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Time to regulate/ban Cash 4 Gold outlets ?


rockofcashel

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This is something which has been scratching at the back of my mind for a while and I am not sure has it been addressed on P.ie in the past, but does anyone have any idea what sort of regulation governs the workings of the various cash4gold/pawn shops that have sprung up wholesale in recent times.

Nowadays, it seems you can walk into an outlet off the street, or post and item to a dealer, and be given cash back almost immediately, no questions asked.

If this is the case, I don't like it, and I don't think it is right. I think this kind of transactional process is encouraging theft and burglaries, and offers people involved in theft and burglary a means to "fence" goods, or liquidate the proceeds of their crimes with relative ease.

Are outlets required to ask for proof of ownership of items proferred ?

Must they contact Gardai about items worth over a certain value (similar to money laundering legislation) ?

Should they be made to look for ID off all people offering items for sale, and keep a visual record (photo) of what they recieved, which could be checked against a national database ?

I seriously don't like this whole cash4gold phenomenon
 


Bobert

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Mar 28, 2008
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1,072
As far as I can make out it's simply a capitalisation on the increased financial pressure people are facing so they provide a means to flog granny's old necklace to pay this month's mortgage. I don't like them. I think they cheapen an area and will lead to increased crime. However, I'd rather see them unregulated as they are legitimate business (for the most part and I'm sure cops/revenue will clamp down on others) and pay tax.
 

Panopticon

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It seems like a really effective way to launder the proceeds of crime.
 

drjimryan2

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Nov 16, 2009
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business is business......

however, i must agree that the 'instant cash' element is the most worrying.....

a 3 day 'cooling period' where you can collect your gold back or then be paid would be a positive move, I feel......
 

justme1

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Joe (FF made me shave my beard off) duffy did a show on this topic
 

disgruntledcitizen

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whilst there is no empirical evidence that they are causing increases in crime, or how much of the items they receive are stolen i do believe that their operations are a considerable imputes to such crimes.

there are a number of relatively simple steps that could deter / reduce the appeal of such elements.

1. ban post in option, all items must be presented in a registered premise
2. state issued ID must be produced for all transactions
3. CCTV / video of all transactions must be kept for an agreed period
4. Cash should not be handed over, either a cheque issued, funds transfered, etc
5. all items must be recorded and kept for an agreed period before being processed

those options whilst not perfect and that will no doubt cause difficulties for some and increased costs for the operators would probably be for the wider good.
 

Telemachus

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There's a local one near me, its essentially a pawn shop. I would like them to write down the service tags of the laptops they are selling at the very least, and revenue be responsible for tracing the tags.
 
Last edited:

Munion

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Address (Head Office):
Unit 6, Lyon House,
50 Nore Road,
Glasnevin,
Dublin 11

Phone (Republic of Ireland) : 01 830 8242

Fax: 003531 882 7904

Email: info@goldtocash.ie

The managing director's name is Niall Newman. Why not contact him with your questions and concerns and post up his response for us to see?
 

rockofcashel

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Address (Head Office):
Unit 6, Lyon House,
50 Nore Road,
Glasnevin,
Dublin 11

Phone (Republic of Ireland) : 01 830 8242

Fax: 003531 882 7904

Email: info@goldtocash.ie

The managing director's name is Niall Newman. Why not contact him with your questions and concerns and post up his response for us to see?
I think I'll do that Munion, thanks.
 

terence

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Mar 8, 2009
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Buying and selling Gold through a Gold dealer does not come under Financial Regulator either. Gold is a legitimate tender so why not??

Seems to me odd that these outlets suddenly appear when Gold value is on the increase. Do they know something we don't!!
 

EvotingMachine0197

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Feb 17, 2006
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Aren't they effectively legislated for under the Pawnbrokers Act 1964 ?

Pawnbrokers Act, 1964

"pawnbroker" includes any person who carries on the business of taking goods and chattels in pawn and in particular (but without prejudice to the generality of the foregoing) includes any person who—


( a ) receives or takes from any other person any goods or chattels by way of security for the repayment of any sum of money not exceeding fifty pounds advanced thereon; or


( b ) purchases, or receives or takes in, goods or chattels and pays or advances or lends thereon any sum of money not exceeding fifty pounds with or under an agreement or understanding expressed or implied or from the nature of the transaction to be reasonably inferred that those goods or chattels may be afterwards redeemed or purchased on any terms;
In which case, under Section 7 of the Act, they would require a licence.

7.—(1) A person shall not carry on the business of a pawnbroker at any premises unless he holds a licence which is in force in respect of those premises.

(2) A person who is the holder of a pawnbroker's licence granted under the Stamp Duties (Ireland) Act, 1842, shall, for so long as he holds such licence, be deemed to be duly licensed for the purpose of subsection (1) of this section until the 31st day of July next following the commencement of this Act.

(3) Any person who contravenes this section shall be guilty of an offence.
 
Last edited:

White Rose

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May 29, 2007
Messages
624
It's a bubble- gold will drop in price eventually and they will disappear

Don't actually see what's wrong with them. Give me gold and I'll give you cash. Nobody's forcing you to hand over your necklace or whatever
 

orbit

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Dec 5, 2008
Messages
701
Pawning is different. These are straightforward sales for cash. I'd share the concerns mentioned previously, and I'd also wonder how transparent this kind of "market" is. ie. are people getting a reasonable price, when they might be selling under (financial) duress. Not saying there should be any regulation of price, but there should be paper trails, cooling off periods etc.
 

goosebump

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May 23, 2008
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All other business of the Oireachtas should be suspended until this issue is resolved.
 

rockofcashel

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All other business of the Oireachtas should be suspended until this issue is resolved.
Don't be an eejit, no one is calling for anything like that. But, do you not think that the proliferation of such outlets, especially those which offer a "post in gold/send out cash" element, make it easier for the movement and liquidation into cash of stolen property ?
 

Aspherical123

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Mar 8, 2010
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Buying and selling Gold through a Gold dealer does not come under Financial Regulator either. Gold is a legitimate tender so why not??

Seems to me odd that these outlets suddenly appear when Gold value is on the increase. Do they know something we don't!!
If you by more then a certain amount of gold you need proof of ID and they inform the revenue.
 

Mitsui2

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Nov 13, 2009
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33,329
Seems to me odd that these outlets suddenly appear when Gold value is on the increase. Do they know something we don't!!
While I agree with much of the unease expressed generally in the thread about these places, I don't think their appearance at this time is indicative of anything more than the appearance of sharks when there's blood in the water.
 

Expose the lot of them

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Jan 15, 2009
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20,926
are people getting a reasonable price,
.
In a word No, I rambled into one out of curiosity, I showed the person behind the counter a very heavy 22 carat gold necklace. First he told he it was 9 carat, then underestimated the weight substantially and offered me less than one third of the value of the (underestimated) weight. These outfits prey on the desperate and facilitate criminal activity. Better to pawn the item and hope that you are in a position to redeem it later, if not, you will still get more for the item from a pawnbroker.
 

eoghanacht

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Apr 18, 2006
Messages
33,301
Cash for gold outlets or as i like to call them junkies ATM's.
 

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