More Limits Coming Soon on Selling Precious Metals?
Reader Livsez just sent in this summay of a bill under consideration by the Illinios General Assembly:
Short Description: PRECIOUS METAL PURCHASING ACT
Sen. Kirk W. DillardStatutes Amended In Order of Appearance
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.
If passed, this Act will reduce the anonymity of precious metals transactions for the retail bullion investor. Records of identity, proof-of-ownership and transaction details will be kept for up to five years – reports of which will be made available to law enforcement on a daily basis.
I am less certain by what is meant by "a person who is in the business of purchasing precious metal shall not pay for the precious metal in cash". How are they proposing sellers be paid? (the bill does not specify)
Sad to say, but further constraints against precious metals ownership are likely ahead of us. It's what you would expect from a dying fiat regime as it tries to stifle competition from other currencies as the value of its paper wanes.
For what it's worth though, if you live in Illinois, write/call your state legislators and express your opposition to this unnecessary Act.
Do the same even if you don't live in Illinois. Because if this bill passes there, how soon do think other states will follow suit?
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