UH-OH! IS GOLD, SILVER CONFISCATION NEXT?New bill requires registration of precious metals

Lawmakers in President Obama’s home state want to know who is buying and selling gold.

Illinois’ Precious Metal Purchasing Act, or SB-3341, would require every gold and silver transaction to be registered with the state.

The bill passed in the state’s Senate last spring and the House is considering amendments.

Amendment 1 reads: “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.”

The bill is apparently intended to help police recover stolen property and help raise revenue for the state. But the federal government’s history of confiscating gold has some concerned this bill could be an ominous sign of things to come.

Eighty years ago today, President Franklin Roosevelt ordered the confiscation of most gold from private citizens with his Executive Order 6102. People were directed to turn in their gold in exchange for paper currency.

The ban on owning gold lasted more than 40 years, until President Gerald Ford signed legislation in 1974, making it legal to own gold again.

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