World's First True Gold Backed Bank Account

[DeletedUser394]

I stumbled upon Euro Pacific Bank based in the Caribbean the other day. If the name 'Euro Pacific' sounds familiar that's because it's one of Peter Schiff's latest creations.

The account is denominated in either silver or gold and if you need cash you can sell off a portion of your position and use the gold (or silver) debit card to make purchases wherever in the world you happen to be at that time.

I think it's a pretty neat idea and I support Peter Schiff.

Some of the downfalls are the 4% buy/sell fees when moving into and out of a precious medals position. Mind you right now I pay 4% buy/ 2% sell on my physical gold bullion, so it's not much different. If you're moving in/out of positions over $5k then you start getting lower transaction fees. It's tiered lower the more money you move. The lowest fees offered are 1% buy/ 0.5% sell which to me is very fair for the liquidity you get.

The account itself is free.

You don't have to buy the debit card, but if you do it's a one time fee of $150.

The bullion backed accounts are available to everyone in the world... except Americans.

https://europacbank.com/products/metals-backed-account/

 

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[Daniel A]

Peter Schiff! Hahaha, I used to watch his videos on YouTube and even the pro gold/silver stacker videos over a year ago. Plus the economic collapse ones...

Well I stopped focusing on all that though. Focusing on that was counter-productive for myself. Right now it's all about marketing/advertising...then I'll look into creating my business. I shouldn't worry about protecting my money (or currency) if I don't have a significant amount

Did you ever hear about the Free Lakota Bank? That was a farce apparently.

PS: What I do remember well was the matra..."If you can't hold it, you don't own it!"

 

[DeletedUser394]

True, if one doesn't have significant assets then diversifying isn't important.

But for those with a lot to lose, this is potentially a great tool.

I wanted to give it a try for the heck of it. As long as I keep under $10k I don't even have to report it. Unless I sell for capital gains, I'll be sure to seek legal advice on that one. I have no desire to break any laws.

So far I've been given complete access to a personal banker (which is a new experience for me that I rather like I have to say haha). The registration process has so far been seamless.

Never heard of Free Lakota Bank. I'm confident in EuroPac being legitimate as it has the full backing of Peter Schiff and has a direct contract with The Perth Mint which is owned by the government of Australia.

What a beautiful global world we live in. I'm a Canadian, and my banker is an American currently operating in Asia, who is representing a bank located in St. Vincent & The Grenadines, that will be accepting my USD deposits so that I can buy gold from Australia.

I love it haha.

 

[DeletedUser394]

Oh and they are a 100% reserve bank.

This means they don't lend out money.. ever.

Most banks leverage the shit out of their client's money, and we've all seen the results.

They make their money strictly on transaction fees.

To me this is a cool and innovative way of thinking and acting, just like bitcoin and altcoins are for other people.

 

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[Daniel A]

A personal banker as in he only works for your account?

Peter is seriously doing well for himself. I'd like to have him do an AMA here on the forum Pejman from Secret Entourage was on his show one time, so I bet MJ can make it happen.

PS: I just checked the website and apparently USA citizens can't use it? It sounds like a great bank, so far I trust it. Globalization man! It really is pretty cool, and I bet the biggest factor in making it happen is what we are all using right now...The Internet.

That reminds me of something I watched yesterday...I'll post it in a new thread.

Edit: IDK if I can post the other thing I mentioned...kind of political.

 

[DeletedUser394]

Oops, not personal, I meant private banker.

But yeah, he's my rep and go to person if I have any questions/concerns. I prefer it to the anonymity of my public/regular bank where I'm just a number. I can access my private banker via phone/email/cell.. even Skype haha.

Everyone in the entire world except US citizens or those residing in the US can use it. The land of the free apparently has laws that are far too onerous and intrusive that Schiff didn't want the hastle.

If it wasn't backed by Schiff then I'd be far more weary of it, but it's been around for a few years and I like their policies. Not to mention the contract they have with Perth which is obviously super reputable.

They are on the list of approved dealers http://www.perthmint.com.au/investment_certificate_approved_dealers.aspx#z