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Synopsis As Introduced
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.
Senate Committee Amendment No. 1
Authorizes inspection of records by local police departments. Requires reports to law enforcement on a daily basis. Exempts persons licensed under the Pawnbroker Regulation Act.
Illinois’s bill went largely unnoticed, but since CNBC’s Rick Santelli had a brief segment on SB3341 last week, it has garnered the attention of finance publications, goldbugs and anti-government websites.
Since Santelli’s report, there have been many conspiracy theories. Whether or not they’re justified, the United States federal government has confiscated gold before and completely abandoned it to through executive power.
The Foundations of the Great Confiscation
Confiscation all dates back to the Trading with the Enemy Act of 1917. That year, President Woodrow Wilson signed the “TWEA” into law, forbidding American individuals and businesses from engaging in trade with “enemy nations.” The world’s functional gold standard, which had overseen tremendous global economic growth in the early years of the twentieth century, was effectively halted by the outbreak of World War I, and the stage was thus set for the Great Depression and World War II.
Originally posted by stirling
The law kind of makes it hard to sell your gold if you dont have a reciept for it too hey?
if one has to provide proof of ownership to the gold buyer......
Do you have a reciept for every gold bar or coin or nugget?
then it probably must be confiscated till you can "prove" its your property....no reciept? too bad.....
Originally posted by Bob Sholtz
reply to post by Wrabbit2000
the wording says "in the" NOT "as a".
"in the business" does not necessarily refer to a person who HAS a business. anyone who purchases gold could be considered "in the business" of purchasing gold.
Originally posted by IknowJack
I just happened to open up one of my more reliable news sources and thought everyone might want to see This. I can't find it in mainstream media (surprise)
Maybe someone from the area can confirm it
If this is true I'm dumping some assets and stockpiling a little more.