Controversial bill may have effect on gold, silver buyers

Posted at: 02/04/2013 10:28 PM
Updated at: 02/04/2013 10:34 PM
By: Chris Ramirez, KOB Eyewitness News 4

A bill aimed to curb the illegal sale and trade of gold and silver is taking some heat from those who work in the industry.

The proposed law working its way through the New Mexico Legislature creates a list of rules that precious metal buyers would have to follow.  For example, the buyer would have to photograph every item and then document the seller’s hair, gender, height, weight, complexion, and date of birth.

The bill’s sponsor hopes the regulations would cut down on gold and silver buyers purchasing stolen goods, would those in the industry complain the bill is overly burdensome. 

"We figured it would add an additional 840 minutes to our day," said David Castle, owner of Gold and Silver Exchange.  "840 minutes to do all the cataloging, the photography, all the sending in of the transactions, tracking where every little piece went."

The bill passed the first committee unanimously.