Euro Pacific Capital’s Peter Schiff has launched a bank backed by actual physical gold.
The catch? American’s need not apply. US ‘security’ laws have become so totalitarian that Schiff has opened his global bank to all EXCEPT Americans.
This is a real bank, that deals in real money. In other words, you can open accounts in any denomination you want, whether fiat currency OR gold bullion — whatever you’d like.
You can even get a “gold debit card” that you can use anywhere in the world. It’s backed by actual gold, which converts to whatever currency you’re needing at the time you hit that ATM.
It’s the sort of thing that the Constitutional Tender Act calls for in banking…
…Well, there is one caveat: you can’t open an account at this bank if you’re a U.S. citizen.
U.S. security laws have become so intrusive, burdensome, and expensive to comply with, that it made it difficult for Schiff to offer his services to his non-U.S. clients on a globally-competitive basis. So, he opened his bank offshore, in St. Vincents and the Grenadines. Since it operates outside the jurisdiction of U.S. security regulations, and does not accept accounts from American citizens or residents, U.S. regulations don’t apply.
As a result, this offshore bank can offer a far more robust platform of services, with less hassle and at lower cost, than Schiff’s U.S. brokerage firm. In addition, bank clients’ privacy is protected by strict bank secrecy laws of St. Vincents and the Grenadines.
So, if you’d like to finally open a bank account backed by real money –sound money — that you can have at your fingertips (literally!) at any time — well, now you can…
…Unless you’re American.