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Thread: Time to regulate/ban Cash 4 Gold outlets ?

  1. #1
    Politics.ie Member rockofcashel's Avatar
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    Default Time to regulate/ban Cash 4 Gold outlets ?

    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
    1,197 people agree with me.. how many agree with you ?

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    Politics.ie Member Bobert's Avatar
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    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.
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    Politics.ie Member Panopticon's Avatar
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    It seems like a really effective way to launder the proceeds of crime.

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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......

  5. #5
    Politics.ie Member justme1's Avatar
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    Joe (FF made me shave my beard off) duffy did a show on this topic
    Find a Job you love,and you will never work a day in your life

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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.

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    Politics.ie Member Telemachus's Avatar
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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 by Telemachus; 19th October 2010 at 09:36 PM.
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    Politics.ie Member Munion's Avatar
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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?
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    Politics.ie Member rockofcashel's Avatar
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    Quote Originally Posted by Munion View Post
    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.
    1,197 people agree with me.. how many agree with you ?

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    Politics.ie Member terence's Avatar
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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!!

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