City Council and dealers in precious metals reached a compromise Wednesday on a bill to slow the flow of stolen gold and silver.
Councilman Jack Kelly's bill would establish new regulations for pawnbrokers as well, requiring an electronic tracking system that police could use to track stolen items.
Currently, pawnbrokers report their transactions by way of individual paper slips, and Philadelphia police sought changes in the law that will greatly enhance their ability to trace stolen items and investigate burglaries.
Most controversial in the bill, however, was a 90-day holding period required of anyone buying precious metals. Even a 60-period would "put my client out of business," attorney David M. Kaplan testified to a Council committee Wednesday. That client, Allen Gilbert of Cottman Gold & Diamond Exchange, sought to knock the holding period down to 14 days.
The Committee on Licenses and Inspections approved an amendment to create a 30-day waiting period. The bill will be eligible for final passage June 17. - Jeff Shields