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 proudly with law enforcement.

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

30 days is unreasonable.

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

• WE MUST PAY BY 7-DAY POST-DATED CHEQUE

• CHEQUES MUST BE MAILED TO YOUR ADDRESS

KMG Gold was not consulted prior to proposing amendments. In fact, KMG contacted the Winnipeg police service and left messages daily, but no call back ever came.

KMG Gold made a statement at the Executive Policy Committee expressing our concerns over these proposed by-law changes. KMG Gold was the only licensed precious metals dealer to participate in the hearing.

City of Winnipeg Council passed the amendments.

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