Gyroscopic Investing

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

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

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.

craigr wrote: 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.

Ad Orientem wrote: 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.

Reub wrote: 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.