It is illegal to sell gold. Whoever buys, sells, exchanges or retains gold and silver without authorization shall be forced to buy or devalue by the People's Bank of China or the administrative department for industry and commerce. If the circumstances are serious, the administrative department for industry and commerce may impose a fine or confiscation.
How to punish reselling gold:
The punishment for reselling gold depends on the circumstances of the crime and the specific circumstances of the case. Anyone suspected of smuggling shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years and fined; If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment, and his property shall be confiscated; If the circumstances are minor, he shall be sentenced to fixed-term imprisonment of not more than five years and fined. Anyone suspected of illegal business operation shall be punished according to the punishment standard of illegal business operation.
Legal basis:
Regulations of People's Republic of China (PRC) Municipality on the Administration of Gold and Silver
Article 31
The following acts in violation of these regulations shall be punished by the People's Bank of China, the administrative department for industry and commerce and the customs according to their respective functions and powers:
(1) Whoever, in violation of the provisions of Articles 8, 9, 10 and 11 of these Regulations, purchases, sells, exchanges and retains gold and silver without authorization shall be forcibly purchased or devalued by the People's Bank of China or the administrative department for industry and commerce. If the circumstances are serious, the administrative department for industry and commerce may impose a fine or confiscation.
In violation of the provisions of Article 8, Article 9, Article 10 and Article 11 of these regulations, the administrative department for industry and commerce may revoke its business license.
(2) Whoever, in violation of the provisions of Article 13 of these regulations, melts, destroys or occupies unearthed gold and silver without owner shall be recovered by the People's Bank of China or fined by the administrative department for industry and commerce.
(three) in violation of the provisions of article seventeenth of this Ordinance, the People's Bank of China will give a warning or recover the gold and silver that have been allocated. If the circumstances are serious, a fine shall be imposed until the supply is stopped.
(4) Whoever, in violation of the provisions of Articles 19, 20, 21, 22 and 23 of these Regulations, engages in business without approval, or changes the business scope without authorization, or falsely purchases gold and silver, misappropriates or embezzles gold and silver, shall be fined or confiscated by the administrative department for industry and commerce. If the circumstances are serious, the business license may be revoked and ordered to suspend business.
(5) Whoever, in violation of the provisions of Article 7 of these regulations, uses gold and silver at a fixed price, purchases it privately or mortgages it with loans, shall be forcibly purchased or devalued by the People's Bank of China or the administrative department for industry and commerce. If the circumstances are serious, the administrative department for industry and commerce shall impose a fine or confiscation.
(6) Those who violate the regulations on the entry and exit of gold and silver in Chapter V of these regulations or smuggle gold and silver out of the country by various means shall be dealt with by the customs in accordance with these regulations and the national customs regulations.
(seven) in violation of the provisions of article fourteenth of this Ordinance, shall be paid by the people's Bank of China. The directly responsible personnel shall be investigated for administrative responsibility by the relevant units.
Article 32
In violation of the provisions of this Ordinance, which has constituted a criminal act, criminal responsibility shall be investigated by judicial organs according to law.