Comments on: Minister Dunkley: Regulating “Cash For Gold”

By: Opinion: ‘Fully Engaged In The People’s Business’ | Bernews.com

Opinion: ‘Fully Engaged In The People’s Business’ | Bernews.com — Fri, 14 Mar 2014 12:38:02 +0000

[...] announced our intention to work out regulations for the cash-for-gold trade to protect people victimized by theft. This follows incidents in which stolen gold has been quickly [...]

By: Really?

Really? — Tue, 11 Mar 2014 05:03:19 +0000

You are absolutely correct, because we all know that we are treated as innocent until proven guilty right? SMH. As to not suspecting foul play on the part of the seller, explain to me how a school age child walks into a cash for gold outlet with a $3000 bracelet and receives $1200 cash? Doesn’t sound like “fair market value” or that there was no reason for the operator to be suspicious to me.

By: TESTI

TESTI — Mon, 10 Mar 2014 23:10:01 +0000

It is only a crime if you purchased or accepted the items knowing that they were stolen. If you purchased the items at fair market value and had no reason to suspect that they were stolen the items would likely just be taken from you and returned to the owners and you would be out of pocket.

By: lucky 7

lucky 7 — Mon, 10 Mar 2014 21:59:09 +0000

RJ- is that short for Real Jerk? You’re comment is so ignorant, Michael Dunkley is trying to help everyone. Or are you one of the thieves who is now pissed off?

By: Really?

Really? — Mon, 10 Mar 2014 21:18:31 +0000

All common sense steps. Especially the part about not being melted or otherwise disposed of for 60 days.

I have a question on the legality of these type transactions. Considering that if you or I were to purchase jewelery which happened to turn out to be stolen, we could, and probably would be prosecuted for “receiving stolen property”, how is it all well and good for these businesses to do the same thing?

We all know that the real reason that they make such an effort to melt and ship the gold overseas in such a hurry is that the operators recognize that there IS and will continue to be a portion of what they purchase that is stolen.

As to the case mentioned where the gold was supposedly melted quickly being a “one off” thing, save it! I know for a fact that is not true. It happens more often than not.

By: Mile High Club

Mile High Club — Mon, 10 Mar 2014 19:53:55 +0000

I agree Y-Gurl, but I say longer than 21 days is needed. I know several people that don’t travel often , but when they do, they go for 3 weeks or longer.

By: Mile High Club

Mile High Club — Mon, 10 Mar 2014 19:47:06 +0000

Why Ban it? Do what they do in other areas. A copy of a valid photo ID is taken from the seller. All gold sales reported to police and checked against stolen reports. No item can be melted, sold, traded or shipped overseas for 60 days.

By: Real Bermudian

Real Bermudian — Mon, 10 Mar 2014 18:00:49 +0000

I agree with regulating this but the other side of this is if they cannot get an easy way to sell the items they will sell it on the streets??

By: Greatnews!

Greatnews! — Mon, 10 Mar 2014 17:58:37 +0000

Obviously some one who has never had their gold stolen and sold and shipped out within two days. Sometimes regulations are needed or would you like it to be the wild west all over again?

I never understood how these cash for gold places can say they are careful on what they buy when a 20ish year old comes in with like thousands of dollars of gold, coins, bracelets and yet it never raises a red flag with these places at all to even hold those items for a significant amount of time. It’s long overdue for official regulation of these kinds of business, if you ever tried to deal with any of them in getting back your stolen goods you’d know it’s like getting teeth pulled!

By: RJ

RJ — Mon, 10 Mar 2014 17:01:42 +0000

This Island is already drowning in regulations. Another burden for businesses.

By: Independent

Independent — Mon, 10 Mar 2014 16:41:53 +0000

I support the minister on this. Many of Bermudians gold has been taken for this specific reason, so well done sir.

By: Common Sense

Common Sense — Mon, 10 Mar 2014 16:41:27 +0000

What the Minister has stated makes good sense and should be acted on ASAP. I also agree with Y-Girl’s suggestion that any gold traded in must be required to be kept in Bermuda for a minimum period of 21 days.

I would also suggest that not only the gold be photographed but also the person trying to sell it. If the person is genuine the photo goes nowhere and his or her privacy is not invaded. But if the person selling is a thief, or a receiver of stolen goods, then the photo can be handed over to the Police for a criminal investigation.

By: Y-Gurl

Y-Gurl — Mon, 10 Mar 2014 15:00:49 +0000

Better late than never….I guess so how about in part of the proposed regulation they (cash for gold) be required to keep the goods in Bermuda for a period of 21 days to allow any thefts to be discovered and not allow them to courier the goods out of Bermuda the same or following day. Also some clarification on what they are licensed to do would be nice, they give you a small sum of cash for gold weight then sell it to a 3rd party in the US….we get it, they offer loans based on someone leaving a bag or watch with them….are they a pawn shop?, they also give un secured loans…are they a bank?

By: Thank you

Thank you — Mon, 10 Mar 2014 14:38:46 +0000

Thank you, Thank you!! BAN CASH FOR GOLD!!

By: Dockyard Lackey

Dockyard Lackey — Mon, 10 Mar 2014 14:08:08 +0000

About time! This might put the breaks on some of the burglars who deal in stolen gold and jewelry.