Ten Day Waiting Period To Buy Gold In Ct.

[Reub]

A bill before the Ct. General Assembly would require a 10 day day waiting period to purchase gold. Do they think its a weapon?

http://www.cga.ct.gov/asp/cgabillstatus ... IT1=Normal

[Pointedstick]

What sort of paranoid insurrectionist whacko would oppose this reasonable gold safety regulation? 

[Ad Orientem]

[craigr]

That appears to be for dealers who purchase gold. Likely to prevent fencing of stolen jewelry and give owners/police a chance to check with local shops before they sell it off to another customer or to wholesale scrap dealers.

[Ad Orientem]

That appears to be for dealers who purchase gold. Likely to prevent fencing of stolen jewelry and give owners/police a chance to check with local shops before they sell it off to another customer or to wholesale scrap dealers.

OK. I may have to reduce my earlier post to a single face palm. It sounds like they had a reasonable motive here. But what they don't seem to understand is the extreme volatility of the precious metals market. Ten days is an eternity in gold and silver. If a dealer buys a 10 oz gold bar tomorrow and locks himself into that bar for ten days he could take a HUGE hit if gold decides to tank.

I applaud the motive. But the idea is not a good one. Maybe a 3 day hold period if it's jewelry or numismatics we are talking about vice gold bars or bullion coins.

[Pointedstick]

I applaud the motive. But the idea is not a good one.

I feel like that sentence pretty much describes anything politicians have ever proposed.

[MachineGhost]

A bill before the Ct. General Assembly would require a 10 day day waiting period to purchase gold. Do they think its a weapon?

My reading of it says the dealer's inventory purchases have to be held 10 days, not the consumer's.  I assume this is supposed to be some kind of anti-money laundering measure?  I think diamonds are a far bigger problem than gold.