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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boogerbently's picture

Greedy bastards. They don't want anyone but themselves to profit from the coming run up of gold.

boogerbently's picture

.....or, is this just a well orchestrated move to get us to buy gold, like the "gun ban" talk prompted gun buying?

Sector rotation.

savagegoose's picture

they dont how you buy it, they just want a tax on when you sell it.

SamAdams's picture

Yes, and also to know where to confinscate when collateral is needed for imported materials. They wont be trading bonds for those materials needed to build tanks and jets in the near future. Chinese relations are tense.

Chupacabra-322's picture

Barry Soetoro’s 2nd term is going to be sooo bad that he is giving himself secret service protection for life. Incoming executive order banning semi-autos, restricting “large capacity” magazines & severely limiting ammo purchases.

“Patriot” Act & NDAA in place, check! Bill passed streamlining the implementation of domestic drones, check! Fema camps functional & staffed for operation, check! Foreign troops training in urban warfare on American soil, check! Federal, house-to-house gun confiscation training & militarization of local law enforcement, check! Arm local law enforcement & various bureaus with tanks, drones, armored pillboxes & over 1,800,000,000 rounds of hollow-point ammo, check! Disarm the American citizens & extinguish their rights with the stroke of a pen, (soon to be) check! Let Putin know that I’ll have more “flexibility” after the election, check! I could continue for hours, but I’m sure there is nothing going on. I mean c’mon… governments of this world have ONLY killed over 290,000,000 people in the last century alone. They want your guns for YOUR safety…

Muppet Pimp's picture

Here in Florida guns, coins, etc. is not only condoned, it is encouraged!  We like it when our people prosper.  Here is the site for some big 'FUN' show this weekend with 1500 vendors:

Here is the layout of the bourse

See you there!  Last week the gun show was a real blow out, I suspect this will be no different.


Chupacabra-322's picture

Yo Pimp,

Wish we had them down here in Miami. 

GeezerGeek's picture

Broward County (think Ft. Lauderdale) just installed a new, Democrat sheriff. Likes the idea of 'gun control' and 'assault weapons' bans. Let's hear a round of applause for the home county of Debbie Wasserman-Schultz. 

krispkritter's picture

That friggin' hideous man-cow, baying out the party line in pre-mentrual glee, is just too hideous to contemplate. Thankfully the DNC muzzled her(literally) midway through the elections for lying through her fangs, er, tooth.  Debbie "Was her name" Schultz(I know nothink!) and Grayson are just another reason to leave FL behind, far behind!

Wild tree's picture


I regret that I have only one thumbs up to give to your post. How I wish more people could realize the truth of what is happening.

Dang it, where did I put that remote. Can't miss dancing with the stars ya know.....


Chupacabra-322's picture

@ Wild tree,

Cut, Paste, Spread the word.

yrbmegr's picture

Here's my prediction.  In four years, you will not be living in a FEMA camp and you will still have loads of guns, unless of course you murder somebody, in which case you will be living in jail and you will have no guns.

Go Tribe's picture

Of course they wanted us to buy guns. That's why they bought all that ammo - to sell it to us gun-owners and pay off the US debt.

The Miser's picture

Illinois is broke.  They need money-your money.  Move to Illinois and help the politicians.  Remember it is patriotic.



CH1's picture

So, they'll drive people out of business and send buyers to the next state over.

Typical political solution.

ClassicalLib17's picture

I'm from Illinois and I resemble that remark.  Oh God,  we are so fucked here.  The bright voters in my state just gave the democrats super majorities in both houses in the November election. 

FEDbuster's picture

Move.  I left in 1997.  What are you staying for the nice weather?

GeezerGeek's picture

Perhaps a Cubs fan. Hope reigns eternal with those types.

Edelweiss's picture

 Being from Illinois too, I feel like I'm in the wrong damn place.  Not only are they pursuing the legislation focused on in the article, they are aggressively pursuing an AWB.  Thankfully, the ban has stalled at the moment.  It's a matter of time though before it's taken up again.  For what it's worth, I intend to do everything in my power to stop such idiotic bills from becoming law.  Thankfully, the wife is of the same mind.  If all fails, moving is an option, though it would be meaningless in the face of such legislation on a national level. 

Bloodstock's picture

Moving from IL is not a bad idea. Being ruled by the Chicago machine is a bad idea, a bad deal as you well know. Cheaper cost of living and cheaper taxes south. Plus the southern folks are more likely to band together and hold the fort. Fuck IL, tired of feeding them tax dollars. TIme to think about movin' on out!

Go Tribe's picture

Seriously??? I thought we evolved beyond that years ago. Supermajority is the mark of madness.

AgAu_man's picture

They need 25,000 signatures by Feb.8, and have 57 to date.  That's it?  "57"???  Now there's a barn-burner!

donsluck's picture

It's like getting a medical marijuana card in CA, it just leaves you open to federal prosecution. In this new USA, if you favor your freedom, keep youR head DOWN!

Conax's picture

That's why I don't have a CCW permit.

oddjob's picture

Permits of various sorts can be somewhat cumbersome.

TN Jed's picture

I understand the feeling but that leaves you to choose not to carry or do and commit a felony. Either choice and God help you if you actually need it. The Man may use that list against us some day but then again he may not.  The tradeoff for the idea of something which may or may not happen is the very real fact that I get to carry legally, every day.

I don't think hiding or denying your guns allows them to serve their purpose.

Room 101's picture

Understand the sentiments, but there are so many CHPs out there that the safety in numbers effect kicks in. 

Ookspay's picture

Sorry Bro. People are getting a little leary of the fedgov these days and don't want to sign the register book at camp fema. But yeah a gold audit would be very useful in a "free" society...

RockyRacoon's picture

Yeah.  They might as well call it "The turrrorrrest sign-in book".  (Note how I slyly altered the spelling in order to duck the bots.)

Ookspay's picture

Nice Rocky, when navigating the world wide web like a fly in the spiders web, it's true more is less.

francis_sawyer's picture

I always preferred TEAR OUR WRISTS... Your version sounds like Charles Barkley drunk on cheap whiskey...

Ookspay's picture

Awesome Rocky! Nice blast from ther past! Hiccup!

drivenZ's picture

nahh, everyone has the internet now and things get sensationalized. This stuff did happen 10/20/50 years ago and it was just a blip on CNBC or local news and no one cared. Should be no different now because, does anyone really care about CNBC? or the Illinois senate? not me. 

SubjectivObject's picture

Cool.  I don't have to do anything.

What a relief.

drivenZ's picture

please tell me what exactly you were going to do(except writing a post on ZH. which is meaningless) about a bill that didnt even pass the Illinois senate. A state which you probably don't even live in.  

viahj's picture

pay closer attention to what my state legislature is doing?

caconhma's picture

No wonder taking into account that American people are imbeciles.

As for liberals and conservatives, they are only capable of complaining.

My friend is a conservative living in California. Now he is retired after spending 35 years working for Lockheed designing and launching spy satellites. He supported every single war America was involved or may be involved in a future. He also thinks that America has no future. America became a country of perverts, illiterate idiots, and illegal 3rd-world immigrants who only can survive on food-stamps and welfare.

As for gold and guns, we will see how many will surrender them. I assume all these laws will have the same “success” as the old 55-miles/hour speed limit.


NotApplicable's picture

Ah, the good ole days of saving the world, one pointless gesture at a time!

Where I lived they went the cheap route. Instead of replacing the whole sign, they riveted a 5 over the 6. Then they would do it again. And again. Until eventually they got tired of replacing it, and put up a whole new sign. Then they would do it again. And again. Until eventually kids tired of painting the 5 into a 6.

No wonder they're broke.

James-Morrison's picture

Are birds really free from the chains of the skyway.

Ballad in Plain D -- Bob Dylan

GeezerGeek's picture

After bathing at Baxter's I came to the conclusion that Grace was onto something when suggested "I'd rather have my country die for me."


madmax1965's picture

Well said Zap.  Could not agree more. TPTB plans appear to be progressing rapidly now. 

Dick Buttkiss's picture

I and mine (wife and 15-year-old son fully onboard) will live free or die trying.

And we are trying hard, beginning here:

The state can kiss my ass.

fockewulf190's picture

I predict that, sooner or later, there will be a million minute man/woman march on Washington. "Your Treading On Me" should be the rally slogan. 

jekyll island's picture

Damn,  I'm a terrorist and I didn't even know it.  I will just jog on down to the FEMA camp for voluntary reprogramming.  

Harbanger's picture

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

Not really.  Bitches who think liberty was agreed upon and not fought for are fucking slaves.