Posted: January 5th, 2011 by Gadget42
With gold selling for more than $1,400 per ounce, officials remind the public that there are laws governing the buying and selling of gold, Pasadena police said in a written statement.
“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.
In addition, police added, “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.”
Business operators that buy or sell gold without a license are subject to arrest, a $1,500 fines and accusations of dealing in stolen property, police added.