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Stockton gold dealers: We don't buy stolen gold

6:58 PM, Sep 18, 2012   |    comments
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STOCKTON, CA - Gold continues to rise in value with a current price of $1,775 for one troy ounce.

"A gold chain like this can easily sell for $3,000 to $4,000 dollars," said Tim Cassidy, owner of Cassidy's Jewelry & Loans on Market Street, as he picked up a rope gold chain estimated at three ounces.

Gold dealers said necklaces and chains are easy money basically dangling in the face of crooks. Several robbers who want that Midas Touch are snatching it right off the necks' of gold owners.

Stockton police reported 205 gold chain robberies since March 1, but investigators are still trying to determine where the stolen chains are ending up.

Cassidy said his store rarely sees the hot metals.

MORE: Stockton gold chain robbery locations/times

"We require picture IDs, thumb prints and we have cameras and pictures," said Cassidy, who admits he wouldn't be able to pay the gold sellers more than what the streets offer for gold.

"We're required by law to hold it for 30 days, so the police have a chance to come and look at it."

It's a similar story at Cash 4 Gold on California Street.

"We take everything to the police department, so they see everything we buy," said a dealer behind the plastic counter.

Stockton's pawn shops and gold dealers said since they legally have to wait 30 days before they can make any gold deal, the police should turn their attention to the dealers working at the fairs, flea markets and, in some cases, out of vans, who don't follow the same regulations.

"If they know the gold is $1775, they can convert it tomorrow," said Cassidy. "They can give them a lot more money than a person like myself who has to wait 30 days and I don't know where gold will be in 30 days."

 

 

News10/KXTV

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