One Man's Mission: Building the World's Safest Bank

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. And right now, those options aren't very appealing.