WHY Banks WON'T (And DON'T) Want You Spend Your Money - Can We Fight Back With Gold & Silver - NO!!!

[@RussellBury]

One thing I have realised over last few years is.. My own personal value is in my skills not in my bank balance. As a mechanic I am booked up for weeks in advance by people that value what I can do, I keep them moving and keep them able to carry out their jobs earning their own money. My precious metals or bank balance is only there for saving or to use in a circumstance where I am unable to exercise my skills. The best asset I have is me.

[@Timyin21]

Cool

[@LundMario]

Yes, it is called human capital for a reason.

[@davesmith3050]

you made a mistake in your vid or misunderstod fractional banking they dont take in 10 pounds and lend out 9 they take in 10 and lend out 100 they only have to hold ten percent reserv of cash

[@stephenyoung8429]

Correct!

[@rory7511]

I’m not sure you’re right about the banks having to hold 10% in reserves, I’m not a betting man, but I’m pretty sure I watched or read somewhere, that uk banks, along with Canada, Australia, Sweden, etc, are not required to have any reserves.

[@manahapu]

@@rory7511 They are required to hold a very small percentage of reserve. It's called the reserve ratio. It's a ridiculously small percentage though.

[@caryphillips4885]

@@manahapu Nah they literally removed the reserve requirement in 2020 LMAO

[@SEANPOL203]

Hence so many banks went ‘ bust’ and required taxpayers to bail them out

[@XYZ-ef3mo]

Money isn't finite. During covid the Bank of England printed £800bn to cope with furlough. This led to wealth inequality. This in turn led to gold prices rising as the super rich like assets. Assets are wealth. Money is not. The government is in trouble as it no longer has any assets - they were sold off.

[@DutchLibertarian]

Gold and silver is money all other is credit and debt!

[@DutchLibertarian]

If you have money it needs to have a good store of value. Currency is credit and debt

[@CATANOVA]

@@DutchLibertarian There has never been a store of value because the value of anything can be driven up or down. The game is to work out what will next be more valuable within the timeframe of interest.

[@DutchLibertarian]

@CATANOVA well if you look it that way your right.

[@happymood888]

You are correct with this title on Saturday I went to the bank to take out $3,000 to get a gold coin it seriously took me 2 hours to get $3,000 cash from NY bank I had to answer a bunch of security questions over and over and over again and the bank manager came up to me and demanded me tell them what I was spending my money on I never had that experience in my life the manager demanded me what I was spending my money on

[@Joe-yf4mw]

Today I'm buying a safe to put the rest of my money in that I'm coming for Monday. Have it ready.

[@tickedoff1438]

If this happened to me on Saturday, I would have a new bank on Monday.

[@Mark-u7u]

Inflation is the modern version of coin clipping

[@slausonboytmc]

lol

[@asheland_numismatics]

Working in the coin industry, when we sell bullion, I constantly hear people say “oh this is worthless” as they hold up the United States hundred dollar bills and I kind of chuckle to myself thinking if it’s so worthless, why don’t you just hand them over to me as a gift? Of course you’ll get a different answer to THAT no doubt. 😂

[@mint_mark]

The difference between intrinsic and extrinsic value...

[@WhooshFlyingHorse444]

I am an avid viewer of your channel and agree with many views you have conveyed, but on this latest topic I felt you were very restrained in what you were saying. I'd have loved hearing more about what you REALLY thought on the subject. We as customers must find strategies to thwart what these banks are doing to us. We just cannot stand by and let them lead us by the nose into submission. We need to fight back.

[@dirkfrazier9779]

How? I know on you tube and tic toc I am censored, and I imagine on any social platform everyone else is too-to keep any and all social uprisings to a bare minimum!

[@WhooshFlyingHorse444]

​​@@dirkfrazier9779 It might be worth developing coded language strategies amongst ourselves, or go back to good old fashioned face 2 face chats. Many groups use code to communicate amongst themselves...the medical and legal professions, banks and IT companies for example. The more I think about it, the more we must take these banks on. How dare they treat US and OUR money with such contempt.

[@XYZ-ef3mo]

In 2007 I sold a car to a dealer who paid me £21,000 in cash. I banked this at my standard high street branch without anybody batting an eyelid. If I needed £10,000 in cash from my bank it was no issue with a days notice. Now neither is possible. The excuse is money laundering. The reason is control.

[@sarumike]

Big difference between bitcoin etc and cbdcs is that BoE or gov can increase cbdc supply at will. It will create inflation as all governments love to do then blame others for

[@SEANPOL203]

💯

[@mint_mark]

OK... so we don't want a currency whose supply can be increased at will. But do we want a currency whose supply can't be increased at all? Is the ideal currency one where the supply reflects the amount of wealth in the economy? Not sure what it should be...

[@SEANPOL203]

@@mint_mark well printing money that’s not backed by actual wealth doesn’t usually end well

[@sarumike]

@@mint_mark I don't know the answer but just pointing out that cbdcs can be manipulated to create more coins compared to proper cryptos. Regardless countries like UK/USA shouldn't be allowed to just create money without anything tangible backing it. Apparently when we rejoined the gold standard in the 1920s it didn't go so well and created inflationary goods so we abandoned it.

[@cultureofcurrency]

Truth....money is in itself a mirage...if you go down to the core emotion that having money resolves, we find that money often makes one feel secure...less fearful...more in control...but all of these as we know are illusions. We cannot control what happens to us but can choose how to respond. What is valuable are the things we give weight to. This is why some people drive expensive cars but live in less than standard housing...They value status. It seems many of the issues of "money" is philosophical.

[@Karl_Burton]

The thing is, if someone spends money on PMs or stocks, or anything else, the money remains in the banking system, so that doesn't make much difference. The route of the inflation problem is the BOE creating money units of money. When faith in the money goes, the velocity of money increases (gets spent quickly) and that's when we're on the road to Harare.

[@garysmith9321]

In my own personal experience, I have just once been able to successfully tilt at this windmill. I once picked up a number of Royal Mint silver coins depicting Winston Churchill and a face value of £20. I bought each one for far less than the face value. This particular coin is designated as Legal Tender though banks, shops etc do not accept it. However, legal tender must be accepted by public sector organisations to settle a debt. So, when a friend incurred a £40 penalty from his local Council, I thought we would have a giggle. I called the Council to confirm that they accept legal tender to settle a debt as required by law. They agreed. So, on the day, we went to the Council offices and gave them two £20 silver coins. The outcome was that the debt was settled but the banks will not accept the coins. The coins, still wrapped, are currently sitting pinned to a wall in the Council office.

[@martinsmith3354]

If banks wont guarantee stocks and shares ISAs why are they worried about me buying Gold?

[@Eptor7Gd]

See Exters inverted Pyramid!Everything above Gold&Silver is a derivative of Debt/Credit

[@mint_mark]

​@Eptor7GdExter's pyramid from the 1960s, but even then, when gold and silver were not every day currency, they had it as the base of the system.

[@Karl_Burton]

The purchasing power of money slowly erodes. Then quickly

[@dirkfrazier9779]

Like a theif in the night!

[@apflewis]

"... we used to be on a gold standard where 'literally' the dollar propped up the gold ..." That of course, is the exact reverse of what the gold standard was. The gold standard was how much gold your dollar ( or £ or German Mark ) would buy. It's interesting that what has proliferated since the break with the gold standard is debt notes. To the extent that Janet Yellen is increasing the quantity of US$ in circulation by an unprecedented quantity each quarter. It follows that since there is a nearly infinate supply of US$ debt notes, they are increasingly worthless. In 1971 Nixon broke with the gold standard @ $15 per ounce, because the US COULDN'T afford to pay everyone who wanted to redeem their US$ denominated debt notes with gold. That's all, and that's why he did it. There wasn't enough gold in the US to pay everyone who wanted to sell their US$ debt note at $15 per ounce.

[@BJKuntz-nb5db]

It was $35/oz at that time I believe but valid point

[@shopdoc]

Actually President FDR left the gold standard in March of 1933. Look it up. Don't disagree with your point but thought it was important to correct the error.

[@mint_mark]

If banks don't need our deposits to lend or create new money, why do they care if we withdraw or spend them?

[@EMan-cu5zo]

Just cash your paycheck or if it’s directly deposited like most these days go to the atm every day and take some money out. I do that and I get cash back when I go to the grocery store. Then you can buy whatever you like and it’s not tracked.

[@Karl_Burton]

L5094 etc. It's often reported that the BRICS are accumulating large quantities of gold. Why do you think that is ? It could be, for the same reason you do, but it's just possible that gold may reclaim it's position as money.

[@jeremydoggett5005]

I'm going offer a different perspective on banking. I can't speak to what the banking world is like in the UK but I can speak to a community banking platform in the U.S.. Banks in the U.S.A., especially community banks. Without banks and especially community banks, communities would struggle to survive and grow. Banks finance homes and cars for your friends and families. They finance new business ideas that can change the world for the better. They finance business expansions so more people can have employment. Those transactions have spillover into industries who supply services and goods to the borrower. Banks finance buyouts which can mean your grandparents can cash out and retire. Banks also finance community projects for schools, government, non-profits and the list goes on. Not every person or entity can save up for whatever it is they want to do so banks fill the need today. Banks also pay a tremendous amount of money to governments to protect your assets and comply with many regulations. My suggestion is to place your deposits with smaller to mid-size banks who will make the most impact in the areas where you live. By trusting and depositing your funds with those banks, you are helping those projects, families and businesses to move forward.

[@beaverundercover3479]

i think it is about money laundering. i gamble a lot and so there is a lot of banking traffic . They did a source of wealth check and closed my account.

[@prodigy4543]

Mike Maloney would be shouting to you that the note is currency and not money.

[@BackyardBullion]

Mike Baloney is just that.

[@prodigy4543]

😆

[@raymondmurphy3213]

They can print money but they can’t print gold or silver

[@wasillastacker]

I'm always impressed at how cool English banknotes are compared to our boring dollars.

[@mw01908]

There is only one reason that they are cutting rates. A recession. A recession will lower demand for Silver, an industrial metal. Now is not the time to buy silver

[@Karl_Burton]

The final tied to gold were officially (and supposed to be temporary) ended in 1971.

[@MarionDawe]

During extreme crises, governments can also seize people’s gold. There have been some stunning examples of “gold confiscation” in the past. Most memorably, this occurred in the US in 1933 during the great depression - albeit it’s more accurate to call it a nationalisation than a confiscation, since citizens were compensated.

[@lansdorf]

If we worked on gold gaining 9% a year how much would I loose selling back to the company I bought it from. Are you able to put a formulae together based on previous years, and using a figure of £5000 worth of sovereigns. Only for fun no legal obligation. Thanks.

[@dirkfrazier9779]

They charge you a premium to buy it from them, and they charge you a premium to sell it back to them; that's what you would lose for doing business with them!

[@SEANPOL203]

The banks /government want rid of any new alternatives to their money supply

[@peteazouz6072]

A lot depends on where you want to put your "money", wiser minds than mine would tell you to invest in the stock market. Which will earn you more, objectively as I have invested both ways. That being said, for my daughter.. the tooth fairy has brought her a silver dollar every time, rather than a $20 bill.. so now, rather than walking on plastic junk she has a bank to call on for something worthwhile.. and more importantly I have taught her a lesson re: delayed gratification.

[@atarilegend1907]

One of those bills is a 2003 series.

[@stephenkearl-xr7nr]

Pension companies don't want to give you your money either

[@manahapu]

Agree and disagree. "Money" is money not just because we attribute value to them, it's also because it takes effort/resources to derive them (for precious metals, through mining. Bitcoin and various digital money, through computerised 'mining'). The pieces of paper or plastic that makes up our currency do not take a lot of effort/resources to obtain - that is the difference.

[@mint_mark]

I think those types of effort are just ways to constrain the total supply, or at least limit the rate of creation. Runaway growth in money supply leads to a reduction in the value of the currency and then a loss of confidence in it. Past examples would be physical debasement of coinage, or replacement of gold coins with paper notes leading to the temptation to just print more. Money can be paper and plastic as long as people trust the issuing body won't make it worthless.

[@bognabogna3696]

What do you think to buy platinium 1 oz?

[@BackyardBullion]

If you can buy it for around £775 to £800 then yes!

[@bognabogna3696]

@BackyardBullion I am from Poland today from dealer kosted 4500 zloty

[@Karl_Burton]

There is no way a CBDC would be limited in units

[@mint_mark]

But we do need a money supply that can be changed... it depends what we want prices to do as an economy expands or shrinks. If we want stable prices then the money supply should reflect the size of the economy... shouldn't it?

[@Karl_Burton]

@@mint_mark Have a look. Prices remained fairly stable until WW1. With the current monetary system, it is impossible to keep prices stable. Inflation is a tax

[@Elizabeth-jd3mn]

Gold or Bitcoin standard after the 18.6 year real estate crash?

[@lizireland-skies]

My comment was deleted! Did you get a chance to read it before it vanished?

[@BackyardBullion]

Sorry, no. It was auto deleted by KZbin probably

[@lizireland-skies]

@BackyardBullion i might try again under here, may get deleted again though ....

[@JohnSmith-ys3wc]

@@lizireland-skies be extra sneaky...whatever you said got the globalists to delete it. I'm intrigued

[@dirkfrazier9779]

You're being censored!

[@SEANPOL203]

I’ve had comments deleted on this channel too for some reason 🤔

[@ForegoneConclusion-x8w]

Bitcoin is not finite. It can be turned into infinitely smaller micro units. So I disagree that it is finite.

[@ForegoneConclusion-x8w]

I do agree that it is limited at the number of full units though, of course.

[@mint_mark]

@@ForegoneConclusion-x8w I think that's the point that people make... finite compared to the supplies of modern currencies (which can be just increased). But, having a currency where the supply is limited by computing, or by mining and refining metal, seems a bit... arbitrary. What would be the ideal? A currency where the supply somehow balances the amount of wealth in the economy?

[@Elizabeth-jd3mn]

Why do you have a problem buying gold Mr Backyard? I've never had a problem. Is it the volume you're dealing with?

[@stephenyoung8429]

Elizabeth, I'm a stacker too, both buying and selling, and had problems with Barclay's when buying and when selling people have had problems transferring funds too! I only deal with a few ounce coins at a time! Maybes you have been lucky?

[@Goldylocksss]

He buys sooooooo much silver and gold😂😂😂

[@sixfigureskibum]

Funny when maga types believe thier occasional buying bullion effects the price of an industrial metal😂😂 but refuze to accept thier daily polution has cumulative effects ammount to shitting in our own fishbowel 😢

[@turokforever007]

LOL

[@throwachair]

have you missed your booster ?

[@willa2365]

Equal opportunity is NOT communist. Equality in outcome is.