Bill submitted to register buyers of Silver and Gold Coins

[Joey Fuller]

"Creates the Precious Metal Purchasing Act. 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. 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."

http://www.tennesseesonsofliberty.com/2013/01/bill-submitted-to-register-buyer-of.html

[Zippyjuan]

Sounds like dealers rather than individuals.

a person who is in the business of purchasing precious metal

But it could possibly cover a person selling their gold/ silver to a dealer having their transaction recorded (and not being allowed to be paid in cash for their metals).

[jllundqu]

off the rails, man.... here we go!

[kathy88]

Okay, executive order gun grab, registration of metals purchases, next will be purchases of people buying large amounts of water.

[Lucille]

A Republican? Color me shocked. He must have gotten the idea from the French (http://lewrockwell.com/slavo/slavo59.1.html).

First registration, then confiscation, just like for guns.

[otherone]

lol. Trying to eliminate cash laundering through silver. Theyre just telling us our money (including putrid savings with putrid interest rates) aint worth anything.

[Anti Federalist]

Huh, coins now too?

LOL

Enough talk.

Come and get them, motherfuckers.

[Acala]

laying the groundwork for collecting capital gains on PMs.

[CT4Liberty]

FYI - Following the links brings you to site saying this was introduced in Feb of 2012...

http://www.ilga.gov/legislation/fulltext.asp?DocName=09700SB3341&SessionID=84&GA=97&DocTypeID=SB&DocNum=3341&print=true


97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3341


Introduced 2/7/2012, by Sen. Kirk W. Dillard


SYNOPSIS AS INTRODUCED:

New Act
Creates the Precious Metal Purchasing Act. 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. 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.

Is it still relevant or did it get shelved/voted down?

[MoneyWhereMyMouthIs2]

Huh, coins now too?

LOL

Enough talk.

Come and get them, motherfuckers.



the business of purchasing precious metal



Not even limited to coins. Precious metal.

[itshappening]

The gloves are off, we're going into complete tyranny meltdown

[Acala]

Wait! It's just Illinois? It's purely a revenue thing. The state of Illinois is like a drowning man. I suggest getting out of the way while it goes down.

[Joey Fuller]

Antifederalist always has the best posts/replies.

[Brian4Liberty]

lol. Trying to eliminate cash laundering through silver.

"But, but, it's for the children!"

[Zippyjuan]

FYI - Following the links brings you to site saying this was introduced in Feb of 2012...

http://www.ilga.gov/legislation/fulltext.asp?DocName=09700SB3341&SessionID=84&GA=97&DocTypeID=SB&DocNum=3341&print=true



Is it still relevant or did it get shelved/voted down?

According to the bill's status http://www.ilga.gov/legislation/BillStatus.asp?DocNum=3341&GAID=11&DocTypeID=SB&LegId=64562&SessionID=84 action was extended until January 8th to try to get it passed. It did pass the State Senate but is still in the State House where it still seems to be in committee. Since January 8th was yesterday and no updates on its status, I would assume that the bill has now expired.

[nobody's_hero]

That's odd, we don't have to fill out paperwork every time someone hands us a $20 bill to show proof of ownership. Oh wait, those are FRNs. If they get lost or stolen the Fed. can always print more.

[jbauer]

laying the groundwork for collecting capital gains on PMs.

Ding ding ding. Thats all this is about. Nothing more nothing less. If you buy a stock/bond/mf/etf they know your basis. The can tax you because its requried to be kept track of. If you buy land they know it happened. If you buy PM's as long as you tread lightly there isn't a way to track it as of yet unless its a large transaction.

[Brian4Liberty]

That's odd, we don't have to fill out paperwork every time someone hands us a $20 bill to show proof of ownership. Oh wait, those are FRNs. If they get lost or stolen the Fed. can always print more.

Better watch out. They may decide to charge you capital gains tax every time your paper dollar goes up against other fiat currencies.

[acptulsa]

You'll have to have a license to be a coin collector? Now, who in his right mind could consider a coin collector dangerous? Outside of the Federal Reserve Bank, that is.


Sounds like dealers rather than individuals.

But it could possibly cover a person selling their gold/ silver to a dealer having their transaction recorded (and not being allowed to be paid in cash for their metals).

Pretty much. And for individuals to find other individuals interested in doing PM transactions with them, the best way to do it is the internet. Which is monitored.


laying the groundwork for collecting capital gains on PMs.

The dollar loses value (as the Federal Reserve makes money the old fashioned way--conjuring it out of thin air using computers), the metals don't, so the price in now-worthless FRNs goes up, but in fact the real value doesn't change a bit. However, the government charges you capital gains just as though the silver has more purchasing power than it had before. If the Fed doesn't tax you through inflating your savings away, the government gets to tax you on your savings' ability to hold its value.

New rules--heads we win, tails you lose.

[BSU kid]

They act like precious metals are a drug. What do they think people buy gold to snort it, to better yet inject it into ourselves lol.

[paulbot24]

They act like precious metals are a drug. What do they think people buy gold to snort it, to better yet inject it into ourselves lol.

Colloidal silver (https://en.wikipedia.org/wiki/Medical_uses_of_silver).:p I couldn't resist.

[oyarde]

"But, but, it's for the children!"There are children in Illinois ? :) I thought they were all just underfed little waifs waiting to become old enough to vote for more Socialists ..

[oyarde]

I would not buy anything in Ilinois....

[BAllen]

In case we go back to the gold standard, they want to know where to confiscate pm's when they need to create more money. Used to just rob another country of their gold to create more money. Now, it will be the citizens they rob.

[Lucille]

To "The Precious Metal Purchasing Act" From Executive Order 6102 - Santelli's Take
http://www.zerohedge.com/news/2013-01-10/executive-order-6102-precious-metal-purchasing-act-santellis-take


"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."

vid at the link

[ZENemy]

yea but if only we can vote for some dude that will save us all, oh wait, lets donate to this dude that might get a seat at the gop, YEAH! that'll save us.


bleh


turkeys done

[unknown]

Shall not pay in cash... dafuq?