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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geekgrrl's picture

Although a tragic boating accident led the the demise of all my PMs, I just want to give the FedGov the finger (symbolically) for all their efforts at turning this country into a totalitarian state. Great job, assholes.

pbppbp's picture

Normally, I would react to this news, but all my gold and silver was lost in an unfortunate accident. 

ejhickey's picture

tough luck.  same thing happened to several guns i had.

newengland's picture

For anyone who wants to keep their liberty in the USA; keep gold, silver, guns and genuine community under the Consitution, and defy the Nazi takeover, the corporatists, and know that we are one nation with inalienable rights, see this:

That is a link to jews who defy the gun grabbing ways of Soros, Bloomberg, Feinstein and Senator Dodd who wrote Nazi gun control passages into U.S. law.

People fled tyranny abroad, and came to the USA for refuge, and it is time for their relatives to defend the Constitution; the inalienable right to own gold and silver as money, and the right to bear arms in defence of self and neighbor.

The Nazi mindset has polluted the Republic of the USA. Defy it.

I am a W.A.S.P. by tradition, and very pleased that true jews who came to America in the 18th century, who believe in the Tora, are willing to defend the Constitution, and all Americans, our traditions, our Republic.

Gold, silver, land, genuine community in our land of the USA: this is our inalienable right under the Constitution, and Bill of Rights.

Defend it, and our community.

CheapBastard's picture

Interstate Commerce is violated by this law and I would argue it is unconstitutional. Only Congress has the power to regulate interstate commerce. Hope some ConLaw professor challenges them.

dunce's picture

State legislators do not have platoons of armed guards and secret schedules, waiting for the blow up will be too late to take action.

NuYawkFrankie's picture

Re Gold Confiscation


Relax. After being TSA'd, DHS'D, NDAA'd & VIPR'd... your gold coins were never going to make it with you as far as Camp FEMA anyway.

Besides, what would you have spent 'em on? Bribing the guard - 'RoidHead Roy - to have one less water-boarding or anal-tasering a day?

Colonial Intent's picture

“I”m not fucking putting up with this… if it goes one inch further, I’m gonna start killing people.”


smacker's picture

There's a lot of people here who've mysteriously lost their PMs in boating accidents. I wonder if the Dept of Fatherland Security, the FBI and all the other citizen protection agencies of The Almighty State will soon raise taxes to fund development of some hi-tech devices to help them locate it.

magpie's picture

Hi-tech ? For the FEMA "Gold" Program

Armies of ditchdiggers to the rescue.

d edwards's picture next, your stash of emergency food?

keep the guns, you'll be able to keep the rest, too. The three precious metals: gold, silver and lead. ;-)

"Big Brother Loves You"-1984

theprofromdover's picture

I sell on all my PMs to Linda Green.

She just hasn't dropped by to pick them up.