321

Жыл бұрын

I went to my online bank account and switched off the Open Banking indicator. You might want to look into this.

I paid my house off and debt free. My payments weren't bad but I don't trust the direction of the financial system with bank failures and CBDC.

Its a secure risk to tell anyone about your holdings. Just because they are the bank or an official person, dose not mean they safe or straight. You could be putting yourself at risk or in danger.

Some good points there bro worth thinking about thank you

Hi Backyard Bullion! Another great video! Thanks! 😎

Very informative video, thank you for sharing.

I have bought hundreds silver coins from TD Canada Trust several times but this latest time, they refuse to deliver it or allow a family member to collect even though it's paid. This is a hassle for me as I can't collect it personally. They won't even return my emails. Why bother advertising precious metals for sale if they won't deliver?

My son's grandfather gave him a very large sum of money, towards a house. This freaked out the bank. They wanted to know where the grandfather got it from, and wanted assurances he had no claim to the property. So I'm guessing they don't like large sums of money going in and out, for anything, as they have the trouble of checking that a payment is actually for (in this case) another quantity of metal.

@loafersheffield

Жыл бұрын

My brother and I inherited a large sum after the death of our mother 2 years ago. I just wish that bro had let me in on the secret before I got the gist from Mr Dee and Godders Bloom. A A's and L E's Dan was after the fact. Despite this, "that bank" (NW) is fully aware of what I have purchased, when and from whom. They have not asked any awkward questions whatsoever. That worries me even more.

@Karl_Burton

Жыл бұрын

@@loafersheffield Let sleeping dogs lie

really great and informative video, this channel is brill. Particularly like the advice on getting debt free before making any other investments. Especially in the current climate where interest rates are set to rise.

Make your gold and silver purchases and then close that account down. Open a new account at a different branch. Any questions the bank asks you respond by saying 'that's a private matter.'

The Banks Don't Like You Doing What They Do Every Day; Buying Gold.

NatWest CEO has resigned.

@loafersheffield

Жыл бұрын

Sorry I confused you with Dan from AA's streams and Lotus Eaters. I may have consumed a lot of home brew.

@Karl_Burton

Жыл бұрын

@@loafersheffield I think we've all done things like that, after a few. I don't know how long Dan's used the avatar, but I've had mine for ages. It's Flashman

I said from the start I wanted to get one of the gold bars. I can’t wait😁. Great video.

I keep various online ledgers for buying and selling gold and silver and always physical receipts have done for a few years for just in case I get a phone call or a knock at the door. I think its probably a good idea to keep a track on things. Thanks for sharing.

I should be able to spend their Bank credit anyway I want

I went into my bank for a loan awhile ago, stated reason, to buy gold, confusion reigned, for a few moments, then it wasn't a problem...... except the interest rate, which was unacceptable. Now that same bank keeps upping the loan offers, possibly on the basis of my banking turn over😂.

Woah big info here

I tend to buy G&S on a credit card and pay off in full every statement. I have a credit card from one bank and I have X2 bank accounts from different banking groups to the credit card. So far no one has questioned any of my purchases..........(although time will tell) I'm not too bothered about selling as I'm playing the long game with G&S however if I had to sell, it would be to a reputable dealer. I also keep all of my invoices. The only time id start to worry about G&S buying is when we are forced onto CBDC's. They could programme our money not to buy precious metals!! The banking system is under scrutiny at present due to the Farrage scandal, so now's a good time to buy and sell precious metals whilst they're feeling the heat. If they ever questioned my purchases I'd tell them that I identify as a pirate and it's my religion and I'd threaten them for discrimination against folks who identify as pirates lol.

@loafersheffield

Жыл бұрын

Shiver mi timbers! Regrettably, piracy would not be accepted. Neither Pastafarian nor Kekistani were accepted in previous amendments to the census data. I'd self identify as a lesbian or non binary, one legged, muslim woman with a speech impediment. Pieces of eight!

I bought some gold a silver in 2014 and said to myself to keep buying more, which I didnt do. Anyway ive started again and Im stacking silver mostly and will add gold later. The plan is to stack for many years to come either for the kids or retirement. I will stick with britannia coins cause of the CGT legal tender. As im going to stack for years to come would it matter if i bought higher premium coins from time to time. I see a video the other to avoid premium coins at times. Would that matter if im holding them for 10 to 20 years? New to the channle and new to stacking.

I felt that don't buy untill your debt free.

Hey byb how do you get that angle with the camera?

Think your getting a tad paranoid my old chum. Take for example you go for a mortgage so you go to Nationwide but you bank with Royal bank and you might have accounts with other banks, the lender will look at your main bank where your income goes that’s about it, they may go back 3 months or 6 they will look at your income say 3/6 payslips maybe a p60 and a reference from your employer or your current bank, they will look at a credit reference agency . If you are 999 then that’s about it. Say you have just spent 30K on a car they will look at say your savings but if you have used other banking facilities to purchase gold and silver all you are is a coin collector. Your argument could apply to stamp collecting or paintings or antiques. Let’s not panic.

Tbh this is standard practice, the banks are checking more and more account transactions all the time, it’s getting more difficult all the time, and I have a feeling the banks will view high billions trading the same as gambling that it can go up or down. I have many clients refused for gambling small sums on the football at weekends

@newagetemplar6100

Жыл бұрын

What the majority of people don’t understand is that a mortgage/ loan or any other financial product is that they are PRODUCTS not a necessity. They force people to contribute into the banking system to fund fractional reserve accounting wars and politically influence governments . In other words corrupt.The financial institutions just like governments would be insolvent . On that note the leeches and parasites need us for their survival . Rather strange that we’re made to feel privileged when one walks into a bank and withdraw our money, errr we’ll not legally our money as we’re misled to believe. Total and utter scammers .

Received 10oz silver Kookaburra yesterday. Very nice. Thanks, BYB. Would love a gold bar... look forward to Friday.

yay thoughts are this, you need a "medium", what I mean is this. you take the silver, exchange that into fiat, then you exchange that into crypto then you change the crypto back into fiat, where as the banks do not ask any questions when the funds are deposited from crypto exchanges. not really sure what you mean how the banks have any questions. then on that note, on this topic is look into Asia for holding your bullion. thing is, financial institutions have zero say where its a serious violation to infringe on your personal Bussiness. if you are buying n selling bullion then you don't need a mortgage. the financial system that you so trust, is the last party you want to even think about it.banks are better known as "3rd party risk" so on that, the banks have zero control since they do not have the authority. here in Canada we invested into BTC, we invested $1700.00, then cashed out $9800.00 n change. then we cashed out on Stellar-XLM for another $38,000.00 which then we sold everything on crypto exchanges which were deposited directly into our personal bank account. then the next day we went into our bank to withdraw everything. honestly your video is almost to mush of a headache. "credit Unions" are junk, best practice is this....."Challenger banks" fun part is just buy in cash, sell in cash. spend the cash. if you have a job. bank your paycheques then spend your cash. your video is biased to your country. you lost me when you mentioned "DO NOT BUY GOLD & SILVER". if anything you rambled the whole video, where you didn't actually know WTF you were talking about. I buy silver to hold my value of the dollar. that is it. it's not to financially gain money. a single ounce, to several ounces each from a reputable bullion store. the whole part about "rules and regulations" sure, its bunch of garble. have your bank call me. they can even call me for fraud and everything. I do not listen to my bank nor do I hold the government on a higher level. Justin Trudeau can suck it. n that's my rant.

Is there something missing about doing business with a company? If I buy a couch on Amazon why is that different than a gold coin at Atkinson's? I still pay legal taxes on both. Banks are nosy ...

Dear BYB, I thought you might like to know I just spotted a typo in your title "Becuase". BTW, we had a customer in today who found us via your videos. Keep up the good work!

@BackyardBullion

Жыл бұрын

Thanks, corrected and you are most welcome for the referral!

@loafersheffield

Жыл бұрын

Hello Lawrence. It was another you tuber who pricked my conscience. The regular co-host and panelist on a livestream that I have regularly watched for the last 7 or 8 years. Yet another one of this channel's occasional guest panelists, is also a regular contributor on, The Podcast of The Lotus Eaters. His name is Dan. Brokenomics Episode 5. Gold. BTW I am one of your customers. Currently patiently awaiting 2 x coronation sovereigns. Thank you, sincerely for your services. S C.

@lawrencechard5914

Жыл бұрын

@@loafersheffield That's nice. We are also patiently waiting. We are expecting 1,000 to arrive almost any minute. Our packers are going to be busy early next week.

@lawrencechard5914

Жыл бұрын

@@BackyardBullion I saw a really great error a few days ago, which I am sure you would love to see. That's all I am saying for now. What a tease! ​😎 ​

@loafersheffield

Жыл бұрын

@@lawrencechard5914 TYVM for the update. Please ensure delivery for Saturday. Postie parks up on the pub car park opposite our house 9.30 to 9.45. Lots of adjacent road names have the same prefix.

What will the price be on your gold bars? I look forward to in focus Friday 👍

With respect to banks it gets weirder and weirder. About three weeks ago a received an email from my mortgage intermediary. Shortly I will be receiving a questionnaire to verify my mortgage isn't used to finance illicit activities. My mortgage has been running unchanged for nearly two decades!!! I couldn't believe my eyes. If Bitcoin is adopted more and more and the volatility drops, then it will be an attractive alternative. Furthermore, if larger payments will be more and more difficult to process, money velocity will start to drop and will ultimately drop GDP.

As an American I can't understand this concept. I move large amounts of cash frequently no questions asked. Had my main account for almost 30 years.

I sell to family, their payments appear on my account along with same name surnames. Trades done with my local coin man also appear with his name, as with Chards and other legitimate suppliers when I make payments.

I'm sure most of us law abiding citizens are not effected with regards to not being able to have bank account. I've rung my bank and have absolutely abused them on the phone as they not helped me as much as I felt they should have...... but I still got an account 😅😅😅

What ur price on the pieces of gold at the end?

@abc-ye2ec

Жыл бұрын

An ounce of gold will allways be worth an ounce of gold, why measure it in variable digits?

I been telling your story on other tubers page like economic ninja and j bravo. This is getting out of hand.

Its kind of not the banks. Its the government. Banks can get massive fines for this stuff even if they can prove they have a robust investigative framework in place.

Remember that once you give the bank your money, it is no longer your money. It belongs to the bank. Sure, you have a claim to retrieve money that is supposedly into your account, but try going to the bank and withdraw $2000. There is a good chance they will refuse and insist you give them a couple days to request such a withdrawal. And they might likely ask why you need the money. Remember, it's their money, and they believe they have the right to ask you what you are going to do with their money.

But a few bank employees caught me at a bullion dealer shop and in 2 months time they the bank closed my accounts and impounded my money

Makes a mockery of gold being a tier 1 asset. They dint want you knowing too much. When withdrawal they ask " so what are you doing with the money?"i watch the horror on there faces or the cheaky smile ,when i tell them im going to the strippers beacuse they dont take cards. Its non of their business what i actually do with my slavery tokens. Another is im hoing to the litto agent to buy some scratchy tickets to buy a job. A wise coment re yours and they told us at jewellers school at University you MUST keep records of where and how much you got your metals from. Otherwise the crown will confiscate it, they hate competition. Also they taught us it is illegal to melt legal tender and or that of the Commonwealth or a country where we have a peace treaty or allies with. It is deemed an act of WAR . Tread carefully here

Wow something I never considered. Luckily i don't have a current account with the bank I have a mortgage with. However it's got sweet fa to do with the bank if anyone can afford to buy any goods so long as they can pay off a mortgage. And people thought CBDCs was the enemy 😂

That's thing I don't like about stacking here (UK IRL) hardly any coin shops to walk in and buy silver for cash like in US.

this must be a UK thing, youre the second channel that has mentioned this recently. this isn't happening in the states (yet) that i know of

I just tried buying online from ‘bullion by post’….. they declined over and over and over again….

True money launderers will laugh at £3000

Ooh, gold bars 😊

The whole reason we stack I don't keep much in there

"Risk to them" ...meaning not a future slave to them

Please do a side series reviewing The Witcher- I have a feeling your audience overlaps…

Isn’t the point of stacking to put banks out of business? Why would anyone be stacking gold and silver and take on a mortgage?! Kind of dumb to be saving anything if you’re in debt! Also, you don’t need a bank for anything but getting into debt.

1st 😊

U.K. is bankrupt mate.

please stop touching the silver every 2 seconds! Why do you do that?

Save up, buy the house in cash, after the crash.

You dont need. A business bank account if you are a sole trader, although it does have advantages in fact 3/4 of self employed people dont have one . I would advise having a second bank account just used for the business to simplify tax returns though . Obviously a specific bank may have a term and condition stating they don't allow it , but it's not a legal requirement and most people don't bother .

throw your f-n cards away and use cash.,., forever., or at least until it's illegal., and then use barter., stop helping to digitize the currency.,., ';'

Fear mongering videos

I think in the US, there is very little records of buying and selling metals with an LCS. Some states like mine, only keep a record if over $10k in 48 hours. There is of course, a record for all online buying and selling. When I got my last mortgage, they did want 6 months of bank statements, but that was just to verify income and outgo habits. They did not question any transactions. Granted, this was about 10 years ago, so things may have changed by now? I do buy a steady 10oz bar each month online, but for larger buys, I always use my LCS. Same thing for selling (I have sold only twice. Once to pay the remainder of the wife's new car ($6k), and more recently for a family vacation ($9k) Here, we have to be mindful of putting the cash in the bank when selling large amounts of metals. Banks here file a SAR (Suspicious Activity Report) which can lead to the account being frozen while they (FINCEN) take a look at the account. For this reason, I always suggest folks have at least 2 accounts, (and at least 2-3 months of cash on hand) in case they ever have a problem with one, they can still eat until things are sorted out.

Sadly, banks have been given significant leeway under the Patriot Act (in the USA that is) and comparable laws throughout the west to turn away anyone for almost any reason. In the states I see this as an affront to Due Process (yes, this applies to corporations incorporated with the state). Until voters make themselves heard on the issue it will get worse before it gets better.

@butts-r-flyeffect2838

Жыл бұрын

"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety." - Benjamin Franklin

Some of us just like to collect it and see if as a bonus it’s valuable and we could get money back later if needed but say I have a night out after dinner and a movie you can’t get a cent back 🥹

@LegacyStacker

Жыл бұрын

Hi Aussie Girl! Great point! 😎

@aussiegirl6738

Жыл бұрын

@@LegacyStacker I just find unless things are special now like birthday or anniversaries etc then we choose to save, eat at home, watch a dvd or tv, just keep its simple because we found we in the past we were doing too much going out to then and if everything is special nothing is. now it’s truly is special a time out and a special,occasion is special and we save for the future too by staying in, going for a walk, or doing something free and saving. New mindset new life and loving it.

@LegacyStacker

Жыл бұрын

@@aussiegirl6738 That's Awesome! 😎

@aussiegirl6738

Жыл бұрын

@@LegacyStacker 🥰