Sunday, June 9, 2013

CASH FOR GOLD: MORE REGULATION NEEDED

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I am convinced that these “cash for gold” schemes help criminal’s exchange stolen gold items for cash.  Once the traded gold is melted down, what evidence remains?

Is there a link between residential burglaries where only gold jewelry is stolen and “cash for gold” offers? I am curious to learn what, if any, regulations exist to ensure stolen gold is not traded for quick, easy cash!

My understanding  is that unlike Pawn Shops, gold buyers do not hold the gold for a period of time but sell it right away.

For the broker, the gold buyer – the market must be good because these operations are popping up all over the place. In fact, I heard a radio commercial on the ride home tonight where a pay day loan company was offering cash for old and broken gold jewelry to sell for cash.

I think anyone selling gold for cash should have to be finger printed, that a registry be maintained and traded gold should be kept for at least a month before it can be melted. This would go along way towards discouraging robberies and ensuring that “cash for gold” is not used as a catalyst for people in desperate need of cash to steal precious metal burglar.

I understand that the regulations for the “ cash for gold” industry is at the local level. I’ll have to do some investigative work on Monday and look into what regulations exist in this city for the exchange of gold for cash.

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