MILWAUKEE, Wis. (WTAQ) - There’s gold in Wisconsin’s largest city – maybe too much of it. The Milwaukee Common Council is about to consider a 4-month moratorium on city licenses for new gold-buying shops.
Those shops have mushroomed as the price of gold rose to over $1,200 an ounce – and the recession has had folks mining their homes for any scrap gold they could sell.
Alderman Terry Witkowski proposed the moratorium, which includes the creation of a task force to come up with a better way to regulate the businesses. Witkowski says too many gold shops can result in more burglaries by those looking for metals to sell. And he says they reduce the quality of the business areas where they locate.
Witkowski raised the issue after Milwaukee’s licensing panel turned down a precious metals and gem dealing license to a large Illinois firm that wanted to open an outlet in his district. Two similar shops are close by – and opponents said the street would look rundown if too many gold shops were allowed to operate there.