Stolen Coins and Pawn Shop Loopholes - video
- Thread starter mmissinglink
- Start date
funman1
New Member
mmissinglink said:
No I don't, but I'm for defending business and why people think they get to screw business just because it's business.
With the volatility of PM's, how on earth could you expect them to hold PM's for 60 days while they watch the spot dive and loose money?
That just seems wrong to me on every level...
When they buy a DVD player or antique gun the price is not going to change at all over 60 days.
mmissinglink
Active Member
That's an absurd insinuation and argument again funman.
I have not blamed the business for the bad law....that is you fabricating this out of thin air. What I have done here is argued that the law (the loophole) is the problem. But some pawnshops are guilty of having terrible ethics in regards to them not demanding that this corruptible loophole be eliminated.
The argument that within 60 days the spot price will likely move to such a great extent that this would cause very significant losses for the pawnshop if they didn't hold numismatic pm coins and other pm products is absurd. First of all, most people bringing in products made from precious metals are not going to wheelbarrow in 500 pounds of silver blobs. Most bring in precious metals in the form of antique jewelry and semi- and numismatic coins...items that are little if any at all affected by spot price fluctuations. The value of busted up junk pm necklaces/chains and such and junk silver coins would be affected....but if not selling a few handful of junk silver products is going to put a serious hurting on the pawnbroker....s/he is in the wrong business.
I used to stop in pawnshops regularly in this area and they all would have plenty of precious metal jewelry and coins sitting on shelves for months...the same jewelry and coins. Pawnshops are not ETF's trading houses and they are not set up as such. If they would be that devastated by not being able to turn around immediately the second some precious metals products are brought in, they shouldn't be contracting to give loans for or buy precious metals products....they should obtain a precious metals dealers license for that instead.
The pawnbroker is in the wrong business if he is looking to have the ability to turn over immediately a large volume of blobs for fear of a big drop in spot (which wouldn't affect prices of most precious metals products that are brought into pawnshops anyway).
It's the loophole that is bad law but it is the pawnbroker who does nothing to change it that is unethical because only he and thieves benefit from it.
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I have not blamed the business for the bad law....that is you fabricating this out of thin air. What I have done here is argued that the law (the loophole) is the problem. But some pawnshops are guilty of having terrible ethics in regards to them not demanding that this corruptible loophole be eliminated.
The argument that within 60 days the spot price will likely move to such a great extent that this would cause very significant losses for the pawnshop if they didn't hold numismatic pm coins and other pm products is absurd. First of all, most people bringing in products made from precious metals are not going to wheelbarrow in 500 pounds of silver blobs. Most bring in precious metals in the form of antique jewelry and semi- and numismatic coins...items that are little if any at all affected by spot price fluctuations. The value of busted up junk pm necklaces/chains and such and junk silver coins would be affected....but if not selling a few handful of junk silver products is going to put a serious hurting on the pawnbroker....s/he is in the wrong business.
I used to stop in pawnshops regularly in this area and they all would have plenty of precious metal jewelry and coins sitting on shelves for months...the same jewelry and coins. Pawnshops are not ETF's trading houses and they are not set up as such. If they would be that devastated by not being able to turn around immediately the second some precious metals products are brought in, they shouldn't be contracting to give loans for or buy precious metals products....they should obtain a precious metals dealers license for that instead.
The pawnbroker is in the wrong business if he is looking to have the ability to turn over immediately a large volume of blobs for fear of a big drop in spot (which wouldn't affect prices of most precious metals products that are brought into pawnshops anyway).
It's the loophole that is bad law but it is the pawnbroker who does nothing to change it that is unethical because only he and thieves benefit from it.
.
copperhead
Active Member
I think I might understand mmissinglinks point better now , A pawn shop is not the same as a
a gold and silver coin store .
The gold and silver coin store I have sold to
Needs to be one with the market , and thats how they earn income .
Yet a pawn shop earns income on any item they care to deal on , with certain criteria (state laws ) I would be inclined to feel any item sold to a pawn shop needs be treated the same .
I am not sure they should be entitled to have the best of both worlds .
Wile I want my freedom to buy and sell , and I want my silver shop to have same . A pawn shop offers a different service ,they should not be on the same footing as a true ETF
I once tried to sell some silver to a Pawn and they were not on the same page there offer was less then a ETF also I found they want to much above spot . At-least the pawn shop I went to .
a gold and silver coin store .
The gold and silver coin store I have sold to
Needs to be one with the market , and thats how they earn income .
Yet a pawn shop earns income on any item they care to deal on , with certain criteria (state laws ) I would be inclined to feel any item sold to a pawn shop needs be treated the same .
I am not sure they should be entitled to have the best of both worlds .
Wile I want my freedom to buy and sell , and I want my silver shop to have same . A pawn shop offers a different service ,they should not be on the same footing as a true ETF
I once tried to sell some silver to a Pawn and they were not on the same page there offer was less then a ETF also I found they want to much above spot . At-least the pawn shop I went to .
mmissinglink
Active Member
yes copperhead, the 2 different types of businesses are very different and a terrible loophole that only benefits thieves and the unsavory, unethical pawnbroker. It harms anyone who may be a victim of thugs/thieves who take advantage of that corruptible loophole.
People who see this loophole as a real problem are not anti-small business....we are anti-thug and morally bankrupt business owner.
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People who see this loophole as a real problem are not anti-small business....we are anti-thug and morally bankrupt business owner.
.
