With the recent explosion of cash for gold locations in Toronto, City Councillor Josh Cole asked for a new investigation and a review of Toronto Cash For Gold by-laws. Cole has asked the city’s municipal licensing and standards committee to look into Toronto Cash For Gold.
Cole has expressed concerns about the use of sandwich boards along busy streets, a common advertising tactic of Toronto Jewellery stores. Another major concern is that many of the items being purchased at Cash For Gold locations come from theft.
“[It’s] really been driven by neighbours who don’t feel comfortable with the amount of signage and people and sandwich boards and loitering,” said Cole.
With the staggering amount of cash for gold locations popping up in Toronto, there is a growing need for a review of the regulations involved in the business. We have already seen a number of disturbing incidents including a strange battle between some of Toronto’s biggest locations leading to investigations of foul play.
The main things that need to be reviewed are advertising and marketing practices, a policy to reduce the amount of stolen gold items being sold and regulations related to fair payouts.
The main problem is that anybody can just put up a sign and start a gold buying business, even those with immoral intentions. City staff will now prepare a report on the current regulations of cash for gold operations.
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