This has never been address on any chats but I have my SEP IRA invested in the IQD(IQN). So I set an appointment with a W.F. private banker to have my IRA account and "assets" transferred to W.F. in order to simplify an exchange.
I came prepare, knowing I would be rejected. I brought in my current statements from the holding company that is overseeing my IRA as well as the company that has the actual hard currency in their vaults.
Before allowing the private banker to see my statements, I asked him if I could be a little defensive with my explanation of why I set up the appointment.
He agreed, so I stated my assets are in a foreign currency that many in the banking institutions are publicly calling a scam or illegal.
Read More Link On Right
I said the reason I transferred my account to W.F. from B of A was because the branch manager told me to my face that what I was investing in was a scam.
When I asked her how specifically was it a scam, she had no answer. Her answer, or lack of, pissed me off!
I proceeded to asked the W.F. private banker if he knew anything about currency auctions, and he said no. (Sure he doesn't and I was born on Mars!) I gave him specific dates in Jan., a specific number of banks who purchases IQD, and specific US dollar amounts in the Millions!
I asked him why was the very institutions claiming it is a scam, purchasing it over and over again? He gave me no answer, and I didn't expect one.
I also asked him, why is the I.R.S. allowing me to have my IRA invested in a scam and why is the U.S. Treasury giving licenses to dealers to sell a scam to the public?
I am deadly serious folks, these are the exact questions I asked him in order to set him up for how I was going to conclude our meeting. I then showed him my statements. His response was polite and precise.
He said he too has done his homework and there was nothing he could do for me and hoped it would pay off for me some day. I asked if he would like my notes on the currency auctions to later verify my point on the matter and he declined.
I stated that I believe he has been lied to by his superiors and there is going to be a lot of angry private bankers and employees like himself.
My last statement was this...Kevin, what I'm about to say isn't meant to be a threat, but just a consideration.
When the time comes that this pops and my wife and I come into some huge finances, I'm going to withdraw all my finances from this bank to move elsewhere...and when that time comes, I'll be asked why am I doing this...I'll remind them of today and our conversation.
You have my number, you need to think about this, talk to your superiors and call me if something changes. I shook his hand and left. The whole meeting was under ten minutes.
Unbelievable! Anyway, I thought this would be of interest. MR