Today at the behest of his Gold sponsor who charges upwards of a 50% “spread”, Glenn Beck passed along a dire warning that the Illinois Legislature almost passed a law that would require everyone to register their gold so the state could confiscate it just like FDR did in 1934.<\/p>\n
Since I have 250 pounds of gold sitting in my storage locker at the apartment, you can imagine how this put me in a tizzy!<\/p>\n
Looking around, Alex Jones, Worldnet Daily and the rest of the conspiracy kookisphere all agree, so it must be true!<\/p>\n
Not.<\/p>\n
Here is the bill in question:<\/p>\n
http:\/\/www.ilga.gov\/legislation\/BillStatus.asp?DocNum=3341&GAID=11&DocTypeID=SB&LegId=64562&SessionID=84<\/p>\n
Here is the real synopsis<\/p>\n
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.<\/p><\/blockquote>\n
It’s clearly a law to prevent “we buy gold!” storefronts from buying stolen jewelry, mirroring the regulation of pawn brokers. It only applies to purchases by a dealer – that they not pay in cash and get a positive ID of the seller and report the purchase to law enforcement. It doesn’t apply to private sales, does not require registration of existing gold and doesn’t apply to sales by a dealer.<\/p>\n
The only wrinkle is – how do you prove you are the owner of the gold?<\/p>\n","protected":false},"excerpt":{"rendered":"
Today at the behest of his Gold sponsor who charges upwards of a 50% “spread”, Glenn Beck passed along a dire warning that the Illinois Legislature almost passed a law that would require everyone to register their gold so the … Continue reading