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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AgAu_man's picture

Good one, LandotFree.  THX!

I know of lots of people who have installed a very 'robust' wrought iron door, which keeps unwanted people/trespassers out, and you safely in.  Both parties can still 'talk' and exchange business cards: Their ID and Biz Card for your lawyer's biz card.  No 'legal need' or 'legal basis' to grant them entry... for a then-lawful look-see or search, because they thought they saw something  suspicious. 

If you're not a suspect, there is no basis to be detained from "other things that require your immediate attention" in your home.  I you are a suspect, and they want you to answer some questions, cite you Miranda Rights and the Fifth Amendement, and a have a lawyer present.  If they want you to make a statement -- even and especially after a domestic event -- do not make a statement.  Rather, tell them that you will give them one within 24 hrs, after you've calmed down and collected your thoughts.  Afterwards, you call your lawyer right away, who will tell you that "we will make a statement when we're damn good and ready".

And go on YouTube and search for "Don't Talk To Cops".  Gold-nugget-grade info from Law Professor and Senior Cop.  What an eye-opener!

knukles's picture

Yeah, and the war on drugs and poverty worked so well, too.

Oh and BTW, don't forget that the COMEX is lacated in Chicago and they've been pushing for outlawing of gold ownership for a long time...

NotApplicable's picture

'Specially now that they don't own any. DOH!

ParkAveFlasher's picture

Did you mean that the COMEX "lactates" in Chicago?  Because that makes perfect sense to me.

Jam Akin's picture

They are milking it for as long as they possibly can after all.

BullsNBeers's picture

Well come on. If they need it how else are they going to go out and find it?


ziggy59's picture

I wonder if whatever supposedly is in Ft. Knox will be registered...

Cant get an audit, so i guess registration is out,

G_T_A_44's picture

We'd be more than happy to provide with an audit from both Ft. Knox & WP= MT

LongSoupLine's picture

Nothing fucking surprises me anymore...nothing.

We are totally fucked by a completely corrupt and power centric fucking government and global financial fucking power elite.

Fuck all of them straight to fucking Hell. No pain is enough for these fuckers.

ziggy59's picture

We are constantly being urinated upon, and laughed at while being further enslaved and robbed

TIMBEEER's picture

no, that stuff is a lot heavier and .. oh crap ..

Zap Powerz's picture

Government is and always has been organized crime.  They steal from you and extort from you.  If you dont play by their rules (even if youre not hurting anyone) they throw you in jail.  If you are a threat to their power, they will just kill you.  What about that isnt like organized crime?

Its the perfect business model.  You either buy from them (pay taxes, obey their rules) or you die or go to jail.

The best way to ameliorate this human predisposition is decentralization, in my opinion.

Argentbilly's picture

Perfect business model complete with monopoly.

JuicedGamma's picture

+1 for bounteous use of f-bombs, Bravo!


Absinthe Minded's picture

Hey Soupy, haven't seen you in a while. Welcome back.

LongSoupLine's picture

Yeah, took a nice long vacation to get the mind right. I'm less angry and relaxed now...

Jam Akin's picture

Spoken like a genuine native Chicagoan.  It takes a special gift to effectively use the term as every possible part of speech in a single sentence - and Chicago has more of these fuckin' savants per capita, including the current mayor,  than most places in world.  

ziggy59's picture

If fear of confiscation of guns caused the biggest bull market in them, wonder what will happen to gold?

I got some old gold folied chocolate coins they can have

Fuck em!

LawsofPhysics's picture

Better get an audit on canoes and lakes too.

unrulian's picture

Taken care of in Canada:


Need your boating license? If you operate any motorized recreational watercraft in Canada you are required to obtain a Pleasure Craft Operator Card*, commonly known as a boat license. The Operator Card is required regardless of age, size of boat or engine horsepower. It's the law. Boaters obtain the official Transport Canada Pleasure Craft Operator Card by taking the BOATsmart!® Safe Boating Course and Boating License Exam online

The Miser's picture

If you do not get the boating license and use your boat there, are you sunk?

francis_sawyer's picture

Most canoes I know of don't require 'motors'...

tip e. canoe's picture

all the better to institute tipping fees ;~)

AgAu_man's picture

Too late!  I lost mine in Canada last fall.  (See details on page 4 or something).

AgAu_man's picture

Too late!  I lost my Precious last Fall, and outside their jurisdiction, in a canoeing accident in Canada.  Details on my post (on p.4, I think).

AccreditedEYE's picture

"pretty good day on Wall Street" ? What the hell does this clown want? 2.50% higher in a day? Stupid CNBS

Dr. Engali's picture

Gold and silver both outperformed the market on the dollar drop.

Shizzmoney's picture

If this get passed, I anticipate the long awaiting hyper-inflation (and rise in GLD/SLV) with it.

G_T_A_44's picture

1. $600+ TT OTC Derivative apocalypse

2. Global Bond Mkt implosion

3. Global Currency crisis/wars


Ends/Results in:


Global Hyperinflationary Depression


The End~

ziggy59's picture

Isnt it The Peoples gold ? Not the FEDs.. Not the schmucks that be.. The peoples...

Well i want mine back...assayed first

Seasmoke's picture

even if you are not winning the race, you are losing it.....LOL

WmMcK's picture

A paraphrase of the 3 laws of Thermodynamics:
1) You can't win
2) You can't break even
3) You can't get out of the game

Dr. Engali's picture

So are people just going to sit on their asses while everything is taken away or are they going to do something about it? That is my question.

Let's see some confiscation perspective from down under.

XitSam's picture

They will combine the gold and gun confiscaton. It will be promoted as a spending cut.

gould's fisker's picture

NOOOOOOOOOOOOO--they come for the weapons first, and then the metals--ask the Templars (well, you could if they were still around).

Curiously_Crazy's picture

Didn't the remainder bugger off to Ireland and call themselves Masons? ;)

Dagny Taggart's picture

Next thing you know they'll be banning unfortunate boating accidents.

I am a Man I am Forty's picture

Anyone know a good gold dealer in Zurich, Switzerland??

Winston Churchill's picture

No,but I do know a good one in Bellinzona.

Ahmeexnal's picture

I know there's a good one in Galt's Gulch. But I've been unable to locate the place. Anyone  from there reading this, please beam me up.

On second thought, I'll take Dredd's third option.

Winston Churchill's picture

Eyes, and cameras everywhere in the the big cities.

Discretion is the better part of valo(u)r

Dr. Engali's picture

Ask Simon Black. I'm sure he can direct you where to go from his ranch in Chile.

e_goldstein's picture

Somon can probably also tell him where to buy a good watch ;-)

alangreedspank's picture

It's a GOP, mainly, sponsored bill. That's fucked up.

lolmao500's picture

Oh really? GOP are as statists as democrats. Just on different things.