Gold Buyers and Sellers Beware

Pasadena Police are warning buyers and sellers of gold to follow the laws of the State of California when conducting transactions involving gold. See their press release below for more information!
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Buying or Selling Gold? Know the law! The Pasadena Police
Department would like to inform the public that buying gold is
against the law unless you are licensed through the California
Department of Justice. 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 local law enforcement. “Given the current economic
constraints, selling excess jewelry has become a viable option for
some people,” says Chief of Police Phillip Sanchez. “But we want to
caution people that care should be taken to buy from and sell to
only licensed second hand dealers. This helps to prevent crime and
will prevent people from buying stolen property unknowingly.”
Businesses that do not possess a second hand dealer’s license and
engage in buying and selling gold and other items are breaking the
law, are subject to arrest, a $1500.00 fine and accusations of
dealing in stolen property. Several businesses in the City of
Pasadena advertise “We Buy Gold” and these businesses must be
licensed as a “Second Hand Dealer”. They are regulated by the
Pasadena Police Department. Some businesses may knowingly or
unknowingly take in stolen property that belongs to a victim of a
crime. This license also applies to those who are buying other used
items that bear a serial number or identifying marks such as laptop
computers, iPods, cell phones and gaming devices. These goods have
been found to constitute a “significant class of stolen goods” and
must be reported to law enforcement. “By using reputable, licensed
businesses, the average citizen can curb the buying and selling of
stolen goods,” continues Chief Sanchez. “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. For more information
or to become licensed by the Department of Justice, please call
Detective Sergeant Marie Sell at 626-744-3816. For full details, go
to https://local.nixle.com/alert/4450730/?sub_id=212527.