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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Jam Akin's picture

It is to discourage thieves / fly by night cash for gold operators as fences / and maybe to enforce tax collections.  God & everyone else knows IL needs the money.   Badly.

Besides isn't a FRN legal tender for all debts public and private?  Is there anything anywhere else in this country for which cash transactions are specifically prohibited?  Doubt that even if it passes and is signed into law that it will stand for long.  I'll file a suit.

BTW the SEN who sponsored this is a good guy on 2nd Amendment issues.

Never let a good conspiratorial controversy go to waste.

newengland's picture

IL needs the money. So that's a good reason to steal? No wonder Chicago has a bad reputation for producing criminal politicos, and it is a damn shame that the latest is about to be inaugurated with swanky events while his constituents suffer most.

And I still want to know why Obama has a social security number from Connecticut.

Jam Akin's picture

I was being sarcastic about the money - they raised state income tax a huge % 2 years ago and it didn't do a damn thing about the financial problems.

newengland's picture

IL needs the money. So that's a good reason to steal? No wonder Chicago has a bad reputation for producing criminal politicos, and it is a damn shame that the latest is about to be inaugurated with swanky events while his constituents suffer most.

And I still want to know why Obama has a social security number from Connecticut. He is a charmer, to be sure. Michelle is genuine, I have no doubt.

That does not justify their fancy spend thrift ways, and grandstanding...over the bodies of our Armed Forces, and poor people at home.

Jeepers Creepers's picture

When they start tracking and registering precious metals, that's when you'll really want to look for an exit plan somewhere else.


That has to be at the very top of the Obama's agenda, once they can stop the pesky "hoarders" they'll have full control.

Winston Churchill's picture

If  you haven;t already got that plan in place you maybe too late.

But go ahead anyway,you may have to pay Mexican smugglers to take you out.

You can trust them as much as Uncle Sam.

newengland's picture

My country. My land. My people. Our rules.

Anyone who thinks otherwise should remember this: possession is nine tenths of the law.

Come and get it. Make a will first, just to get things legal like.

Skip's picture

You see this is all prelude to their final goal, which is you disappearing from planet earth. All of the  brainwashing via the media, in all its forms, the brainwashing in the educational system, sets the victims, i.e. average white, for the next step, disarmament of the victims, which is what has been going on, piece meal, since 1934.

Then precious metals or at same time, the the rest of your stuff and then, you, yourself, and your wife and kids. They just don't hate ZH guys and gals, they hate ALL who are white and have a heritage of christianity, whether you believe in it still or not.

You have the bulls-eye on your back.

Get ready, or relax in the camps:

jomama's picture

and here i thought i was on the fucking fringe.

Bicycle Repairman's picture

Getting Old Sucks's picture

When you drive in, you have to register, even if passing through.  If you're driving out, all unregistered gold will be confiscated.  All border crossing will be manned to relieve you of your gold.


Honey, we're coming to the border, hide that fucking wedding band!

newengland's picture


Praise the Lord, and pass the ammunition.

:-) An old joke, and back to the future at the rate things are going.

Rearranging Deckchairs's picture

What's to stop illinois gold bugs from just driving to one of the neighboring states and selling their gold audit trail free? NOTHING except gas prices for now.

I guess later on the statist control freak solution will be to set up check points on the highways to make sure no Illinois residents are moving cash or gold across state borders.

If this occurs on a National level and frankly its only a matter of time it will kill the legimate gold market. One of the great things was the cash and no questions asked. Sure to cause a black market to arise. Will gold dealers be the new drug dealers?  .... only time will tell.




Rearranging Deckchairs's picture

Also the $500 fine I see mentioned may not be much more than a small tax or just the cost of doing business as gold prices per ounce approach infinity!


NotApplicable's picture

I can see the guy on the street corner now.

"Hey Buddy, you lookin' for a store of wealth?"

debtor of last resort's picture

And that's where reversed burden of proof comes in. Fascist fucks.

cabtrom's picture

I'm 40 now, it was 8 years ago I started to learn the truth. Do any of you have any idea how much it sucks to realize that your whole fucking life was a gigantic financial LIE?. *sigh. The worst part is I was happier when I was a debt slave and stupid about $$. I feel like the guy from the matrix who wanted to be re-inserted. I know you all like to joke around and laugh at the chaos but I really do look at my young nephews and feel sad. God help us. :(

zerotohero's picture

I feel exactly the same way.

MiguelitoRaton's picture

Ignorance is bliss...but it is also death when the system collapses

AllWorkedUp's picture

Well said. Me too. It's a bitch being confronted with reality, but not as much of a bitch as it will be for the empty brains when the system collapses on itself.

The Navigator's picture

You're lucky - you're younger than many and learned a lot earlier than most (myself included on both fronts) so you've got a bit more time to prepare.

Agree with you on the happier/dumber days when we didn't need to know how badly we're all getting screwed.

Educate your nephews and any more that will listen/learn.

Viva la Revolucion!

blindman's picture

the truth will set u free, but first it will
piss u off and make u sick.

Fred C Dobbs's picture

A lot of us learned the truth about eight years ago and much of us are over forty. And it is more than just a financial lie.

NotApplicable's picture

Realize? Yep, we sure do. Then we tried to warn everyone only to be told we're loons, because, as you noted, life in the matrix is a happier, blissful place if you can find a way to fit in, and remain ignorant.

I couldn't do it, but obviously too many can (well, ignoring their insanity of cognitive dissonance). And short of their life self-destructing, they are in no way capable of making the leap, as it requires abandonment of EVERYTHING previously believed to be real.

As I always say, reality is merely one's most plausible belief system at any given moment.

jomama's picture

don't forget to ask baby jesus and the tooth fairy for help while you're at it.

smacker's picture

"...I was happier when I was a debt slave and stupid about $$"

There's a lot to be said for staying uninformed about what's really going on. Sadly, none of it will do you any good! But knowing too much can be dangerous.

Getting Old Sucks's picture

Considering the state, no big fucking deal.  It's made up of two groups.  The welfare, food stamp, section 8 group and the currupt politicians and bankers group.  The later will get a free pass on this so it's one of those non existant laws.  Just like most of our laws have already become.

Jam Akin's picture

Does Nature or Nurture or both explain your ignorance?  IL has a very diverse economy.  It would be even better if the state govt. could get its fiscal house in order.

SilverFish's picture

LOL, yeah, good luck with that one.


That will never happen unless the rest of the state breaks off and makes Chicago the 51st state. Until then, IL will remain a whore house.


No offense meant to actual real life whores.

AllWorkedUp's picture

IL., CA., NY. What else could be expected from the idiot communist tyrants in those states?

Secession will be a serious consideration for many states in the next few years, what other option besides civil war will they have? Hope Texas takes the lead, time to bust this country up Russian style.

Hope these idiots set off a buying frenzy.

NotApplicable's picture

There are only a handful of states that are not debt-slaves to fedgov, thanks to all of these UE benefits "loaned" to them.

dexter_morgan's picture

I read a white paper recently about the Midwest, and Wisconsin was the only state in the area with $0 unfunded liabilities - yes you read it right, $0 unfunded liabilities. Fuckin Walker.....................not stickin with the program up there

The Navigator's picture

I called my insurance agent to explain my latest boating accident - but before I could explain that the latest incident included silver coins in addition to my latest guns purchases, he had already hung up. Bastard.


blindman's picture

inflation is good for an expanding and growing economy.
it is necessary to have inflation otherwise the
sun will not rise and the rain will never fall again.
the gmo crops will die and there will be no pesticides
to drink.
if the monetary authorities do not create the essential
inflation, either by stealing , fraud or any other essential
means you and your children will starve while burning
in hell. give thanks where thanks are due.
g. carlin said "..they got u by the balls." ,,,
we will see. the world will be screaming for debt
free money very soon. imho
if you have not go talk to any local business person.
their depression is progressing to thinking concerning
reality and cause and effect, creation itself is being
broken down and reevaluated.

americanspirit's picture

So Chicago has more murders than New York and every single one of these Illinois politicians is still alive? Something's wrong.

Calculated_Risk's picture

Ya, as soon as we get a full audit of Fort Knox and the "Federal" Reserver corporation!

bigrooster's picture

Between this, the the crazy gun laws, and the state being bankrupt why would anyone want to live in Illinois?  If you own a house there I would sell it and get out before it it too late.

zerotohero's picture

the only thing you will ever truly own are the thoughts in your head.

NotApplicable's picture

Thanks to the power of disinfo, I'm not even sure about that anymore.

Fred C Dobbs's picture

Is this the beginning of the end of a PM market in the states? That was one of the arguments for keeping your PMs outside of the USA.

JohnGaltsChild's picture

Of the government, by the government, for the government.

It has happened.

Monedas's picture

45 caliber gold, silver, platinum bullets .... full metal copper jacket ....  indoor target rounds that are all bullet and a little smokeless powder .... suicide rounds .... not confiscatable ? 

DavosSherman's picture

Fucking guberment dicheads!  Almost makes you want to agree with abortion.

Monedas's picture

"Guns don't kill people .... abortions do !" .... Heard on Rush, today !

DavosSherman's picture

LOL Monedas.  In China they abort females.  Here there should be a test to abort politicains.  Personally I don't agree with abortion, but I'd make an exception.

Monedas's picture

How about "reverse abortion" .... kill the welfare bitch mother .... save the innocent kid ?   What say Gloria Allred  ?  LOL

Monedas's picture

Lake Michigan is so big .... native Americans used it as a latrine and as a drinking water source !  Shitcago, Shitcago .... !