My friend was in a financial pinch and took some stuff to a pawn shop. He lives in Texas. They would not take any of the sterling silver he had. They said they buy gold only, but not silver. Anyone ever heard of this?
yes. I know a pawnshop in Janesville, that buys gold, but not silver. not silver coins, not buillion, nada.
I have heard of jewelers who only buy scrap gold, but never pawn shops. Maybe they got burned on the last silver crash?
Prices are dropping, he probably thinks it's going lower. He probably already has a stash and he could be trying to ride it out and waiting for a come back. Not a bad business decision.
Yes, that is common practice with many buyers. The reason why is silver acid test with the redish color acid can be difficult to interpret and most people don't know to use the 18k JSP acid with silver. After they get burned a few times they start turning it down. Also when sending silver to the refinery you need to send in several pounds at a time to get a decent rate.
