Gold is over $1700 an ounce, but LCSes forbidden to do business

Discussion in 'Bullion Investing' started by myownprivy, Apr 6, 2020.

  1. CommemHalfScrub

    CommemHalfScrub Active Member

    I work for a local jewelry shop where we also sell coins and purchase items from the public. We also have a state-issued pawn license and issue loans but were deemed nonessential. Unfortunately, that decision hurts the low-income population the most, as they may not have a bank that can offer them financial services.
     
    midas1 likes this.
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  3. crazyd

    crazyd Well-Known Member


    But most of us were warned about this happening. I pulled my gold and gems out of my SD box before things got to this level.
     
    CommemHalfScrub likes this.
  4. rte

    rte Well-Known Member

    That sounds odd.
    I thought pawn shops were deemed Essential, like banks.
     
  5. slackaction1

    slackaction1 Supporter! Supporter

    On this day in 2011, silver hit $40.18 an ounce.
     
  6. CommemHalfScrub

    CommemHalfScrub Active Member

    we did too....but our governor strictly deemed them nonessential.
     
  7. rte

    rte Well-Known Member

    I suppose it matters who is pulling the strings in your town (ie the mayor)

    Pawn Shop's are said to be the oldest banking system in the world.
    With a pawn license your store should qualify.
    You may have to take it up with mayor.

    Gold up a dollar today, whohoo AND it's gone. (watching the kitco live feed for entertainment ):D
    More importantly....
    Make sure I get the memo to sell silver at close to $50 this time around.
     
    Last edited: Apr 8, 2020
  8. ToughCOINS

    ToughCOINS Dealer Member Moderator

  9. ToughCOINS

    ToughCOINS Dealer Member Moderator


    What’s less of a hassle? Visiting your SDB by appointment, or pushing a wheelbarrow full of cash into the supermarket for a bag full of groceries?

    . . . Okay, so we’re not doing the Reichsmark thing, but it was funny, wasn’t it?
     
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  10. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    It’s funny the workers seemed essential. I cater to commercial construction. An area university deemed all construction nonessential and shut down the jobsites..... All those with exception of the major athletic facilities which by the way are the cash center for the university..... By golly we can’t play sports, but we will certainly have some fine facilities!
     
  11. TheFinn

    TheFinn Well-Known Member

    I sold all of mine at a show for $45.

    The memo won't work. People will see it going up and will wait for $100. Greed clouds people's vision.
     
  12. losthomer

    losthomer Active Member

    Was that a recent show? Seems strange given ASEs can be had for $23 online at major dealers along with 10oz bars for $187. Some people got to have it now I guess.

    I just found out that the only coin shop in my area has closed for good leaving only pawn shops of which there are too many for.a small town.
     
    GoldFinger1969 likes this.
  13. rte

    rte Well-Known Member

    You did well.
    We will put you in charge of sending out the Memos :D or just shoot me a PM.
    I was out in the sticks or out of the loupe the last run up and didn't get a chance to sell high.
    Most of what I acquired was other deals that were redistributed into S&G.
    I like to call it OPM (other people's money)

    I'd like to think I'm in a good position with the accumulation of metals, But a 2,3,4 times return on some pieces is always a plus.
     
  14. GoldFinger1969

    GoldFinger1969 Well-Known Member

    That's said...probably a 1-man shop where the guy/gal might be able to operate the same from home so who knows if they are really "out of business" or just ditching the physical location.

    If you have a dedicated room in your house -- or heck, a couple of neatly-organized glass trays that you can spread out on the kitchen table -- unless you have THOUSANDS of coins -- you can pretty much display the bulk of your inventory for clients that you meet By Appointment Only.

    Think of what you would save in rent....utilities....etc. Your profit margins would go up a ton.
     
  15. GoldFinger1969

    GoldFinger1969 Well-Known Member

    California Governor says the construction of the new Rams stadium is essential.
     
    Randy Abercrombie likes this.
  16. Rono

    Rono Senior Member

    Howdy folks,

    Damn. What is essential is a floating idea at best. Cripes. Here in Michigan, my coin shop IS but my local nursery and landscape supply is NOT. People are going to have to grow gardens just to eat.

    sorry to those that are getting screwed,

    rono
     
  17. FryDaddyJr

    FryDaddyJr Junior Member


    get help
     
  18. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    go native..........
     
  19. fretboard

    fretboard Defender of Old Coinage!

    You got that right! I'm hoping for $2000 an ounce before December 2020!! laughhard.gif It don't matter that LCS's aren't open, worse case scenario sell online! :D
     
    Collecting Nut likes this.
  20. imrich

    imrich Supporter! Supporter

    My experience with banks is: I hope you've kept emergency funding in someplace other than your bank, as their floor employees have also gone home, locking the doors to normal inside activities, as loans, cashing government bonds, lock box access, etc. .

    JMHO
     
  21. TheFinn

    TheFinn Well-Known Member

    April 2011. A friend who bought all I had asked why I was selling when it was going up. I asked him why he was buying and whether he could recognize what a bubble was.
    My aunt and uncle had been buying silver coin at 1.3x face value for years and sold when it was at $45 in 1980. They paid off their house, bought a new car and had money in the bank. I learned that all things go in cycles, not just hockey sticks.
     
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