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St. Francis may regulate gold buyers

July 6, 2010

St. Francis - Following other cities, St. Francis might create an ordinance to manage the growing number of stores that buy gold.

More broadly, an ordinance that the Common Council will consider tonight would set rules for the operation of pawnbrokers, secondhand article dealers and secondhand jewelry dealers, City Administrator Ralph Voltner said.

Voltner said one retailer has applied to the city for permission to buy gold in St. Francis.

The Milwaukee Common Council on Wednesday is scheduled to consider an ordinance imposing rules on gold buyers, including requiring them and other secondhand dealers to report transactions on a police-approved web site.

Milwaukee officials see it as a way to contain home burglaries.

A Journal Sentinel story last month found that the prices gold buyers pay vary widely.

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