Dear Jim: Regarding 1% Rates.

Beware Simon Parkes. He’s been spreading a lot of disinfo around for months. Although I could see banks dropping rates to lower the balance boom on people. Even at 1%, the balance is still owed. Buying silver might not be a half bad idea, but going into debt to do so is absurd. It defeats the premise of using metals to eliminate counterparty risk. If in fact this actually happens it would essentially be a commercial signal failure - the banks doing anything and everything to keep consumption rolling - even at the expense of their own short-term profits. The house never loses my friend and if they weren’t making money somehow they would never do it.

Regards, Andy

Response: The banks are failing. Yesterday my 65 year old wife went to her bank to withdraw $25,000 to purchase a bank check for the purchase of silver.

They refused to let her in the bank. She made two phone calls to the bank but to no avail. She then had to transact business by standing on the sidewalk outside the front door. A clerk came out but still refused her admittance. None of the bank employees were wearing masks so this is not about Covid.

In my opinion she was treated like a homeless person who washes car windshields.

She also wrote a check payable to me for $25,000. They refused to admit me earlier in the day and refused to cash the check as it was a "two party check". Folks, a two pay check is one payable to John Smith, who endorsed it over to Mary Jones. It is my personal opinion that they are separating people from their deposits and have raised their moat bridge into their fortress in preparation for a bail in or a bank run.

After she received her cashier's check she made two appointments, one for today and one for tomorrow, each for the purpose of withdrawing $30,000 in cash each day (their limit).

She is closing her account there.

Her bank is Pen Air Credit Union. My son swears twelve years ago they were absorbed by Wells Fargo and they are only a credit union in name only. I now Note the lack of "Federal" in their name.

In regards to purchasing metal with debt I disagree with you. You can bury metal in your yard.

The government has no record of metal purchases. The receipts are not made out to a person.

If sued by the bank or credit card company you are not required to reveal it in a deposition.

You can only be in trouble if you fail to report "titled" assets.

You are only required to reveal metal if you file bankruptcy (federal law)