National City Cracks Down On Gold-Buying Businesses

10-Month Moratorium On New Pawn Shops, Secondhand Stores, Precious Metal Dealers 

10News

National City has adopted a 10-month moratorium on new pawn shops, secondhand stores and precious metal dealers in the city after concerns about legal problems and crime.

City leaders want to slow the increased interest in gold sales and purchases within city limits. As of Wednesday afternoon, gold was valued at $1,817 an ounce.”It has just skyrocketed on the number of businesses opening up,” said National City Mayor Ron Morrison. “I mean, people out of their beauty salon or whatever else buying gold… it just becomes this huge deal.”

The “huge deal” came to light during Tuesday night’s city council meeting where the moratorium was approved.

City leaders said they are worried about potential legal problems from the “cash for gold” operations.The state of California requires items sold to pawn shops be held for 30 days before they are sold. That gives authorities time to verify the items were not stolen.

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