To "The Precious Metal Purchasing Act" From Executive Order 6102 - Santelli's Take

Tyler Durden's picture

"Ever heard of SB3341?" is Rick Santelli's opening salvo in today's rantless discussion of the concerns he has with Illinois' 'Precious Metal Purchasing Act'. While passed in the Illinois Senate last year, and moth-balled in the House since, Rick notes that "the long and short of it is is they want an audit trail to any precious metals, whether you're talking coins or bullion." It does not seem too much of a stretch to this Chicagoan to the 1933 Executive Order #6102 that confiscated gold and cleared the way eventually for Nixon's 1971 disconnect of the dollar from gold. As Liberty Blitzkrieg's Mike Krieger notes: "So let me get this straight.  First they want gun registration and now precious metal registration?  I’m sure the government would only use such information in our best interests, because as we all know: Your Government Loves You.  Sounds reasonable, after all, only 'terrorists' buy guns and gold anyway."



From the bill (found here)

...Provides that a person who is in the business of purchasing precious metal shall obtain a proof of ownership, create a record of the sale, and verify the identity of the seller. Provides that a person who is in the business of purchasing precious metal shall not pay for the precious metal in cash and shall record the method of payment.


Requires the purchaser to keep a record of the sale for one year or, if the purchase amount is over $500, for 5 years.

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AccreditedEYE's picture

Best 10 minutes of the day coming up... RAMP-A-THON

TruthInSunshine's picture

Who's surprised? It'll soon be the case that anything that's valuable & that can be transported will have to be registered for real time tracking, because BigGov& wants to ensure it can be recovered if stolen or lost.

All you reckless boatsmen & fishermen, prone to losing valuables at sea in tragic mishaps, rest easy Komrades, for the U.S.S. Capital Control is a blindingly bright vessel of Demokracy, always cruising the high seas, and will recover your "lost" bounty.




Zap Powerz's picture

Imagine how shocked you would have been to hear such bold attempts to control people 10 years ago.

Now it is a steady stream of statist regulations.  They want to regulate guns, precious metals, they can spy on you without a court order, you can be detained without being charged.

This is not a free country.

And, sadly, it will only get worse.  All of our worst nightmares about where this country is headed will come true.  No if's and's or but's about it.  We will have to decide if we want to live as slaves or die free.  Most will chose to live as slaves.

NotApplicable's picture

They just want to see how traditional we are, that's all.

SamAdams's picture

Some people believe this is the 4th Reich and Dimon admits (to the CFR) the bond ($) will soon implode. How can this be possible when Benny is only printing $85b a month? I will glady register my guns and gold if it means the continued success of our beacon of freedom known as the USSA. Then again, maybe I won't....

TwoShortPlanks's picture

Answers to the question of "Why?" Becomes evident in the John Holdren White Paper (1977), Ecoscience. If you haven't read it you won't see the underlying reason for ALL their decisions. The Whys, you already know the Hows. Know the Whys and you'll see the future much clearer.
America and Europe MUST be impoverished and that wealth loss MUST be transferred to 2nd, 3rd & 4th World Nations (not 5th though, they're cut loose). Ref to Chapter 15 onwards.
It is now clear that the 'New Money' have joined the Old Money' in the planning.
Basically, you're completely fucked in the US.

FEDbuster's picture

There was a gold sales 1099 provision in Obamacare.  I think it got thrown out, but it required dealers to 1099 all bullion sellers over $600.  I am sure it will be revisited soon.

TruthInSunshine's picture

There are very specific and particular reasons that gold, silver and other precious metals do not benefit from the far lower long term capital gains tax treatment on 12 month+ at least a day holding period gains that other asset classes (that the benevolent government does bless) enjoy...

economics9698's picture

When the SHTF hang as many bankers as you can.

Manthong's picture

You should see the size of the hems on all of my family's clothes. 


I have to poop.  Paper sucks, you Wall Street fucks! I'll see you vampires in the sun, with my loaded silver gun. Yer goin' down in flames, from Lower Manhattan to the Thames. Your paper is I know not where, I'd rather shit my underwear!  For, be there bull, or be there bear, silver is the suit I wear! (With gratitude, and apologies to Dr. Seuss.)


The only paper I own is the stuff I wipe my ass with. Market paper is worthless, because I cannot do a good job of wiping my ass with it.

Gold was worth $28.00 an ounce when I was a kid. Silver was worth whatever was printed on the coin you spent. Any one think those days are coming back? All of the lying bum fucking aristocracy of the Age Of Paper Power can burn in their paper suits soonest. I won't even bother pissing on them to put out the flames.

I collect gold, silver, lead, copper, real dry powder, food, tools, diesel fuel, and other useful commodities. There is a community of folks all doing the same, so skill sets and extra eyes and hands can guard each others sixes, and "break on through to the other side, break on through to the other side, YEAH "

HFT ain't good for me. 

Credit defaults far as the eye can see.


CDS's gonna make some messes. 

Boo hoo hoo as thieves confesses. 

TBTF gonna fall off a cliff - REAL NEAT. Wall Street is a bunch of fucking dead meat.


Banks used to be so overleveraged bold.

Now, they're layin' bankrupt,dead and cold. Gonna be nothing but prepper people, all the rest gonna be surprised fucked up Sheeple. God bless this mess. I must confess. I'm a fucking poet,


and didn't even know it.

Oathkeepers, Molon Labe. Bitchez. 



wee-weed up's picture

Methinks Santelli would be wise to hire some armed 24/7 protection, as TPTB and the TBTF folks just might feel their agenda a little bit threatened by the truth he's proclaiming.

Harlequin001's picture

It's an attempt to track who's making what money and where at home. How long do you think it will be before this gold is shipped abroad, resold or even just swapped and brought back in or even held offshore under a company title without any documentation whatsoever?

'shall not pay for the precious metal in cash...'

Funny that, I thought it was legal tender and you had NO CHOICE but to accept it when offered????

Seems to me that I no longer HAVE to accept worthless paper for anything that now contains ANY gold.


So, if I want to sell you this rather large hamper with just 1 gramme of gold in it I no longer need in fact it sounds like I'm not even allowed to accept your worthless paper dollars. Suits me.

I wonder where this leads...

steve from virginia's picture



Gold was worth $28.00 an ounce when I was a kid. Silver was worth whatever was printed on the coin you spent.


A computer that had the computational capacity of the one in your cell-phone did not exist when gold cost $28 per oz (before 1933), the most powerful computer available in 1945 cost $500,000 (+$6 million today).


The vast majority of citizens don't buy gold or silver, they don't care. What it costs doesn't matter, it's simply irrelevant, like the price of fugu or a trip on the Trans-Siberian Railroad.


So-called 'paper' isn't worthless, it represents a binding claim against your time. Time is the part you can't easily measure. Think about it for a minute. Your time is worth more (or less) tomorrow. It's worth more (or less) the day after. When you devote less time to labor (more to leisure) you reduce the worth of your time ... it is YOU who depreciates paper b/c the worth of your TIME falls. At some point there is nothing to make a claim against, the paper has more worth than the holder of it.


This is a paradox but it is at the center of our economic difficulties. The more successful we are the less our claims are worth.




Marco's picture

Banks will collapse ... but the bumfuck aristocracy will be sitting on the same thing they've been sitting for most of history, almost everything. Half the wealth in the world is owned by a little over a 1000 people, this will still be true after the economic collapse ... it will wipe out a lot of their paper wealth, but they will still have almost all the productive capital and natural resources in existence (especially after nearly everyone else defaults).

So congratulations on hitching a ride on their quest to restore the historical status quo, you and yours can become freemen ... but don't kid yourself, you will be living in a land of peons ruled by an aristocracy. Gold is not their enemy.

samcontrol's picture

doods, you are boring the f out of me with these end of the world everyday

elementary's picture

Don't forget the politicians and judges.

macholatte's picture



Imagine how shocked you would have been to hear such bold attempts to control people 10 years ago.


And that's the idea in a nutshell. Conditioning, Conditioning, Conditioning. Just look at the TSA for example with its tolerated violation of personal space and "guilty untill proven innocent" standard of practice. Embezzlement is now common place. The concept of privacy is alien to most people (the list is huge).

It's all very sad.

krispkritter's picture

I love to trot out this oldie but goodie on these pieces. Bloomy's not far from this right now...

Lipid Leggin' 

Nobody For President's picture

Amazing! Thanks - 1978 - he was WAAAAAAAAAAAAAAy ahead of his time.

PLira's picture

check this out.


TC: Sure. When they created the Patriot Act [in 2001], the excuse was that the terrorists who blew up the Twin Towers had used pure gold and silver to finance their flight training. Whether that’s true or not, I don’t know. But the US imposed reporting requirements on sellers of 24-carat gold coins. If you sell more than 24 ounces in one year you’re required to file a Form 1099 with the IRS.

From here:

RockyRacoon's picture

Has everyone overlooked the fact that this article is about a proposed Illinois law?  It's a State issue.  Aren't we all in favor of this instead of a Federal move on the matter?  It's about money in the long run -- revenues.  The coin show circuit is taxed for sales in some states and not in others.  If ya don't like the Illinois law then vote with your feet.

I don't know about the rest of you, but Santelli is wearing a bit thin in my view.  He tends to get tangled up and incoherent at times.  Loss of focus with some issues.  Love the guy but he's gonna blather himself out of a job sooner or later and we'll all suffer for the loss.  Does the name Ratigan ring a bell?'s picture


Has everyone overlooked the fact that this article is about a proposed Illinois law?  It's a State issue.  Aren't we all in favor of this instead of a Federal move on the matter?


I do not believe that everything that a state government might want to do to you should be encouraged simply because it is being done by a state government rather than the federal government.

wee-weed up's picture

State = Illinios = Chicago = the Obama Admin.

'Nuff said!

francis_sawyer's picture

Fret not my dear 'coon...


Santelli's BOSSES will 'out of focus' him when the time is right... Hell ~ they might even convince you that he is John Gacy's EVIL-ER-ER twin if you don't get the first memo...

Friends & Family will line up around the corner to lap up that tasty doorstep milk...

RockyRacoon's picture

That's what I'm afraid of.  I never said he should disappear but I think he might try being a tad more focused.

He shouldn't go all Alex Jones on the network or we'll lose a valuable asset.

francis_sawyer's picture

I can't say I mind having Santelli around [even if he gets edited]... & yes, he is a valuable asset [by any definition]...


I look at it this way... MY OWN voice is the bluntest instrument in the box [though most consider it barbaric]...

This is a whole different topic, but I liken the whole thing to 'Medecine'... I think peple have been 'conned' into thinking that 'Medecine' is so much more advanced than it was centuries ago... You see different surgical techniques & marvel at the results, but then you blindly start thinking that medecine has evolved... On the other side of that coin is that most cancer could probably be treated with hemp oil yet doctors use barbaric CHEMO because that road is more profitable... Yet francis_sawyer is the lunatic for NOT getting all emotionally involved with 'CHUCKSTRONG' & other such movements...

They think 'vaccinations' were the cure all for everything, yet the same medical practitioners [knowingly or unknowingly] are now using vaccinations as delivery systems for eugenics... Once again ~ francis_sawyer is the BAD GUY for calling that into question... Even people on ths blog would prefer that I shut up aout these things [& focus on the REAL IMPORTANT issues like whether or not the S&P is going to hit 1,500]...

Yeah ~ & fuck Alex Jones

RockyRacoon's picture

I do not believe that everything that a state government might want to do to you should be encouraged simply because it is being done by a state government rather than the federal government.

I agree, but one cannot advocate State's Rights and then bitch about what a State decides.  There are remedies.

jerry_theking_lawler's picture

totally agree. it is a State's let those ignorant cock suckers in IL fuck up their own state....people can move to freedom loving areas if they choose. if not, then the iron fist and the heel of the jackboot are in store for them......fuckthosefuckingfucks.

RockyRacoon's picture

That's my thesis, but you said it much more eloquently.

francis_sawyer's picture

I'll buy that too (when you give my HALF OFF ON NEXT PURCHASE coupon)...

RockyRacoon's picture

You're beginning to sound like ole Slewie the Pie-rat.   Now there's a sound-minded individual.  He was/is one of my faves.

Cabreado's picture

Don't feel less discomfort because you see it as "a State issue."

The dynamics in play are about the Self-Absorbed -- the Narcissist and the Sociopath -- they know no boundaries, they feed off each other...
they play the same game, and "mission creep" is chomping at the bit to cross State lines (as if it needs to...)

"It's about money in the long run..."

I'm sorry to disappoint you, but "money" is down the list a ways...

it is about Control first, necessary as Self-Preservation comes second...
all else is an inconvenience.

Edelweiss's picture

 Having such legislation introduced on a state level is the lesser of evils, but it sets an unwelcome precedent.  Considering the "monkey see, monkey do" schools of thought in many states, I wouldn't be at all surprised to see similar proposals around the country.  Also, I'm shocked a serious effort hasn't been made to introduce a VAT tax of some sort.  Notice the AWB in the works includes a taxation scheme as well?  All revenue sources to be considered, for a financially wrecked country.

AwkwardReader's picture

I think it's because he works out of Chicago, or am I wrong about that?

tango's picture

You are correct - no nefarious conspiracy,simply a way to bilk people out of more money. What was once non-taxable went to partial (under a certain amount is taxable) to all taxable. Here (TN) our AG just responded to questions. Essentially, if the sale is for intrinsic value (PM) it is taxable.  "Real" money (lol) cannot be taxes because that would "...impinge on Congress’s power to establish a uniform legal tender, which is derived primarily from Congress’s express power to coin money".  Nothing about paying in cash or keeping tabs - it's all about revenue.

An incoherent Santelli makes ten times more sense than most of the "hosts".

RockyRacoon's picture

I'm reminded of how misunderstood Ron Paul was.  There were so many issues and so little time!

Santelli could learn from Dr. Paul's experience in staying on message.

monoloco's picture

What's to stop people from putting a gold coin on a chain and calling it jewelry?

RockyRacoon's picture

It depends upon how you "put it on a chain".  If you drill a hole in it, or put it in a prong bezel, and string it on a chain so that it's one piece -- it's jewelry.  (A diamond is held in place with prongs which makes a ring one piece.) If you put in in a screw bezel, which makes it removabale, and there is no damage to the coin, you have 2 items.  One being the jewelry and the other being the coin.  If you weld a bunch of buffalo nickels into a belt buckle, you have a piece of clothing. 

Texas Ginslinger's picture

I am bother more by this;

"...Net capital gains from selling collectibles (such as coins or art) are taxed at a maximum 28% rate..."

Its easy to buy physical PM without the seller knowing the buyer's identity, when done locally at a coin shop, with cash.

What happens if/when the govt. clamps down on the collection of this 28% tax rate...??




Bad Attitude's picture

Why would anyone want to turn intrinsically valuable PMs into near worthless FRNs?

Texas Ginslinger's picture

Good point.

I guess a trade is a better plan.

Not sure I would want to be sitting on a stash of PM if the dollar collapsed.

I would rather have a properly outfitted, seaworthy blue water sailboat at that point in time.

Or a good piece of fertile farm land with a water supply, if I was to stay.


FEDbuster's picture

Food, guns & ammo, fuel, water, medicine/medical care, etc....

TwoShortPlanks's picture

"Food, guns & ammo, fuel, water, medicine/medical care, etc...."

You dirty, stinking, filthy terrorist! LOL

krispkritter's picture

In that case, add soap to the list.

And I enjoy being a terrrist...

stacking12321's picture

trade is fine, that is perfectly legal.

just don't forget to do your part as a responsible citizen, and fill out IRS form 1099-B to properly disclose your barter exchange.

here is a helpful link for your records:


cnhedge2's picture

this is censorship, makes it easier when they want to confiscate it.

Anasteus's picture

Forget the Santelli's bullshit. This is more pleasant to read

Ron Paul’s Free Competition in Currency Act Lives On

Even if not very probable to pass it’s at least a sensible initiative.