Last Updated : 15 February 2013 at 14:20 IST
Imagine that you are about to sell your bullion and for the same you are supposed to produce your driving license or some other valid ID card! Well, I can see your thoughts flying in the air. On the first place you may not even want to sell your bullion especially in the era of central bank note printing.
Still, if you are forced to do it under some exceptional circumstances, will you not be annoyed by the order that you should also produce your license to drive in order for you to raise some cash?
Now doubly annoying, will you enter your whereabouts and other details of yours if you have to get hold of some yellow metal from one of the innumerable 'gold for cash' stores in US? Now, on a worse note, would you prefer the same data getting forwarded to some government agency by the 'gold for cash' store?
These regulations are yet to kick in; but one cannot rule out the same to happen in the near future in US.
“Data registration advocates argue that such measures are needed to combat the increasing trade in stolen gold.” says goldmoney.com.
“Those who oppose forwarding data to the authorities see these measures as part of a government scheme to gain a complete overview of all buying and selling activities in the non-banking sector. Many gold store owners argue that these regulations are targeting the wrong sector, as the big guys – in this case the banks – can do as they please while the small guys always get the beating.” the report continued to note.
Now, why should government need this registration to take place when you purchase gold?
Simple, to locate you!
And why should you be located?
Simple, to get hold of you when something to the tune of a presidential order to confiscate gold would someday get proclaimed. As you are already aware, such a thing has occurred in the past:
Let's go back in time and see a Rooseveltian Presidential orderdated April 5, 1933 that punished individuals who hoarded gold in US:
“I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations...”
So gear up, get ready to get confiscated!
Whether they are aware of this probability is unknown, but gold for cash stores in US are unsurprisingly against the possible regulation.
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