Gold buyers face new scrutiny from lawmaker

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Gold buyers could be forced to register with the state and operate from a fixed location under legislation being proposed by a southwestern Indiana lawmaker.

Democratic Rep. Gail Riecken of Evansville says she also wants to require gold buyers to hold goods for seven days and report their purchases to law enforcement officials.

Riecken tells the Indianapolis Business Journal she is pushing the bill at the urging of pawnbrokers and gold buyers amid concerns that the gold-buying industry has become a vehicle for jewelry thieves.

Cash-for-gold stores have multiplied in the last five years as gold prices have doubled. Gold prices topped $1,800 an ounce in September 2011, but it still trading at around $1,700 an ounce.

Police say the industry provides an easy outlet for stolen goods.

Information from: Indianapolis Business Journal

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