It’s finally come to this. The state of Illinois has proposed a bill that will likely piss off a lot of gold and silver owners and all defenders of liberty. Your gold and silver may not truly be your property for long…
To make a long to short, you better be prepared to jump through several more hoops amidst a big ole’ ball of sticky red tape if you plan on hedging today’s inflation crisis with the gold and silver coins.
Legislatures have introduced the “Precious Metal Purchasing Act” which critics argue violates certain liberties by enforcing new rules, regulations, and even fees for precious metal purchasers.
According to Gary North with The Tea Party Economist, this new bill means that precious metal purchasers would be required to obtain proof of ownership, create a record of the sale, and verify the identity of the seller… or face civil penalties.
Additionally, buyers would not be allowed to pay for the precious metals in cash, but would be required to properly document the alternative method of payment. Essentially, all gold and silver purchases amounting to $500 or more would be tracked for up to five years, monitored, with rules subjecting buyers to fines if they don’t adhere to the new strict legislation.
Critics believe this will simply be bad news for gold and silver coin sellers in Illinois – of course people will buy elsewhere to avoid the headache of filing all the correct paperwork and fearing the monetary fines they may fall subject too.
At this time the fate of the bill remains in the hands of the House.
This is sad news for private gold and silver owners and sadder yet for American freedom-fighters. This proposal has taken the government one step closer to a nightmare scenerio: they may soon be legally able to confiscate your precious meals as well as your homes and farmland.
Desperate times really do call for drastic measures, but these new bills are nothing short of anti-American, unveiling a shocking attack on liberty and property rights in our nation.
From Gold Silver Worlds:
At Global Gold, we have been warning for a while now about possible financial repression and confiscation measures by western governments. This bill basically creates a paper trail for gold; it does not go beyond that. However the information gathered under the bill might be extremely helpful to governments at some future point in time, when they decide to outright confiscate gold or create some form of “special tax” on gold holdings.
We are convinced that it is of upmost importance to hold precious metals in jurisdictions which have never confiscated gold in the past and believe in the importance of property right.
If you’re interested in learning more about this outrageous bill, you can read the whole “Precious Metal Purchasing Act” here.
See more at the Wealth Wire