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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ISEEIT's picture

Almost boiling ain't it? And the saddest part is that so few realize it...or care.

GOSPLAN HERO's picture


Withdraw formally from membership in a federal union, an alliance, or a political or religious organization.

However, Mr. Lincoln will kill you.


ZerOhead's picture

Why is everyone always suspecting evil intent from our politicians?

Registration of the sale is just there to help you remember what you paid for it, and how much you bought, and also to take your name and address in case you are aflicted with alzheimers and forget about your metal.

Plus... When inflation in metal prices skyrocket and the non-corporate capital gains rates hit 80%... they can just ask you to hand over 80% of your metal. See? Simple. Only a loonie tune or kook would think that they are going to take it all away.

Besides when the inevitable hyperinflation hits if you send them a check in dollars it may lose 50% of it's purchasing value in the week it takes to get to the IRS... just like it did in Zimbabwe.

Zap Powerz's picture

I plan to pay off my house with a days worth of work when the inflation hits.  I will send in my final payment and have tons left over!  Of course Im talking about literal tons of cash that Ill need just to buy bread, but at least my house will be paid for.

ZerOhead's picture

If you live in arid Arizona a gingerbread house would be a great hedge...

BoNeSxxx's picture

There is an old saying going back to my grandfather... 'anything you have to register, ain't really yours'

I think that sums it up pretty well.  If it's registered, it can be taken or taxed off you.

RockyRacoon's picture

I'd say it's a sort of hypothecation.  You get to use it until the State decides they take what they think belongs to them.   Hide your stuff!

Uchtdorf's picture

Yes, but then your property taxes, so the local/state government can continue to properly service you in the manner to which you are accustomed to being serviced, will go up. When our property taxes are higher than the loan payments, will we finally say, "I'm mad as hell, and I'm not going to take it anymore!"?

CH1's picture

When our property taxes are higher than the loan payments, will we finally say, "I'm mad as hell, and I'm not going to take it anymore!"?

Well, maybe when cable goes out nation-wide. Till then, it's all-Matrix, all the time.

The purpose of life, after all, is to watch more TV.

FEDbuster's picture

True story.  A buddy of mine who is mortgage free in Illinois pays over $100. more per month now in taxes and insurance, than his original monthly principal, interest, tax and insurance payment when he bought his house in 1986

GeezerGeek's picture

Same here, having lived in the same house since 1978. It has, however, doubled in size since the original purchase. Started at $400/mo PITI. Now pay over $6K for taxes and insurance (excluding flood or windstorm insurance). It could be worse, but Floridians have a cap on yearly increases in R.E. taxes for a primary residence. Similar in effect to rent control; it can pay off big time to stay in one place. Glad I 'retired' to Florida in 1973, when I got out of the Air Force at age 26. Utilities are a different matter, having risen from $10/month to $120/month. In terms of silver, I still pay about the same for utilities. Go figure.

Elmer Fudd's picture

Who says you'll get a decent cola in your wage when "the inflation" hits home?  Do you have the pricing power? 

Mr Pink's picture

They might be able to find my trail of PM puchases but their problem is going to be finding ME!

ZerOhead's picture


Yes you might be a problem... but the next generation of metal detectors are going to blow your mind.

When they locate your stash they will naturally be expecting you to be somewhere nearby.

Mr Pink's picture

Are you suggesting satellite silver detectors? Oh geez, I'm screwed

ZerOhead's picture

And stupid too apparently...

Now they know what metal to calibrate to when they come looking for you...

Mr Pink's picture

Stupid huh?  I have it all in my safety deposit box at Chase bank. Nobody could ever find it

ZerOhead's picture

You trusted it to banksters?

Consider it already gone...

Mr Pink's picture

If you can't trust JP Morgan who can you trust?

ZerOhead's picture

You are simply a genius good Sir!

The old empty safe deposit box in the bank trick! The IRS will never investigate knowing full well that the bankers have already stolen the contents.



Shell Game's picture

Somebody needs a better sarcasm detector..

NotApplicable's picture

Have you seen the taxes on those things?!? It's almost as if the state doesn't want anyone to have one.

Bohm Squad's picture

...The next generation of sarcasm detectors are going to blow your mind...

Rogue Trooper's picture

But, but, but ... will this 'device' finally enable the progressive mind to sense such things? They do seem to miss such subtlety, which is well demonstrated on the ZH forum.  I find this somewhat tiresome when it goes over their heads.

Frankly, it's just not fair.  Sarcasm should be banned until ALL can understand.  I would suggest a working party made up of the intellectually 'sound' that will work towards producing a series of Federally approved sarcasm lines and/or themes.  This must be worked on with urgency by the Government.

Killer the Buzzard's picture

Bullish for row boats.  I see a lot of boating "accidents" just waiting to happen.

GeezerGeek's picture

Can those metal detectors detect lead flying at about 2600 fps?

jekyll island's picture

Yes, for about 0.9 seconds at 300 yards.  Then they fail from the impact.  

Banksters's picture

Would it be wrong to say: FUCK THE GOVT?

I Am Not a Copper Top's picture

Yes.  You should say, "FUCK DA GUBMINT!"

NotApplicable's picture

And it's "Fuck YOUR GOOBERMINT!"

(being self-governed, mine is just fine, thank you)

johngaltfla's picture
2013 Part 2: The Gold Registration Act


Better learn how "imputed income" works.....



I'm just sayin.....

LongBalls's picture

Yet another step toward the cashless society.

Yes We Can. But Lets Not.'s picture

If you see something, say something.

OK.  I see something.  It appears to be headed in my direction, accelerating.  Had a pleasingly shimmering appearance, but that is fading rapidly as it nears.  Its, its, its like this huge spinning, waste-spewing, groaning, grotesque blob, chomping and guzzling maw of exploding Gubmint, feeding like a cancer on the fleshy softness of compliant, sated, fearful, cowering citizenry.  To help describe this greasy, stinking, disgusting, repulsive mass, I'd say it is best personified by Big Sis, the lovely Ms. Janet Napolitano.  This thing reeks of fascism, seems to portend pain, destruction, poverty, upheaval, death, revolution.

That's what I see.  I'll give Big Sis a call right now.  I know she can help.

Silver Bug's picture

Spot on again Santelli. I'm sure there will be a few late night gardeners now!

glenlloyd's picture

And people wonder why Illinois is losing one person every five minutes on average....just don't be the last one out!

Pladizow's picture

Obama, am I a Terrorist or a milk cow - I cant be both!

Shell Game's picture

You are a milk cow until you step out of line, Plad.  Can you even see the line from where you stand?  damned terrorist..  ;)

Beam Me Up Scotty's picture

I'm going to become the laziest fucking milk cow ever then.  I suspect there will be alot of cows that become lazy.  I'll produce more shit and less milk.

Freddie's picture

Keep watch TV and Hollywood's crap because they need idiots to brainwash and they keep the sheep inline.

francis_sawyer's picture

 "Keep watch TV and Hollywood's crap because they need idiots to brainwash and they keep the sheep inline"


There's Crockett for that right here on ZH... So for me ~ no need to multitask...'s picture

You make a few references to the Stooges and suddenly you're an idiot. What has this world come to?

Cathartes Aura's picture

and radio Freddie, don't forget teh radio-dudes. . .everywhere that provides pre-think for the opinionators, suspect. . .

caconhma's picture

Sometimes brainwashing works just perfectly. After all, in 1940s Americans believed that Hitler was a bad guy and Stalin was a good guy. Good many even died for this BS and even many more were crippled. They thought they were fighting for freedom but instead they were fighting for Rothschild and other banking mafia families.'s picture

The Red Army did the bulk of the fighting against the Nazis and most of the dying as well.

francis_sawyer's picture

Actually CROC ~ the 3 Stooges are fine by me... My favorite 3 Stooges moment of all time was when Curly picked up the hand crank drill in the sinking rowboat & remarked... "Ooh ~ a water letter outer" [& proceeded to drill another hole]...'s picture

That's a good one. My favorite is when Curly becomes enraged when hearing Pop Goes the Weasel.

boogerbently's picture

That will be from all the free food. Well, not free, but YOU won't be paying for it.

Zap Powerz's picture

That's assuming the welfare state will continue ad infinitum.  It wont.  Once youre a slave, they wont feed you for free.  You will be drafted and sent to war or some other form of "work project".  You wont sit around.  You'll fucking work your ass off once the state has total control.  Right now welfare is used as a tool to buy votes for statists so they can consolidate power.  Once power is consolidated, the parasites are fucked because they are no longer useful.

Bad Attitude's picture

"I'm going to become the laziest fucking milk cow ever then."

Don't forget what happens to milk cows when they cease to be productive.