Silver and gold decorations everywhere during this festive time of year, but at Abilene Gold Exchange, no one is celebrating.
"The city went above and beyond what the state requires. The state doesn't require any hold period. It puts us in an economic disadvantage to hold the material that long", says Marcus Cass, manager.
Tighter government regulations were announced at the City Council meeting to monitor precious metal transactions, and while business is far from slow, especially this time of year, manager, Marcus Cass, is concerned the holding time may dull the potential for a 14-karat future.
"This ordinance effects us, because we have to hold it for an extended length of time. If the market goes down, we lose money", says Cass.
However, Abilene Police see a silver lining to the precious metal restrictions, believing that the extended holding time will decrease folks bringing in stolen items, giving them more time to investigate.
"They just want more time to work the case, and that puts a financial burden on us", explains Cass.
As long as people still want cash for gold, business owners may be more restricted, but will keep the profits coming in from all that glitters. .
The ordinance also impacts scrap metal businesses, and will require them to obtain a permit. A seven day holding period was reached as a compromise, after cash for gold businesses wanted three days, and police hoped for eleven.
"The city went above and beyond what the state requires. The state doesn't require any hold period. It puts us in an economic disadvantage to hold the material that long", says Marcus Cass, manager.
Tighter government regulations were announced at the City Council meeting to monitor precious metal transactions, and while business is far from slow, especially this time of year, manager, Marcus Cass, is concerned the holding time may dull the potential for a 14-karat future.
"This ordinance effects us, because we have to hold it for an extended length of time. If the market goes down, we lose money", says Cass.
However, Abilene Police see a silver lining to the precious metal restrictions, believing that the extended holding time will decrease folks bringing in stolen items, giving them more time to investigate.
"They just want more time to work the case, and that puts a financial burden on us", explains Cass.
As long as people still want cash for gold, business owners may be more restricted, but will keep the profits coming in from all that glitters. .
The ordinance also impacts scrap metal businesses, and will require them to obtain a permit. A seven day holding period was reached as a compromise, after cash for gold businesses wanted three days, and police hoped for eleven.
