Stop the cash for gold business

NASSAU — Commissioner of Police Ellison Greenslade said yesterday his hands were tied when dealing with suspected stolen goods as cash for gold businesses are fully licensed by the government.

Minister of National Security, Dr. Bernard Nottage, raised the issue of a link with cash for gold stores and crime this week.

The minister said he wants to close cash for gold businesses and wants a temporary ban on copper exports in the face of rising jewellery and copper theft.

“These people have licences to operate the businesses that they do,” said Greenslade when asked if police would increase investigations on these businesses.

“They went through a process, they applied in a proper way and were given a licence. Let’s be careful what we say. I can’t work magic.”

The commissioner said the blame for the crimes should not be placed solely on cash for gold dealers.

“I think it’s unfair just to speak to cash for gold because it skews the conversation,” he said.

“I think it’s unfair to business people and while I have concerns there I think it’s unfair. “I know for a fact if there was not a market in The Bahamas for illicit goods, for drugs, for stolen property … we wouldn’t be recording the figures that we are recording.”

Greenslade said the police “enjoy a very good relationship” with many pawn brokers and are able to get records and CCTV footage to help with investigations.

He said the government should not only look at the number of licenses given to pawn brokers. He said the proliferation of liquor stores in residential areas and nightspots which have licenses to operate at “strange hours” should be addressed as well.

Nottage revealed crime statistics that suggest that there is a relationship between stolen goods and cash for gold businesses.

The statistics also suggest a relationship between stolen goods and copper exports.

Nottage said of the 506 armed robberies committed between January 1 and June 11, 2013 – 299 or 59 per cent of them involved copper or jewellery theft.

Similarly, of the 157 robberies during that period, 64 cases or 41 per cent involved jewellery or copper theft.

Statistics further show that 31 per cent of the burglary cases, 33 per cent of the housebreaking cases, 23 per cent of the shop-breaking cases and 29 per cent of the stealing from vehicles cases involved copper or jewellery theft.

Of the 3,210 robbery-related cases during that period, 1,119 (35 per cent) of them involved copper or jewellery theft, Nottage said.

Earlier this week, the president of Gold Rush Bahamas said closing the cash for gold sector would only put a dent in the jewellery buying business and hurt the Bahamian people. (Nassau Guardian)

One Response to Stop the cash for gold business

  1. Chris July 9, 2013 at 5:38 pm

    I know that gold hasn’t been one of the most stable investments lately, but it still has apperciated about 500% since 2001.


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