Geezer gold rush pitfalls E-mail
Written by Mark Nichols   

With gold selling for more than $1,400 per ounce, police are reminding the public that there are laws governing the buying and selling of gold. In a recent statement, the Pasadena, California Police Dept. released the following memo to the media: "The Pasadena Police Department would like to inform the public that buying gold is against the law unless you are licensed by the California Department of Justice," the statement said.


"Gold buyers are required by law to ask for identification from whoever they buy from and maintain a description of the items they are buying.

"This information is then reported to law enforcement."

"We want to caution people that care should be taken to buy from and sell to only licensed second-hand dealer," Police Chief Phillip Sanchez said.

"This helps to prevent crime and will prevent people from buying stolen property unknowingly."

When not complying with the law, according to the police statement, "Some businesses may knowingly or unknowingly take in stolen property that belongs to the victim of a crime."

"By using reputable, licensed businesses, the average citizen can curb the buying and selling of stolen goods," Sanchez said.

"When we make it harder for thieves to sell their ill-gotten gains, there is more of a chance to stem property crimes related to burglary."

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