Current Events

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

MacFall — Mon, 22 Dec 2008 04:34:23 GMT

DBratton:

Such a system . . . would do more to secure American liberties than all the wars we've ever fought.

Not a difficult feat. I'm pretty sure the Colonial Secession was the only American war that brought any sort of liberty, and that only short-lived.

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

Harksaw — Wed, 17 Dec 2008 17:40:12 GMT

I would be extremely cautious with this company. First, the organization doing this has no association with the Republic of Lakotah. Secondly, there are none of these coins available on ebay, which leads me to conclude that none have been delivered to anyone thus far.

http://www.republicoflakotah.com/?p=421

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

geo8rge — Wed, 17 Dec 2008 14:38:20 GMT

I am guessing that they are trying to get into the comemoritive coin business, which is fine with me. Some say the shortage in gold coins is due to government monopolies being unable to cope with demand, so a new entrant would be welcome. I will not be impressed until the Lakota say all taxes will be paid in Lakota coin (or metal equivalent) and all gov salaries will be paid in Lakota coin.

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

uowned — Sun, 07 Dec 2008 18:04:02 GMT

Hello everyone!

My name is Gabriel Sukenik, and I am working as a currency officer for the American Open Currency Standard, a 100% silver-backed currency which will be launching tangentially with the Free Lakota Bank. For those who are interested in ordering silver, my next bulk order will be placed THIS FRIDAY - 12/12. If you would like to join in on this bulk order, please let me know! 1oz rounds will be available for $4.75 over spot price, which will be set on the day of the bulk order. Feel free to contact me with any questions or comments, and check out both www.opencurrency.com and www.freelakotabank.com for more information! To your freedom!

Gabriel Sukenik

AOCS New York

gabriel.sukenik@gmail.com

(914)-500-5342

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

Paul — Fri, 28 Nov 2008 05:42:34 GMT

Although the drawing on their site looks like a proof round, I don't think that's what they're selling - AFAICT it's supposed to be a circulating medium.

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

Harksaw — Fri, 28 Nov 2008 05:14:30 GMT

Paul:

Harksaw:

Paul:

Pyramid:

Isn't that a one time fee though?

No; it's a limited-time offer of $40/oz for 1-5oz, $35/oz for 6-10oz, etc.; with a face value of "fifty" (dollars, presumably), which will be the final price...stupid to put a dollar value on it, and $40/oz, or even $14.50/oz (for >500 oz) is just way too expensive.

$40 an ounce is absolutely crazy, but 14.50 is completely reasonable

Under normal conditions, you can buy coins in small quantities for 8-10% above spot; the cheapest I can find lately is 18% for 10 coins - that's $12.15 as I write. How is paying over 40% for a large quantity "completely reasonable"?

http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?catalogId=10001&storeId=10001&categoryId=10120&langId=-1&parent_category_rn=10191&top_category=10191

Well, compare it to the US Mint currently selling proof 1 oz American Eagles for $31.95. It's not the best deal around, but it's better than most places selling new 1 oz rounds of bullion.

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

Paul — Fri, 28 Nov 2008 01:55:34 GMT

Harksaw:

Paul:

Pyramid:

Isn't that a one time fee though?

No; it's a limited-time offer of $40/oz for 1-5oz, $35/oz for 6-10oz, etc.; with a face value of "fifty" (dollars, presumably), which will be the final price...stupid to put a dollar value on it, and $40/oz, or even $14.50/oz (for >500 oz) is just way too expensive.

$40 an ounce is absolutely crazy, but 14.50 is completely reasonable

Under normal conditions, you can buy coins in small quantities for 8-10% above spot; the cheapest I can find lately is 18% for 10 coins - that's $12.15 as I write. How is paying over 40% for a large quantity "completely reasonable"?

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

Harksaw — Thu, 27 Nov 2008 23:34:21 GMT

Paul:

Pyramid:

Isn't that a one time fee though?

No; it's a limited-time offer of $40/oz for 1-5oz, $35/oz for 6-10oz, etc.; with a face value of "fifty" (dollars, presumably), which will be the final price...stupid to put a dollar value on it, and $40/oz, or even $14.50/oz (for >500 oz) is just way too expensive.

$40 an ounce is absolutely crazy, but 14.50 is completely reasonable.

Though, I'd be way too wary of fraud or a government seizure to send seven grand in the mail to them for something that might not turn up.

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

Raize — Wed, 26 Nov 2008 16:55:52 GMT

I guess I look at it from the perspective of buying into Exchange Traded Funds (ETF) like SLV and GLD. You can buy one share of SLV for 10.23, and while that might be an oversimplification of the price per ounce, it's enough to show that a $30/ounce markup isn't a good investment unless you are a coin collector.

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

Paul — Wed, 26 Nov 2008 11:37:43 GMT

Raize:

liberty student:

The buy in costs are too high though. $40 for one ounce of silver?

Agreed. If anyone else is thinking of doing this, fair warning, this is a huge scam.

One ounce of silver runs just over $10 right now

No; 1000 ounces of silver costs $10.30/oz right now - if you want 1oz minted rounds you'll pay a bit more: probably between $1 and $2/oz more than that, but certainly don't pay $30/oz more - that's just crazy!

(But I don't think it's a scam, as such; it's the same nonsense the Liberty Dollar people were pulling - they put a dollar value on the thing, and expect it to exchange for that dollar-equivalent, so it has to be higher than the silver price to keep the things in circulation as the dollar falls)

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

DBratton — Wed, 26 Nov 2008 10:05:16 GMT

Raize:

Please, if you have never purchased silver before, do not start doing so now with the Lakota Bank...

From what I can glean from their website the Lakota bank has two lines of business. They accept silver on deposit, store it for a monthly fee, and facilitate government opaque transfers between their customers. They also sell numismatic coins. The coins are no bargain, but then I'd say the same about the Franklin Mint coins. I wouldn't begrudge the bank a bit of profit if they can make it though.

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

Raize — Wed, 26 Nov 2008 09:01:18 GMT

liberty student:

The buy in costs are too high though. $40 for one ounce of silver?

Agreed. If anyone else is thinking of doing this, fair warning, this is a huge scam.

One ounce of silver runs just over $10 right now. If you're going to try to make the argument that $30 covers a well-deserved profit and costs for minting, then that's your prerogative.

Please, if you have never purchased silver before, do not start doing so now with the Lakota Bank, there are much more fair and reasonable alternatives out there for you. That's also not to say they might become more reasonable in the future, it's just that right now you're paying a hefty amount of money for the novelty of it all.

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

Nitroadict — Wed, 26 Nov 2008 08:28:59 GMT

Byzantine:

Pyramid:
With the dollar being almost worthless I'd really like to get my money in this bank were something solid is backing it. I'm not sure of all the legal stuff but more and more people are realizing the dangers of a fiat currency and the dangers of the FED.

If the dollar is worthless, then it makes even more sense to trade it for valuable things like gold, silver, cars, land, etc. Gold and silver are only economic as currency when people WON'T take paper money. Until such time, you should HOARD gold and silver, not use them in exchange.

I was considering buying into some of this as I haven't done much of any hoarding thus far. Despite the high cost, I'm willing to own a few pieces of silver as a just-in-case. Does anyone else think this might be worthwhile to invest in while it's operating?

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

DBratton — Wed, 26 Nov 2008 00:18:22 GMT

Pyramid:
I cannot use silver or gold as a means of exchange at Macy's, Carl's Jr or wherever. Do the Lakota have a different monetary system?

According to their website you can make private payments to other Lakota bank customers in silver. The utility of this is that you can make payments that are not traceable by the IRS, the FBI, the SEC, or anyone else. The government will find an excuse to shut this operation down. Something like this has to be done off-shore.

What is really needed is a competing system of electronic payments similar to the credit card clearing system. Such a system, based beyond the reach of the US courts and US surveillance, would do more to secure American liberties than all the wars we've ever fought.

Re: People of Lakota Launch Private Bank for Only Silver and Gold Currencies

DBratton — Wed, 26 Nov 2008 00:10:15 GMT

Knight_of_BAAWA:
and the US recognizes them as sovereign nations.

Sovereign in name only. The US interferes with the Indian tribes whenever and however it chooses. They even reserve the right to judge which groups are Indian tribes.