California City Outlaws Gold Sales

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  • California City Outlaws Gold Sales
    September 8, 2011

    Editor’s note: Officialdom in National City insists the moratorium is about crime, but it seems the problem is the rapid turnover in gold at pawnshops does not allow government to collect taxes.

    National City has adopted a 10-month moratorium on new pawn shops, secondhand stores and precious metal dealers in the city after concerns about legal problems and crime.

    City leaders want to slow the increased interest in gold sales and purchases within city limits. As of Wednesday afternoon, gold was valued at $1,817 an ounce.

    “It has just skyrocketed on the number of businesses opening up,” said National City Mayor Ron Morrison. “I mean, people out of their beauty salon or whatever else buying gold… it just becomes this huge deal.”

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