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Pawnshops are becoming a go-to place for cash in hand
Fort Worth Star-Telegram Share    
It's early afternoon at Loan Star Pawn in Irving, Texas, and a handful of regulars — customers, off-duty police officers — are gathered around a coffee table in the center of the room. Pictures of smiling patrons and friends are stuffed under the table's glass top. A few men are eyeing the nearby jewelry cases and a gun rack on the back wall. A mean-looking semi-automatic .22-caliber rifle is going for $559. … As the country
struggles to dig out of a devastating recession, a pawnshop renaissance is upon us. More
Gold: All that glitters may not make your fortune
TIME magazine
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One particularly grim day in the middle of the financial collapse, as the value of my retirement account plummeted like Wile E. Coyote off a cliff, my brother asked me if I had considered buying gold. Without thinking, I said, "I'm not quite ready to dig a bunker in the backyard." Which was a silly thing to say about a perfectly reasonable investment, one that has appealed to figures as diverse as Cleopatra, King Midas, the
Rothschilds and the villain in Goldfinger. On reflection, though, what struck me was that my brother immediately got what I was saying. Gold is an element, it's a commodity, but it is also, for many people, an extreme political statement. When you are no longer willing to buy anything they're telling you to, that's the time to buy gold. Don't hunker down for the apocalypse without it.
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Scraping to get by, or cashing in on gold?
Contra Costa Times via Barre Montpelier Times Argus
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Nicholas Tsakoyias leaned over a display of hundreds of pieces of gold jewelry in his Concord, Calif., pawnshop, items brought in by people who found themselves in tough financial spots. Watches, rings, necklaces, even gold teeth — each piece sold or pawned in just a month at Clayton Jewelry & Loan. "We've always seen very low-income to extremely high-income people walking through our doors," said Tsakoyias, co-owner of
the store. "But now in the last few years, we're seeing more of the higher-income people. Some people have lost their jobs, lost their homes or have gone through a divorce, so we are seeing a lot more people than we have before."
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A golden opportunity?
WDBJ-TV
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In the face of a sagging economy and continued high unemployment, the price of gold has produced a sort of reverse Gold Rush, as people try to make ends meet. "I think there are a lot of people watching the markets," said Sean Hardy, owner of Lynchburg Pawnshop in Virginia. Hardy says that every morning he has people out front
waiting for him to open the doors, just so they can sell him their gold.
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Jobless claims signal unemployment to remain high
Reuters via ABC News
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The number of workers filing for jobless benefits fell only slightly, suggesting the unemployment rate will remain elevated even as recovery in the labor market builds steam. Initial claims for state unemployment aid slipped 4,000 to 444,000 in the week to May 8, the Labor Department said, maintaining this year's modest downward trend even
as other job market indicators have shown major improvements. Economists said the puzzling stickiness in claims, which they had expected to dip further to 440,000, underscored the challenges the labor market confronts as it heals from the severe beating it took during the worst recession since the 1930s.
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National Pawnbrokers Association Convention Pawn Expo 2010!
Discover the answers to your toughest business challenges.
The National Pawnbrokers Association Convention PAWN EXPO 2010 is the most comprehensive gathering of educational speakers, manufacturers, distributors, and wholesalers in the
industry. It is a tremendous opportunity to grow your business, ask questions, learn from experts, and network with fellow pawnbrokers from across the country. Click here to learn more.
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Online pawnbroker Borro.com offers interest-free loans to volcano victims
The Earth Times
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As a surge of U.K. travelers suffering loss of income and massive international phone bills flood the citizens advice bureau in the aftermath of the volcanic ash cloud, Paul Aitken,
CEO of Borro.com the online pawnbroker, is proposing his own solution to the problem. Borro is offering six-month, interest-free loans to anybody delayed by the volcanic air travel disruption.
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Gold buyers see more people cashing in jewelry, coins
The Bakersfield Californian
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Father of four Javier Villa has found sporadic agricultural work since he was laid off from his construction job two years ago, but it's not enough to live on. So on a recent
Tuesday, Villa took a 14-gram gold chain to a local jewelry store and sold it for $201. "The economy is really down," he said, but he could get enough from his gold to pay the light bill.
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Small business tax credits to pay third of health-care
premiums
Bloomberg Businessweek
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Small businesses in the U.S. will get tax credits this year to pay for more than a third of the cost of providing medical care for employees under a new program created under the health law, according to officials. Four million small businesses with less than 25 full-time employees will be eligible, according to an administration fact sheet. Businesses that qualify will get 35 percent of the cost of employee health-care premiums
reimbursed by the government, and 50 percent starting in 2014, the fact sheet said.
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Pawnshop: Ordinance can keep the peace
WTHI-TV
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A new pawnshop in Terre Haute, Ind., said a city ordinance affecting re-sellers could help keep the peace. A recent ordinance in Terre Haute requires some folks in the re-sale business to enter all items in an online database called Leads Online. Police can then check the database to find any stolen items someone might be selling.
Some shop owners fear entering the data will take too much time and end up costing them money.
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Shariah lenders scramble for golden opportunity in the pawnshop market
The Jakarta Globe
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The nation's Shariah banks are catching gold fever as more lenders launch pawnshop services to allow owners of the precious metal quick access to cash. State-owned pawnshop Perum
Pegadaian still dominates the gold pawn business, known by the Shariah term Rahn, but the domestic banks are now scrambling to get a slice of the estimated $8.25 billion a year market. At the same time, a new method of gold investment called "gold farming" is boosting the size of the market.
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