Relevant:
- China's banks use gold as legal currency
- Sprott: Bail-ins "Ultimate Win" for Precious Metals; Western Central Bank Gold Scam "Running on Fumes"
- Sprott on banks, gold and silver -- mania, manipulation and meltdown
- Eric Sprott : "In the Silver Physical market all I see is BUYERS"
- Publicity about market manipulation will hasten gold's rise - Sprott
2013-05-06 — theglobeandmail.com
Taking it a step further, customers who don't trust government-issued currency may some day be able to keep their deposits in the form of gold and other precious metals that they could tap for everyday purchases. That idea is in keeping with Mr. Sprott's musings about chequing accounts backed by precious metals -- customers could deposit gold, then make purchases by cheque and have their accounts debited accordingly.
Note that the effective rates offered -- 0% -- are actually competitive with the Federal reserve's imposed fiat banking bailout regime, thanks to endless banking system props and "QE to infinity". So Bernanke & co. are inadvertently paving the way for a migration to "savings preservation" consumer banking like what Sprott is planning. Oops!
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