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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

April 2014 – Week 3 Edition

Gold has been very volatile in the last week, rising from below $1284 on April 3 to $1330 on April 14 before correcting back to $1300 on Tuesday, April 15. Still, it's encouraging to see gold remain slightly above $1300 after starting the year at $1200. Meanwhile, the Dow Jones Industrials are down over 2% and the once-glamorous NASDAQ tech stock index fell 5% in the last week. Gold rose Friday on high producer price inflation and then got a boost Monday on a revival of violence in Ukraine, but consumer price inflation (released Tuesday) was "tame," so gold retreated, despite continuing tensions in the Ukraine.