When you run a silver and gold shop, one of the things you can encounter is rogue gold sellers. These are going to be folks who are not on the up and up, and you should be advised that you may not want to buy old gold from them…because it might be stolen property.

It Should Not be a Stolen Property Hub

A rogue gold seller is someone that shows up to a silver and gold store with precious metals that have been stolen. Rogue sellers look for buyers that do not keep very good records or require identification. Typical procedures rogues like to avoid include requiring photo identification and a fingerprint from the gold seller, using government-certified scales to weigh gold, and holding onto gold merchandise for thirty days before processing.

The Silver and Gold Shop vs Rogue Purchasers

Some people believe that any and all silver and gold store owners will buy from rogue sellers, but this is an unfair myth. Most of these shops operate on the up and up. Now, there are others who are critical of people holding what are called “gold parties,” because they feel that this sort of gold buying violates gold buying ethics because it does not do so out of a brick and mortar, state licensed business.

I do not agree with this assessment. It is the right of folks to participate in precious metal buying and selling as they see fit, as long as it is not under the umbrella of fraud and theft.