New Bill Requires Gold And 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.”

 

 

 

” In 2012, the Illinois General Assembly passed the Precious Metal Purchasing Act. SB3341 states 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. (Emphasis added.)
In a CNBC video, Rick 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.”