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Sprott To Build "World's Safest Bank"

 
Revbo™
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User ID: 8528051
United States
01/11/2012 04:33 PM
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Sprott To Build "World's Safest Bank"
No leverage. No fractional reserve BS. No lending. Period. You heard that right. Just straight up banking, eventually backed by precious metals. They'll make their money on currency and PM transactions, and nobody knows those like Eric Sprott.

Got PSLV?

[link to moneymorning.com]

One Canadian entrepreneur may well be forging an innovative path to changing the global banking landscape - for the better. And in the process he may build the world's safest bank.

Eric Sprott, the billionaire resource investment guru, is buying 51% of Ontario currency trader Continental Currency Exchange Corp., with the aim of making it into a financial institution that, refreshingly, will not make loans.

That's not a misprint.

Sprott plans to structure his new Continental Bank to take deposits and generate income from currency trading and by selling precious metals.

True private banks already operate on this model. They lend no money. They simply take deposits, provide brokerage, custodial, and management services, and charge a commensurate fee. But often their minimums are $1 million and up, leaving most depositors with only standard banking options
Rev. 21:4 He will wipe every tear from their eyes. There will be no more death or mourning or crying or pain, for the old order of things has passed away.
Anonymous Coward
User ID: 8543476
United States
01/13/2012 01:18 PM
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Re: Sprott To Build "World's Safest Bank"
bump
Anonymous Coward
User ID: 8543476
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01/13/2012 01:18 PM
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Re: Sprott To Build "World's Safest Bank"
Thanks for the info !
Nickadeemus

User ID: 8713275
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01/13/2012 01:21 PM
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Re: Sprott To Build "World's Safest Bank"
Paul-"2012"
Sprott-"2016"

Awesome find Rev. Looks like someone's got the right effin idea.

Nick®
nickmubi
Pure Life; Get it on...
Anonymous Coward
User ID: 8766103
United Kingdom
01/13/2012 01:21 PM
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Re: Sprott To Build "World's Safest Bank"
This is exactly like the old banks of yore, when gold and silversmiths had guarded vaults, and issued redeemable paper scrip against the physical holdings.

Not leveraged, or hypothecated, but 1:1.

You in the USA! Do you remember Silver Certificates?
Revbo™ (OP)

User ID: 8528051
United States
01/13/2012 01:42 PM
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Re: Sprott To Build "World's Safest Bank"
This is exactly like the old banks of yore, when gold and silversmiths had guarded vaults, and issued redeemable paper scrip against the physical holdings.

Not leveraged, or hypothecated, but 1:1.

You in the USA! Do you remember Silver Certificates?
 Quoting: Anonymous Coward 8766103


Got a few in the safe. I wonder if Turbo Timmy would still redeem them. chuckle
Rev. 21:4 He will wipe every tear from their eyes. There will be no more death or mourning or crying or pain, for the old order of things has passed away.

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