Prepare to give up all private data for any Gold purchase over $100

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investorzzo's picture
Status: Diamond Member (Offline)
Joined: Nov 7 2008
Posts: 1182
Prepare to give up all private data for any Gold purchase over $100

Less police and more IRS agents. The fascist state is going to monitor everything you own. Look at Bill 1716

jumblies's picture
Status: Silver Member (Offline)
Joined: Jun 13 2010
Posts: 244
It's a possibility, a strong

It's a possibility, a strong one in my opinion, that this is a prelude to Confiscation v2.


jrf29's picture
Status: Gold Member (Offline)
Joined: Apr 18 2008
Posts: 453
Re: Prepare to give up all private data for any Gold purchase
Washington State House bill 1716 isn't George Orwell.  Laws requiring a record of the identification of sellers of precious metals are not new; they are quite old, and are designed to make stolen valuables harder to dispose of.  This one from my state has been on the books for a very long time:



Chapter 266, section 142A.  Records of Purchase or Sale of Gold, Silver, and Platinum.

Sec. 142A.   "Whoever is in the business of purchasing gold, silver or platinum shall enter in a book kept for that purpose a description of the item, quantity purchased, the purchase price and the name and address of the seller; provided that the purchase price of such item is at least fifty dollars. Any person who sells gold, silver or platinum shall be required to show to the buyer prior to said sale identification which includes a photograph of said seller. Said book shall at all times be open to the inspection of the chief of police of a city or town or of any other officer having similar duties or any officer authorized by either of them, or a state police officer. Whoever violates any provision of this section shall be punished by a fine of not more than one thousand dollars or imprisonment of not more than one year, or both such fine and imprisonment."

If this bill had originated from the federal, as opposed to a state government, I might be more suspicous.  The Washington bill goes a bit farther in asking for a fingerprint, etc, but this is the old political strategy: you ask for more than you think you'll get, so that by the time the bill has been passed, it still has some meat left on it.

I grant you that if, in the future, the federal or state government should choose to impose a confiscatory tax rate on precious metals transactions (50% tax or more), laws such as these could be useful in enforcing such a tax.  But this is almost certainly not the motivation of this bill, and it should be noted that this bill provides for no central database of any kind -- the records are simply to be maintained by the individual shops.  Furthermore, there is no provision allowing sharing of the information with the I.R.S. or any federal agency.

maaa's picture
Status: Bronze Member (Offline)
Joined: Sep 22 2009
Posts: 26
The guy who purchased this even had to have a background check

24 K Gold Desert Eagle

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