Those of you who buy and sell precious metals may want to review the new proposed Treasury Department rule: http://www.treasury.gov/press/releases/reports/dealers.pdf
Say, didja know that USA PATRIOT Act is an acronym?!
"Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism" is the clear text. Wow. And all this time I thought the fascists had simply misappropriated the word "Patriot."
By the way, there is no evidence at all that those who buy and sell "gold credits" or "gold receipts" or "warehouse receipts for gold" are or would be considered "dealers" under the proposed rule. Nonetheless, the rule has a chilling effect on the gold coin and bullion industry, and may be broadened to include those of us in this business.
I think one of the first responses to this proposed rule should be to point out that the USA PATRIOT act is unconstitutionally vague. In particular, it suffers from vagueness because neither it nor any other part of US CFR defines terms such as "precious metals" or "dealer." Indeed, the whole point of the proposed rule being promulgated by Treasury is to define those terms.
Which means that the terms are whatever Treasury chooses to have them be at any given time. Nobody can hope to obey a law which is vague to the extent that it won't define such important terms.
I also think the law and this rule are unconstitutional on the grounds that the constitution does not empower the government to require anti-money-laundering procedures be put in place by anyone for any reason. Those powers not specifically delegated to the national government are reserved to the several states.
There are no doubt other grounds for opposing the proposed rule. The time for commenting on the rule is closing fairly soon.
Regards,
Jim Davidson President http://www.gdcaonline.org/ Global Digital Currencies Association
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