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Tougher Laws for Precious Metals Buyers

By Doug Davis
Numismatic Crime Information Center

Tougher Laws for Precious Metals Buyers The first of the year brought new changes in state and local laws dealing with precious metal buyers. The steps were taken not only to protect persons selling precious metals, but those who may have fallen victim to a robbery or theft that resulted in the loss of jewelry and other precious metals.

The new laws passed by many governmental entities is an effort to modernize record-keeping, require licensing and protect consumers against illegal and unethical dealers.

The State of Texas has already arrested some out of state gold buyers for not adhering to new state requirements that were effective Jan 1, 2012. The Texas Legislative committee heard from coin dealer Mike Fuljenz whose expertise was invaluable during the drafting of the new legislation.

All dealers should keep up to date with any new laws or changes in existing laws within their state related to the buying and selling of precious metals.

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The Mike Fuljenz Metals Market Report

June 2013, Week 2 Edition

Once Again, Gold Staged a Rally over $1400 only to fall back under $1400 on Friday, based on a fairly healthy jobs report. Gold's trading range in the last four weeks has been between a floor of $1355 and a ceiling of around $1410, so it will be important to see which barrier is broken first. A sustained move above $1410 would be bullish, but we can never rule out the possibility of a test of gold's most recent lows. Meanwhile, platinum is holding near break-even for the year, due to labor unrest in South Africa, while silver is down more significantly than gold, as silver often resembles the gold market "on steroids."

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