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...

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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.

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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.”

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