Bring in your gold Grandma ... LMAO Sears & Kmart now a pawn shop

[thisandthat.nowandth]

Re: Bring in your gold Grandma ... LMAO Sears & Kmart now a pawn shop

What next? Will car dealerships someday exchange gold bricks for fiat for cars?

Bob Dance Gold Rush

http://www.bobdance.com/bob-dance-gold-rush.htm




-joaquin-

[c1ue]

Re: Bring in your gold Grandma ... LMAO Sears & Kmart now a pawn shop

Interesting anecdote: in the recent past - i.e. 2008, you could buy gold in Russia directly from Sberbank, but they charged an up front 30% premium.

That premium is now gone - replaced with a 4.5% service charge upon (your) selling.

[flintlock]

Re: Bring in your gold Grandma ... LMAO Sears & Kmart now a pawn shop

Exactly. People are selling their gold out of desperation. These "Cash for Gold" businesses are merely popping up to capitalize on this desperation. We are still fairly early in the "Late Majority" gold buying stage. I think owning a Pawn shop now must be very lucrative these days. People didn't save much during the easy credit boom, but they sure did buy a lot of stuff they can pawn. I watch that show "Pawn Stars" on The History channel from time to time. Talk about lambs going to the slaughter. The Pawn shop knows that in this day of Ebay and the internet, anyone walking in their shop not already knowing what their item is worth is a de facto moron.

[shiny!]

Re: Bring in your gold Grandma ... LMAO Sears & Kmart now a pawn shop

You've got it backwards. It's a bubble when people are lining up to buy gold, not to sell it!

I wonder if people will be lining up to buy gold this time. We are in unsettled times- everyone can feel it, even if the only news they get is from the MSM. In the past they would be buying gold and silver, not selling it.

In the last big runup of the 80's, people actually had some savings. They spent it on PM's as financial insurance and eventually caused a bubble. Most people now don't have any money- they're drowning in debt. Instead of buying a little PM with their paycheck, they're selling their jewelry to pay their rent.

With the current levels of household debt and 22% real unemployment (shadowstats), where will the money come from for a bubble?

[thisandthat.nowandth]

Re: Bring in your gold Grandma ... LMAO Sears & Kmart now a pawn shop

With the current levels of household debt and 22% real unemployment (shadowstats), where will the money come from for a bubble?

Primarily from; http://www.google.com/search?sourcei...ese+population , and I wouldn't underestimate silver demand even from cash-strapped populations.

-joaquin-

[thisandthat.nowandth]

Re: Bring in your gold Grandma ... LMAO Sears & Kmart now a pawn shop

Wednsday, May 19, 2010

Update On The Gold/Silver Buying Operation Being Set Up At Sears/Kmart

My friend DC from New Jersey called Pro Gold, the company setting up the gold/silver buying operation at Sears/Kmart. They are associated with this Chinese company: Combine International. Anyone still wondering how the Chinese are diversifying out of the dollar? I've been saying all along that Chinese are hedging and diversifying away from their problematic exposure to the U.S. dollars in some very subtle and clever ways. How ironic that mindless, American Idol worshipping consumption-happy Americans are dumping the one thing of value they own to the Chinese in exchange for U.S. dollar confetti. Talk about being given rope to hang one's self with...

Related

-joaquin-

[don]

Re: Bring in your gold Grandma ... LMAO Sears & Kmart now a pawn shop

I think owning a Pawn shop now must be very lucrative these days.

I talked with the local pawn shop owner- been in business many years- he told me he had to triple his working capital to meet offers he felt worth lending/buying. Never happened before.

[Slimprofits]

Re: Bring in your gold Grandma ... LMAO Sears & Kmart now a pawn shop

The gold bubble is just beginning. This is on my list of indicators of a bubble forming. When my barber and cab driver tell me to invest in gold, I will be selling gold.

Isn't that part of everyone's general plan who lurks here?

As I tried to explain elsewhere on this forum, you folks that are waiting for the "gold bubble" are simply barking up the wrong tree.

Go back to the tech bubble, when even the biggest idiot that I know was day trading. Of course he was trading cheap stocks. Gold is expensive.

Go back to the housing bubble, when you could lie your way to a million dollar mortgage. No mortgages for gold.

How is the average Joe ever going to be able to afford a gold bubble? Most couldn't at $700 and even more cannot at $1200. Maybe silver, but that's an even bigger stretch because it doesn't have the allure.