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« Rick Santelli On Paper Gold Vs. Physical Gold | Main | Freddie Mac Promotes Housing Bubble 2.0 »

UPDATE: New Bill Requires Gold & Silver Registration

The slippery slope to confiscation has begun.

Gold and silver buyers could soon have to register with the state of Illinois.

Rick Santelli provides an update on legislation that requires every gold and silver transaction to be registered with the State.  Here are the basics.  The bill, officially called SB-3341, was introduced in 2012, immediately passed the Illinois Senate and is now awaiting action by the House.  Click here for the latest status update on SB3341...




Background and text of the bill:

A Bill to Register Buyers of Gold and Silver Coins

Creates the Precious Metal Purchasing Act.  Provides that a person who is in the businessof 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.  Provides that a person who violates the Act is guilty of a petty offense and subject to a fine not exceeding $500. Provides that the Attorney General may inspect records, investigate an alleged violation, and take action to collect civil penalties.

To read the entire bill, click here.



Prior to the failure of the Illinois legislature to force citizens to register outlawed firearms, the state moved to place restrictions on the sale of gold.  Santelli ties the floundering legislation to FDR’s 1933 Executive Order 6102 confiscating gold and setting the stage for Richard Nixon severing the connection between gold and the dollar in 1971.

“So let me get this straight,” writes Mike Krieger of Liberty Blitzkrieg. “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.”


Related links:



Check out what they are now doing in Houston:

RED ALERT: The Gold Police Have Arrived!



Bernanke Gold Varmint by William Banzai7...

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Reader Comments (19)

5 Of Piers Morgan’s Ex-Colleagues At The Mirror Have Now Been Arrested In Phone Hacking Scandal

Mar 14, 2013 at 8:22 PM | Registered CommenterDailyBail
Economist James Grant provides an interesting history of the gold-standard in the U.S., going back some 200 years, and lays out his case for a return to a modified version of what served us so well for so long.

Mar 14, 2013 at 9:50 PM | Registered CommenterDailyBail
Mar 14, 2013 at 9:50 PM | Registered CommenterDailyBail
Mar 14, 2013 at 10:04 PM | Unregistered CommenterSKINFLINT
The first 10 seconds of the Replacements' "Kids Don't Follow" contains my verbatim response to this law...

Mar 14, 2013 at 10:04 PM | Registered CommenterCheyenne
Big roar for the Replacements...it's been decades. On the first 10 seconds...you mean the cop saying 'The party's over'...or the lyrics of the song...'Kids won't listen" It works both ways.

Ridiculously great song that just brought back all kinds of memories.. Saw Replacements live in Richmond on 'shrooms in 1987 or '88. The decadent college years. Awesome. Just awesome.
Mar 14, 2013 at 10:20 PM | Registered CommenterDailyBail
I mean the response to the Minneapolis policeman's sing-song announcement that "the party is over:"


The first time I saw them was '86 in a Raleigh skating rink. Good days.
Mar 14, 2013 at 10:26 PM | Registered CommenterCheyenne
Replacements - Interview NYC 1989

Mar 14, 2013 at 10:42 PM | Registered CommenterDailyBail
Sweet a black market for gold and silver nice. now thanks to all these rules i can buy guns and gold and drugs and hookers and anything i want without having to register with anyone but my local outlaw (one in every town ^^)

What else you want to take out of public view so it can only exist in the shadows where it will thrive and secretly dominate the light?

You guys are frikkin geniouses....
Mar 14, 2013 at 11:21 PM | Unregistered CommenterNotterwood
"i can buy guns and gold and drugs and hookers and anything i want without having to register with anyone but my local outlaw"

Not only can, but apparently "must" if you're to avoid detection by the Obama Dictatorship...

Mar 14, 2013 at 11:36 PM | Registered CommenterCheyenne
Yeah, you're stuck with buying gold on the remote island of Illinois, there are only, what, six bordering states to choose from? One must be better for guns, one for coke/meth/crack, one for hookers and one for gold!
Mar 15, 2013 at 12:18 AM | Unregistered CommenterJoe
"there are only, what, six bordering states to choose from?"

So state statutes that trample freedoms are legally saved by the laws of contiguous states? Fascinating. Can Illinois abolish freedom of speech, jury trials, and allow warrantless home invasions under this theory?
Mar 15, 2013 at 12:57 AM | Unregistered CommenterCheyenne
Molon labe baby...
Mar 15, 2013 at 4:55 AM | Unregistered Commenterchiller
beta test like gun bans. these two laws need be intertwined, they'll strip means of independence one by one.
Mar 22, 2013 at 5:44 PM | Unregistered Commenteriypr[@yahoo.com
One day closer to the REVOLUTION..
Mar 22, 2013 at 7:45 PM | Unregistered CommenterMike
Mar 23, 2013 at 8:40 PM | Unregistered CommenterSKINFLINT
Then gold will go underground like it has in the past and people will avoid Illinois for any transactions in gold! And the state will suffer for it. This is just stupid government legislation. Even if it goes national smuggling will persist! Always has,always will.
Apr 5, 2013 at 12:24 AM | Unregistered Commenterbob
J.P. Morgan's gold vault next to The Fed's. Why dig a ditch from NYC to London when one house key solves any logistics problem that may crop up. This way, the same back door enabling the derivative weasels and the freemasons, Knights of Malta, and Skull and Bones crowd in service to queen lizard to back up to the same door and load up, saves money, time and space.. How convenient.
Apr 5, 2013 at 12:55 AM | Unregistered CommenterHoward T. Lewis III
Today Update : Gold futures gained for the second time in three sessions as the dollar fell from a five-year high, boosting demand for the metal as an alternative investment.
Stock Trading Tips
Nov 25, 2014 at 11:52 PM | Unregistered CommenterStock Trading Tips

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