Friday, March 25, 2011

New Washington Bill Targets Cash For Gold Operations

Places that offer you cash for your gold are being targeted in a new bill that is being passed in Washington D.C. Everyone knows that these places often do business with thieves that steal gold, and then resell it to these companies so that they can cover their tracks. Lets face it, its better than a pawn shop, and they don't follow the policies of asking for identification. This is a big problem. This lets these cash for gold companies make serious money on gold that is stolen on the streets. This new bill says that every company will have to hold the item for at least 30 days before it can be processed and melted down. It will also require these businesses to keep transaction records for 3 years. This includes the name of seller, the address of seller, and the date of birth. First time offenses will be considered a misdemeanor and anything more than a one time offense will be considered a felony. This will seriously hurt the pockets of these gold dealers that make their money on stolen gold. I always knew that these cash for gold companies are bad news, now here is another reason. They are making it easier for these criminals to get money, and to remain anonymous this is ridiculous. With the rising price of gold its becoming a bigger trend for these crooks. I am glad something is being done, it should have been done from the beginning. It doesn't take a rocket scientist to figure this out when they advertise on shows like Jerry Springer during the middle of the day, to people that have nothing better to do in an economy thats crashing. This makes it possible for thieves to come up with all kinds of bright ideas on how to steal your gold. I am glad something is being done.

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