Operation Choke Point 2.0 now targeting precious metals dealers?

[pmbug]

Operation Choke Point is a government program designed to target specific industries and debank them. I've written a bit about how OCP 2.0 is targeting the crypto industry, but now it looks like the Eye of Sauron might be looking at precious metal dealers.

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An Ohio-based coin shop owner recently took to YouTube to share alarming news: His regional bank, with whom he has been a customer for years, has suddenly decided to sever ties by closing all six of his business and personal accounts.

The coin shop owner, who operates a coin shop dealing in silver and gold, received certified letters from his bank stating, “After a recent review, we have decided to end our relationship with you and close your accounts… As stated in your account agreement, we can close your account at any time, for any reason, with or without notice. We will begin our closing process on September 6, 2023.”

What’s shocking is that the bank has declined to provide any reason for their abrupt decision, leaving the owner and his family in the dark. The letters came without prior notice, affecting multiple accounts, including those belonging to his children and wife.
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In a recent video interview with YouTuber T the Silver Stacker, Sherrie, a local coin shop owner in the Chicago area, opened up about her recent ordeal with her bank—Old National Bank.

According to her, not only did the bank close her business account with barely any warning, but they also went on to close several other family accounts, none of which had her name on them.

Sherrie detailed how her bank abruptly closed her account by sending a letter in the mail. Sherrie, who has been banking with the same institution for over 30 years through its various mergers and name changes, expressed her frustration at the lack of explanation from the bank.
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Dave from Coinhusker also revealed shocking news: his bank account was suddenly closed without any apparent reason. In a video posted on YouTube, Dave detailed his frustrating conversation with bank representatives who remained tight-lipped about the cause of this sudden action.

On February 9, 2023, Coinhusker received a letter from their bank, stating that the account would be closed on February 13. With only four days’ notice, Dave immediately called the bank for an explanation. The conversation was a maze of non-answers, culminating in a nebulous statement from the bank’s representative: “We did receive a notification from our BSA (Bank Secrecy Act) working group to close the account down. Unfortunately, that is all the information I have.”
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More:

What is Going On? Three Separate Coin Shop Owners Shocked as Their Bank Accounts Suddenly Shut Down with No Reason Given (VIDEO) | The Gateway Pundit | by Jim Hᴏft

Three separate coin shop owners have found their bank accounts suddenly shut down without any prior notice or explanation from their financial institutions.

www.thegatewaypundit.com

 

[Chigg]

I wonder if this will happen to the megadealers or just the small guys to in an effort to limit options to buy or sale.

 

[Goldhedge]

Gold and Silver Dealer Warns - MY BANK WILL SHUT ME DOWN IF I DO THIS!​

Yankee Stacking

 

[pmbug]

I wonder if this will happen to the megadealers or just the small guys to in an effort to limit options to buy or sale.

I can't imagine it happening to Apmex (an authorized dealer of the US Mint) but who knows.

 

[nickndfl]

I can't imagine it happening to Apmex (an authorized dealer of the US Mint) but who knows.

Good point. It could be step 1 in govt eliminating independents? Apmex has some of the highest premiums online and don't undetstand why they are so popular?

 

[pmbug]

I would think so. The larger dealers probably have good KYC compliance. If this is a play to squeeze out smaller/independent dealers, it's just going to make p2p trading (like the Bartertown forum) more popular.

 

[pmbug]

@Goldhedge posted this in another thread:

Sep 23, 2023 #silverstacking #goldbullion #coinstore
My bank closed all of my personal and business bank accounts. This is an update and I name the bank.

 

[Goldhedge]

Bullion Dealer Warns America of "Desperate Situation"! Is it really HOPELESS??​

My bullion dealer warns that our US debt situation is "hopeless and getting worse!" Is America really unable to be repay is exploding national debt? Will a CBDC be useless in getting us out of a desperate situation facing our economy? In this excerpt from a recent in-studio discussion with Tim Marschner of the Coin and Stamp Shop, I ask him to discuss the collapsing bond market due to the dwindling appetite for US treasuries across all potential buyers--foreign governments, banks, hedge funds, other financial institutions, and individual investors.

Why does no one want our US treasuries? And is this a threat to our economy and bank solvency as inflation continues to destroy the US dollar? My gold and silver bullion dealer believes the lack of interest in our nation's IOUs is even a threat to our dollar's world reserve currency status.

Tim and I explain yet another reason why it's so important to stack precious metals, whether it's gold bars, gold coins, silver bars, silver coins, or silver rounds, to protect yourself from what's coming!

 

[Casey Jones]

I guess, in the end, if compleat economic nihilism is the aim, and nobody stops it, it will come to pass.

One might suggest that one (of many) factor(s) prolonging the Grate Depression, was the prohibition of private citizens holding sound wealth, in the form of gold. There was no escaping the chaos of collapsing banks and devalued dollars (not yet fiat, but arbitrarily debased at 65-percent).

Now, with nothing but endlessly-printed fiat, and proposed replacement by electronic limited-redemption scrip (CBDCs) along with covert restrictions on monetary PMs...there simply will be no place or manner to hold wealth.

We have seen this before. Communism practices this; and everywhere it's tried, it's either grinding poverty or worse.

 

[searcher]

FWIW - DYODD

SHOCKING ADMISSION from my Bullion Dealer! Buy Silver NOW because "It's only a matter of time!"​

Dec 26, 2023
In this video Tim Marschner of the Coin and Stamp Shop admits that it's only a matter of time before his bank closes him down! The "war on cash" is growing FAST and gold and silver bullion dealers, dealing primarily in cash transactions, are at greatest risk! A central bank digital currency (CBDC) is an existential threat to our economy, democracy, and freedoms. Will my precious metals bullion dealer ever take a CBDC for gold and silver? Will buying silver and gold with cash become a thing of the past? Is a carbon footprint tax and restrictions on what you can buy and when you can buy it heading our way? Watch and find out! Never before has stacking precious metals been as important to do as it is today. Protect yourself from out-of-control governments, evil central banks, and the failing US dollar's grip as the world's reserve currency. Make sure you build a stack of silver rounds, silver bars, silver coins, and gold coins as essential barter and wealth preservation!


24:17

 

[pmbug]

War on cash appears to be accelerating. General public is likely 99% oblivious. They really are going to try and foist a CBDC upon us (in the years to come).

 

[searcher]

Bullion Dealer CANCELLED! He Confronts Bank on Closed Accounts, Cash Deposits, and CBDC!!​

Feb 13, 2024

Why did my bullion dealer just get "cancelled" by his bank?? In this video my bullion dealer shows a letter from his bank (TD Bank) telling him that all his accounts will be CLOSED! Tim Marschner of The Coin and Stamp Shop explains what happened with his bank, why it happened, and what he's going to do about it! Were his cash deposits too much? Do banks hate coin dealers or are the risks just too high to work with any cash-based business? Is this Canadian bank simply shutting down accounts they don't like--similar to what they did to the trucker protestors two years ago--or is there something more nefarious going on? I ask my gold and silver dealer what he thinks is coming NEXT with cash and a central bank digital currency (CBDC), his words are sobering. I think all American patriots and stackers should be concerned that OUR accounts and wealth could be at risk! As I've said many times, BE THE BANK! Don't wait for a 21st century run on the banks to take you by surprise! Never before has stacking precious metals been as important to do as it is today. Protect yourself from out-of-control governments, evil central banks, and the failing US dollar's grip as the world's reserve currency. Make sure you build a stack of silver rounds, silver bars, silver coins, and gold coins as essential barter and wealth preservation!


21:14

 

[searcher]

^^^^^^
Related

More COIN SHOP bank ACCOUNTS CLOSED! Debanked silver & gold dealers​

Feb 14, 2024
More Coin Shop bank accounts closed down for no apparent reason. Silver & Gold stackers should be aware that this is happening.


11:20

 

[searcher]

Are they SPYING on your SILVER & GOLD purchases?​

Feb 17, 2024
Are they watching your silver & gold bullion transactions? Should Silver & Gold Stackers be concerned or is it just paranoia? Are the banks and credit card companies monitoring your purchases?


11:13