New laws for Coin Store Owners in Oklahoma seems a little invasive...what are your thoughts...?

These new regulations sound fairly similar to laws found in many other jurisdictions and don't sound too harsh on coin shop proprietors. It would seem that the largest outlet for stolen goods would be online, which has far fewer safeguards in place and shady characters can buy or peddle their goods without a physical presence in the community.

On Craigslist in my area, if rumors are true, there is a disgraced cash for gold dealer actively buying coin collections. The guy is a convicted felon and has gained a well deserved reputation for being deceptive but now apparently successfully operates on Craigslist and other online venues pulling in quite a few sellers who want quick no questions asked cash.

 

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You make an excellent point. Unfortunately, the passing of stolen goods -- largely tied to burglaries and robberies, which are tied to illegal drugs -- is so out of control that strident steps need to be taken. And, as usual, honest individuals and businesses take it in the teeth.

 

Wouldn't the law of large numbers suggest the dealer would profit as much as lose over the long run with market variances. Or do dealers just want to talk about potential losses and ignore potential gains?

Societally, its not too much of a burden to place on buyers of highly valuable, liquid assets to hold them for police surveillance imho.

If a dealer makes a really large buy, why couldn't he hedge the position?

 

Burglaries gone up in that area?

 

Medora hit it spot on, here. Yes, Mike, losing $150 over two weeks (10 business days) sucks, but how is it any different than gaining $1000 over two weeks when silver bubbles? Personally, I'm pretty sure that silver being purchased is accrued inventory. The main downside is that, if it is, indeed, stolen, the shop owner's only recourse is to recover the money from the individual who sold the stolen goods to them.

Assuming everything is legitimate, the 10 day holding period means nothing. If someone comes in to buy silver, they'd buy out of the inventory, anyway. The only scenario under which the owner loses is a very specific and unlikely one, where a buyer comes in offering to buy all the silver the shop owner has. In that case, I'm pretty sure that someone buying 100 ozt of silver likely has more than 2000 ozt in inventory anyway. Why? Well, generally speaking, most businesses don't like to increase their inventory more than 5% in a given day, unless they're getting a great deal. If they are getting a deal, the odds of the goods being stolen increases, accordingly.

 

Well, as for me, I'm against crime any and criminals that feel as though they are entitled to eat (do drugs) while riding on the back of my hard work. Usually I'm automatically FOR any type of new implementation that makes it more difficult for the criminal to ply his/her trade, but I'm not totally sure how I feel about this. I take the ideal of freedom for myself and my family very very seriously, and I'm resistant to giving that up at the point of a gun, which is essentially how any Government sponsored law or statute is enforced. Im of the old school belief that we don't need government control and oversight over every aspect of our lives. That being said, is this new law REALLY intended to stop stolen merchandise from circulating, or to give the IRS a nice, neat, itemized list of assets just waiting to be taxed?

 

Generally speaking, the law exists at the state or municipal level, so the IRS would have no such list of assets available. Also, the holding period rule generally requires the pawnbroker (coin shop owner, in this case) to hold the PMs (coins) along with some verified information about the seller. I think the store owner can opt to not collect this information, at his own risk, as it's mainly used for recovery of payment, in the event the items are stolen.

 

So in essence you've just said you prefer that stolen merchandise be easily fenced, and it's OK to deceive the IRS, in favor of some nebulous concept of "freedom." I'm thinking you might be conflating "freedom" and "anarchy."