Any Gold Purchase Over $100

Discussion in 'Money, Investing & Precious Metals' started by UncleJoe, Feb 21, 2011.

  1. UncleJoe

    UncleJoe Well-Known Member

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    Prepare To Give Up All Private Data For Any Gold Purchase Over $100 | zero hedge

    A bill proposed in the State of Washington (House Bill 1716), by representatives Asay, Hurst, Klippert, Pearson, and Miloscia, whose alleged purpose is to regulate secondhand gold dealers, seeks to capture "the name, date of birth, sex, height, weight, race, and address and telephone number of the person with whom the transaction is made" or said otherwise, of every purchaser of gold in the state of Washington. Furthermore, if passed, Bill 1716 will record "a complete description of the property pledged, bought, or consigned, including the brand name, serial number, model number or name, any initials or engraving, size, pattern, and color or stone or stones" and of course price. But the kicker: if a transaction is mode for an amount over $100, which means one tenth of an ounce of golds, also required will be a "signature, photo, and fingerprint of the person with whom the transaction is made." In other words, very soon Washington state will know more about you than you know about yourself, if you dare to buy any gold object worth more than a C-note.
     
  2. SurvivalNut

    SurvivalNut Retired Army

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    I agree the bill is pretty poorly written and I do not trust the "slope" it initiates.

    However the blll as written only applies to sellers, not buyers of PM's. In Washington we do not have an income tax, so the sales, or income are not taxable.

    Here cash for gold outfits are all crooks and thieves are rampant hocking goods here.

    Example: a man inherits a box of dental gold from his father. He takes it to a gold buyer and is offered $2,000. He remembers my friend is a jeweler and takes the same to him. The jeweler sends it off to his processor to be evaluated--$12,000. The jeweler passes the entire check over as a courtesy to a regular customer. No fees. But still almost a huge rip off. (true story)

    Is the bill crazy-yes--now shops have to hold onto the actual goods for 30 days before sending it off to melt. It would change to 45 days.

    So if I sell, I can conceivably "reclaim" my goods if the price increases or walk away if the price drops. Hence only 1 reason the dealers low ball prices.

    These rules do not apply to coin shops, but I can agree, that could change any minute.

    It just goes to show politicians couldn't put a stopper in a bathtub if their life depended on it.

    Still-the cash for gold outfits need to be shut down--does that make me evil too?:dunno:
     

  3. IrritatedWithUS

    IrritatedWithUS Well-Known Member

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    look at section 3:

    Sec. 3. RCW 19.60.020 and 1991 c 323 s 2 are each amended to read as follows

    17 (1) Every pawnbroker and secondhand dealer doing business in this
    18 state shall maintain wherever that business is conducted a record in
    19 which shall be legibly written in the English language, at the time of
    20 each transaction, the following information:
    21 (a) The signature of the person with whom the transaction is made;
    22 (b) The date of the transaction;
    23 (c) The name of the person or employee or the identification number
    24 of the person or employee conducting the transaction, as required by
    25 the applicable chief of police or the county's chief law enforcement
    26 officer;
    27 (d) The name, date of birth, sex, height, weight, race, and address
    28 and telephone number of the person with whom the transaction is made;
    29 (e) A complete description of the property pledged, bought, or
    30 consigned, including the brand name, serial number, model number or
    31 name, any initials or engraving, size, pattern, and color or stone or
    32 stones, and in the case of firearms, the caliber, barrel length, type
    33 of action, and whether it is a pistol, rifle, or shotgun;
    34 (f) The price paid or the amount loaned;
    35 (g) The type and identifying number of identification used by the
    36 person with whom the transaction was made, which shall consist of a
    37 valid drivers license or identification card issued by any state

    SECTION 2, 30 refers to "PRECIOUS METALS" as well





    10 (2) ((This)) For any transaction involving property consisting of
    11 a precious metal, every secondhand dealer or temporary, transient
    12 secondhand dealer doing business in this state shall maintain wherever
    13 that business is conducted a record in which shall be legibly written
    14 in the English language, at the time of each transaction, the following
    15 information:
    16 (a) The signature and photo of the person with whom the transaction
    17 is made. If the amount paid is greater than one hundred dollars, then
    18 the signature, photo, and fingerprint of the person with whom the
    19 transaction is made;
    20 (b) The time and date of the transaction;
    21 (c) The name of the person or employee or the identification number
    22 of the person or employee conducting the transaction, as required by
    23 the applicable chief of police or the county's chief law enforcement
    24 officer. If the amount paid is greater than one hundred dollars, then
    25 the name of the person or employee or the identification number of the
    26 person or employee conducting the transaction;
    27 (d) The name, date of birth, sex, height, weight, race, and
    28 residential address and telephone number of the person with whom the
    29 transaction is made
     
  4. Immolatus

    Immolatus Just getting started. Always.

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    This seems only to apply to 'pawn brokers and secondhand dealers' (cash for gold guys, I guess) and you prolly shouldnt be selling your gold/silver to them anyway.
    There is a certain underground segment of society that is notorious for using gold/silver to launder money.
    More examples of the govt trying to get into your pocket, and to nose around in your business.

    If you are at the pawn shop and they ask for your fingerprint? Run, dont walk.
     
  5. IrritatedWithUS

    IrritatedWithUS Well-Known Member

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    I guess people would buy 1/10th oz fractional gold 10 times to get around the rule. That would be a pain! That's what....3.11 grams x 10?