Santa Fe Imposes Precious Metals Dealers License Regulations

With the value of precious metals rising, people are cashing in on what used to be worthless junk, such as catalytic converters and old tables. Santa Fe has joined countless authorities across the U.S. in imposing regulations on the sales of precious metals in order to discourage theft of these substances.

Based on the rules passed by council members last week, every local precious metals dealer will now have to obtain a Santa Fe, NM business license. The license will cost $50 annually. Transient vendors will have to obtain a $100 precious metals dealer license for each trading event.

As already required in the gold and silver businesses, other precious metals dealers will now have to wait five days before reselling any goods they purchase. The five day wait period will give authorities a chance to recover stolen goods.

"The purpose of this is to help law enforcement, to provide another tool ... to help track and recover stolen property, and in some cases track the thieves," Santa Fe New Mexican quotes Councilor Chris Calvert having said about the new regulations.

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