The Ohio Department of Commerce is reviewing a decision by the United States District Court for the Southern District of Ohio which has enjoined the Ohio Department of Commerce from enforcing the Ohio Precious Metals Dealers Act.
The decision, filed on December 5, 2012, is about the constitutionality of the law and not the enforcement of it by the Ohio Department of Commerce. The State of Ohio has regulated the purchase of precious metals since 1921.
“Our concern is for the protection of the consumer,” said Ohio Commerce Director David Goodman. “Until we determine what comes next, someone who is considering selling gold or silver needs to be as vigilant as ever.”
Director Goodman offers Ohioans the following advice if they intend to sell gold or silver:
- The value of gold and silver fluctuates day-to-day. To make sure you are getting a good value and a fair price, visit 3 businesses to see what they are willing to pay for the quantity of gold you have to sell, BEFORE you sell.
- Ask each business for the weight they calculated for the precious metal.
- Do business with local, Ohio businesses. Never put gold items in a bag and mail it off for evaluation or analysis. It makes it more difficult to get a fair, competitive price, or even getting your items back, should you decide not to sell.
“If you send the item out of state, you may never see it again,” said Director Goodman, “In one case, the company wanted $39.00 for shipping and handling, to send it back to its owner.”
The value of gold and silver fluctuates. Gold closed yesterday at $1,692.40 per ounce. Gold prices peaked at $1,889.00 per ounce in July, 2011. Gold is up 113% over the last five years and nearly 425% over 10 years. The price of silver peaked at $48.58 per ounce in May, 2011 but is up 130% over the last five years and up 613% over 10 years.
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