Wednesday, April 6, 2011

Gold Thefts Prompt Meridian, Idaho Police To Pursue Licensing Gold Sellers

It's a shame that such a measure is seen to be needed, as more financial privacy would go out the window, but the police chief of Meridian, Idaho says that the increase in thefts of gold call for licensing of pawnshops, jewlers and bullion shops. They would be required to gather detailed information on any gold seller.
“With gold prices and silver prices and things going up, we’re starting to see a lot more theft in that area, and people visiting these dealers,” said Meridian Police Deputy Chief Tracy Basterrechea.

Meridian Police say economic hard times have driven up thefts, especially when it comes to precious metal, which is selling at a good price, and they say, easy to conceal as stolen.

“Now, you start to see a trend of things that can be melted down and altered so that once they’re melted down obviously you can’t track them down or trace them,” Basterrechea said.

The new proposed city ordinance would require anyone who deals with gold, silver, or platinum items to be licensed. Also, those who sell personal property would have to give information like their name, address, photo ID, physical description, and thumb print.

Additionally, dealers would have to hold items for ten days before reselling or melting down the metal, and they'd be required to take detailed records of what they buy....
Interestingly, the risks of being stolen from themselves hasn't led to any enthusiasm for the proposal by the regulatees. They not only cite invasion of customer privacy, but also the turnover slowdown the hold period will require.

If such a measure passes, the spread will inevitably widen. Either that, or the shops will relocate out of town.

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