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Cash for gold shops facing tighter regulations - Philadelphia

By Catholic Online (NEWS CONSORTIUM)
February 4th, 2013
Catholic Online (www.catholic.org)

Cash for gold shops have sprung up all over America particularly in the wake of the Great Recession. As millions of people looked for extra cash, cash for gold stores proved profitable amid rising gold prices.

PHILADELPHIA, PA (Catholic Online) - Unlike payday loans, pawn shops, and other short-term lenders, cash for gold institutions have gone largely unregulated. They have been havens for thieves who steal jewelry looking to cash in without much risk of getting caught.

Now authorities in Cherry Hill and around the nation, are looking to close the loophole.

Many cash for gold stores deal locally, using paper records, making it difficult for police to track their activities. While those records have to be handed over to police upon request, the quick turnaround often means evidence is shipped away for destruction before it can be recovered.

New regulations proposed by the Cherry Hill City Council would change that, compelling all cash for gold stores to keep digital records and to report those transactions within 48 hours.

What's happening in Cherry Hill is also starting to happen across the nation as states want to make sure they get their share of the gold business, while helping police to catch thieves.

Secondhand dealers of both gold and other artifacts including pawn shops and antique stores, are being drawn into the 21st century as municipalities across the nation start compelling better records keeping and cooperation with police. Pawn and cash for gold shops are popular places to dispose of stolen property.

Hopefully they will become less so as controls improve.

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