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Hello, I was shocked when I found out that most places that sell Gold/Silver ask for identification even if you pay in cash. I mean showing your ID to them is like saying "Hey come and rob me". Can gold be purchased in Canada without presenting your ID ?
Is ID required every where you buy gold or silver? Would guess it's to protect the seller, since it's a high dollar market. How do they know you aren't looking to rob or scam them? Is your money real, and yours to spend. Hiding something from somebody? Drug money, protection money, kidnapping, robbery? I'd be a little concerned about somebody handing a large quantity of cash, even more for other paper and plastic payments.
By the way, It is highly ilegal to for a salesman to ask for your home address or any other form of ID other than the gun license when you purchase amunition. SO why should silver/gold be any different?
How does that concern someone as a dealer? When you buy a large LCD TV with good surround sound worth more than two grand, the store never asks for any ID. Why should silver (worth only $15 an ounce) or Gold (worth around $850 an ounce) be any different? Oh is it because it doesn't loose its value?
Most businesses don't want the government coming after tham for laundering money. So they're suppose to call in everyone suspicous? And risk being held accountable by the launderers because they were singled out? Or risk not calling in an unsuspicous person who is actually a launderer and get in trouble for it later on? Or they can just check the ID of every single person walking in and at least say they did something.I doubt the seller is too concerned where or how you "obtained your money". Their job is to trade not verify my income. If they feel suspicious about someone (like someone coming in with a LOT of Cash) they can contact the police and let them deal with it.
To find out why, type FDR GOLD into Google.Hello, I was shocked when I found out that most places that sell Gold/Silver ask for identification even if you pay in cash.
To find out why, type FDR GOLD into Google.
I would think that's exactly why. Two words...money laundering. I'd like to see you do that with a large screen LCD TV. That's how it's different.
Most businesses don't want the government coming after tham for laundering money. So they're suppose to call in everyone suspicous? And risk being held accountable by the launderers because they were singled out? Or risk not calling in an unsuspicous person who is actually a launderer and get in trouble for it later on? Or they can just check the ID of every single person walking in and at least say they did something.
Makes sense to me.
Yup that’s true. It happened than it will probably happen again. That is probably the real reason they ask for your ID...It's funny how some people in here worry about "money laundering" when a simple check on the machines (and they always check) can clearly differentiate between "real money" and laundered. Further, money launderers register businesses and write off their “income” that way (no need to buy gold which will show an obvious income level)...
So there you have it people, I totally agree with kchriste on this one...
Further, silver/gold dealers always check your money on the machine that can clearly differentiate if the money is laundered. FDR Gold sounds like the real reason the government wants to know who is buying gold...
Um what will stop me from buying a TV ?
Is it illegal in Canada too to ask for ID when buying ammunition? I don't see why it is, nor have I ever heard anything like that. That sounds much more like an American thing, but it seems that some places in the US ID you to buy ammo, while others don't do anything at all.
By the way, It is highly ilegal to for a salesman to ask for your home address or any other form of ID other than the gun license when you purchase amunition. SO why should silver/gold be any different ?
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Actually, Frosty it is NOT illegal to ASK for your name and address. It IS illegal to insist on this info, or the sale will not go through.
Back when there were Radio Shacks in Canada there was a bruhaha when a few shoppers became irate when the stores insisted on gathering this info with every sale, or the sale wouldnt go through...even if it was for a .79 cent battery. After a lot of negative press, the final outcome was that they would still ask, but the info was not absolutely required.
I still remember the news progams looking into the laws regarding the legality of asking for this info, and ultimatly it was found that within Canadian law it is not illegal to ask for, or gather this info, as long as it is given freely. OF COURSE, THERE ARE STILL PEOPLE THAT STILL DO THIS...just try to rent a Hotel Room, or a car without providing all this info....but who are you going to compalain to?????.
Gathering and STORING goverment generated info, such as social security numbers, OHIP Numbers, Drivers licence numbers, etc., is generally not considered legal. Technically, even Doctors are not allowed to collect OHIP numbers which is why a card is required to be shown at the start of each visit....but some doctors still do.
(This is one of the few times having a brother that is a lawyer, and a wife that is a Doctor... comes in handy).