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Retired Army
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320 Posts
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:
 
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