OPINION
Prepare To Give Up All Private Data For Any Gold Purchase Over $100
Posted by
Zerohedge.com February 18, 2011
Posted by Tyler Durden
A week ago, when we reported on a move by the Dutch central bank that ordered a pension fund to forcibly reduce its gold holdings, we speculated that “this latest gold confiscation equivalent event is most certainly coming to a banana republic near you.” And while we got the Banana republic right, the event that we are about to describe is not necessarily identical. It is much worse. A bill proposed in the State of Washington (House Bill 1716), by representatives Asay, Hurst, Klippert, Pearson, and Miloscia, whose alleged purpose is to regulate secondhand gold dealers, seeks to capture “the name, date of birth, sex, height, weight, race, and address and telephone number of the person with whom the transaction is made” or said otherwise, of every purchaser of gold in the state of Washington. Furthermore, if passed, Bill 1716 will record “a complete description of the property pledged, bought, or consigned, including the brand name, serial number, model number or name, any initials or engraving, size, pattern, and color or stone or stones” and of course price. But the kicker: if a transaction is mode for an amount over $100, which means one tenth of an ounce of golds, also required will be a “signature, photo, and fingerprint of the person with whom the transaction is made.” In other words, very soon Washington state will know more about you than you know about yourself, if you dare to buy any gold object worth more than a C-note. How this proposal is supposed to protect consumers against vulture gold dealers we don’t quite get. Hopefully someone will explain it to us. We do, however, get how Americans will part with any and all privacy if they were to exchange fiat for physical. And in a police state like America, this will likely not be taken lightly, thereby killing the gold trade should the proposed Bill pass, and be adopted elsewhere.
Read the rest of the story and the Bill HERE
One Comment
From CNBC – Fear of ‘Catastrophic’ Crash Rising Despite Bull Market
“In an unprecedented move, the number of investors fearing a catastrophic stock market crash is rising even with the stock market at 2 ½ year highs.
The unusual dislocation comes from two distinct reasons: a lack of trust in the U.S. financial markets following the so-called Flash Crash last May and the collapse of Lehman Brothers in 2007.
This means the Flash Crash Advisory Commission that met on Friday has a long way to go in restoring confidence to the point that will bring the individual investor back into a market still ruled by high frequency trading, exchange-traded funds and leveraged hedge funds.”
http://www.cnbc.com/id/41655262