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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Thu, 01/10/2013 - 19:11 | 3142582 AgAu_man
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!

Thu, 01/10/2013 - 16:55 | 3142023 knukles
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...

Thu, 01/10/2013 - 17:51 | 3142325 NotApplicable
NotApplicable's picture

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

Thu, 01/10/2013 - 18:11 | 3142410 ParkAveFlasher
ParkAveFlasher's picture

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

Thu, 01/10/2013 - 22:29 | 3143205 Jam Akin
Jam Akin's picture

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

Thu, 01/10/2013 - 16:53 | 3142024 BullsNBeers
BullsNBeers's picture

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


Thu, 01/10/2013 - 16:56 | 3142042 ziggy59
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,

Thu, 01/10/2013 - 17:07 | 3142102 G_T_A_44
G_T_A_44's picture

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

Thu, 01/10/2013 - 16:56 | 3142043 LongSoupLine
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.

Thu, 01/10/2013 - 17:02 | 3142076 ziggy59
ziggy59's picture

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

Thu, 01/10/2013 - 17:24 | 3142208 TIMBEEER
TIMBEEER's picture

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

Thu, 01/10/2013 - 18:25 | 3142467 Zap Powerz
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.

Fri, 01/11/2013 - 08:28 | 3143729 Argentbilly
Argentbilly's picture

Perfect business model complete with monopoly.

Thu, 01/10/2013 - 21:38 | 3143051 JuicedGamma
JuicedGamma's picture

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


Thu, 01/10/2013 - 21:49 | 3143083 Absinthe Minded
Absinthe Minded's picture

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

Thu, 01/10/2013 - 21:58 | 3143113 LongSoupLine
LongSoupLine's picture

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

Fri, 01/11/2013 - 00:18 | 3143208 Jam Akin
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.  

Thu, 01/10/2013 - 16:58 | 3142061 ziggy59
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!

Thu, 01/10/2013 - 16:59 | 3142063 LawsofPhysics
LawsofPhysics's picture

Better get an audit on canoes and lakes too.

Thu, 01/10/2013 - 17:02 | 3142072 Winston Churchill
Winston Churchill's picture

Bullish for sonar reflectors.

Thu, 01/10/2013 - 17:10 | 3142120 unrulian
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

Thu, 01/10/2013 - 17:58 | 3142353 The Miser
The Miser's picture

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

Thu, 01/10/2013 - 21:30 | 3143017 francis_sawyer
francis_sawyer's picture

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

Thu, 01/10/2013 - 17:41 | 3142278 tip e. canoe
tip e. canoe's picture

all the better to institute tipping fees ;~)

Thu, 01/10/2013 - 18:34 | 3142504 AgAu_man
AgAu_man's picture

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

Thu, 01/10/2013 - 19:13 | 3142612 AgAu_man
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).

Thu, 01/10/2013 - 17:00 | 3142065 AccreditedEYE
AccreditedEYE's picture

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

Thu, 01/10/2013 - 17:10 | 3142119 Dr. Engali
Dr. Engali's picture

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

Thu, 01/10/2013 - 17:00 | 3142067 Shizzmoney
Shizzmoney's picture

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

Thu, 01/10/2013 - 17:14 | 3142141 G_T_A_44
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~

Thu, 01/10/2013 - 17:01 | 3142068 ziggy59
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

Thu, 01/10/2013 - 17:02 | 3142078 Seasmoke
Seasmoke's picture

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

Thu, 01/10/2013 - 20:41 | 3142870 WmMcK
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

Thu, 01/10/2013 - 17:06 | 3142080 Dr. Engali
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.

Thu, 01/10/2013 - 17:29 | 3142230 XitSam
XitSam's picture

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

Thu, 01/10/2013 - 17:37 | 3142259 gould's fisker
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).

Fri, 01/11/2013 - 00:52 | 3143446 Curiously_Crazy
Curiously_Crazy's picture

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

Thu, 01/10/2013 - 17:30 | 3142232 SmallerGovNow2
SmallerGovNow2's picture

Fucking scary Doc...

Thu, 01/10/2013 - 17:03 | 3142086 Dagny Taggart
Dagny Taggart's picture

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

Thu, 01/10/2013 - 17:04 | 3142089 I am a Man I am...
I am a Man I am Forty's picture

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

Thu, 01/10/2013 - 17:07 | 3142103 Winston Churchill
Winston Churchill's picture

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

Thu, 01/10/2013 - 17:16 | 3142139 Ahmeexnal
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.

Thu, 01/10/2013 - 17:15 | 3142150 I am a Man I am...
I am a Man I am Forty's picture

Thanks, but needs to be in Zurich.

Thu, 01/10/2013 - 17:21 | 3142188 Winston Churchill
Winston Churchill's picture

Eyes, and cameras everywhere in the the big cities.

Discretion is the better part of valo(u)r

Thu, 01/10/2013 - 17:24 | 3142205 Dr. Engali
Dr. Engali's picture

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

Thu, 01/10/2013 - 17:31 | 3142235 e_goldstein
e_goldstein's picture

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

Thu, 01/10/2013 - 21:32 | 3143026 francis_sawyer
francis_sawyer's picture


Thu, 01/10/2013 - 17:05 | 3142091 alangreedspank
alangreedspank's picture

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

Thu, 01/10/2013 - 17:07 | 3142098 Dr. Richard Head
Dr. Richard Head's picture

Makes sense to me.

Thu, 01/10/2013 - 17:07 | 3142104 lolmao500
lolmao500's picture

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

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