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10/27/2023 9:30 AM     Current Market Spot Prices:     Gold:  $1,984.26/ozt   Silver:  $22.89/ozt   Platinum:  $926.20/ozt   Palladium:  $1,168.05/ozt  

Friday, August 20, 2021

City of Winnipeg Kills Cash For Gold Business


No More Cash For Gold

City of Winnipeg Precious Metals Dealer By-Law Kills Cash For Gold

Recent changes made by council to the City Of Winnipeg Doing Business in Winnipeg By-law require that KMG Gold Recycling® now must conduct business exclusively by "commercial transaction".

On July 22, 2021, City of Winnipeg Council passed amendments to the Doing Business in Winnipeg By-law No. 91/2008.

The amendments require licensed Precious Metals Dealers to ensure that goods they buy are not disposed of until at least 30 days have elapsed after reporting the purchase to the Chief of Police. The previous time period for holding purchases after reporting to police was 15 days.

Holding purchases for 15 days was a reasonable time for the police to investigate and search for stolen items amongst our purchases. It was also a reasonable amount of time for us to cooperate with law enforcement.

30 days is unreasonable.

Not being able to sell the gold jewellery that we purchase for 30 days, in the volitile precious metals market is economically unviable.

Therefore, effective immediately, we shall conduct all business exclusively by "commercial transaction".



Don't like it?

Neither do we.

Contact the decision makers:

The Doing Business In Winnipeg By-law is available online HERE

If you are selling stolen property, please go to any of our competitors who pay cash and don't require I.D. or the travelling gold buyers that set up just outside the city limits so they don't require a license.

This by-law Amendment has nothing to do with mitigating crime and everything to do with power.

Posted by Michael Gupton at 3:59 PM 0 Comments