Gold Theft and Recovery

Gold theft has became a big problem across America. There are a few reasons for this. Gold prices are much higher than in previous years due to the decline of fiat currencies. Secondly there is a lack of jobs. This prompts those with poor morals to resort to stealing for a source of income.

The authorities are fighting a battle against metal thefts of all types. Since copper is used in wiring and air conditioning there has been a surge in thefts of these industrial metals, even though there prices are a very small fraction of gold prices. The metal thefts are prompting stricter rules for metals dealers.

Preventing Theft

I have always advocated that those who are storing large amounts of gold and silver bullion should take steps to protect against theft. A good quality safe installed in the floor, or bolted to the floor is a good start. You may also want to see my article on Gold Storage.

Even ladies with a nice selection of gold jewelry should have it stored securely in a safe. Alarms and cameras can aid in prevention and detection of gold theft.

To aid in your gold’s recovery, if stolen, you should take color photos of your jewelry. keep a list of your items, brand names, and keep an accurate description of your gold. Describe bracelet’s and chain’s type, color, and length. Your ring and pendant descriptions should have color, size, uniqueness, and stone numbers, sizes, types, and colors listed.

Gold buyers are required to list every item they buy and provide the authorities a list of items, weights, and a clear description. Then they are required to abide by Gold Buying Holding Periods. Matching your descriptions against purchases reported, the police occasionally crack a case.

Recovering Stolen Gold

If you discover that your gold has been stolen you should immediately call the police, inventory what is missing, and file a report. If there is evidence of a break in, they will take fingerprints if there are any.

You must now be proactive to recover your gold. The authorities are so overwhelmed with metal thefts that they do not have the personnel to do much legwork. Check with your neighbors to see if they saw anyone or anything out of the ordinary. If there were any nearby cameras review the recordings to see if the thief’s image, or vehicle was captured on film.

Your next step is to take your list of stolen items and descriptions to all the gold dealers within a 5 mile radius of your home. If you have any unique items the gold buyers will remember if they have purchased it, recently. Most common thieves will attempt to sell your gold within a day or so of stealing it.

The Police Aren’t Your Best Help

Your prompt action will likely be your best chance of recovering your gold. You may be expecting the police to do this legwork, but they are too busy capturing speeders, and those neglecting to buckle their seat belts. These activities raise revenue for the municipality. Solving your gold theft actually costs the authorities money in man hours investigating the theft. They incur further costs in prosecuting, arresting, and jailing the suspects.

If you do the leg work to find the gold, and present the case to the police, it will lead to an arrest. In some cases an alert gold buyer may call the police about a suspicious gold seller. If not, chances are slim that your gold will be recovered, or that a suspect will be arrested for your gold theft.

Visiting Pawn Shops and Gold Buyers

Walk in to each pawn shop or gold dealer, and explain that you have had a recent theft. If you have pictures of the items stolen, show them to the buyers. If you had unique items, describe them. If you have a suspect you can give them their name. They can check their name in their files for recent purchases.

Most gold buyers are happy to help; they hate gold thieves just like you do. Will this work? Sometimes, unless the gold was transported out of the area. I myself had a customer come in with a description of items from his gold theft. His description fit items I had purchased. We immediately called the police. The next day the thief was arrested with the information we provided.

Can You Get Your Gold Back?

You can recover your gold by buying it from the dealer for what they paid for it. Many times some of the gold items will be broken by the gold thief in an attempt to fool the police. This technique is futile. If you buy your gold back, the thief will be ordered by the court to pay restitution, but it will take time.

Hopefully you have insurance and have given your agent a list, and pictures of your items. This will help to successfully recover funds through your insurance company.

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Gold Theft Updated 01/02/2012

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