 |
|
12/26/11, 10:25 AM
|
|
|
|
Join Date: Sep 2011
Posts: 401
|
|
|
Hard Core Pawn: Anyone live in the detroit area?
If you live in the area, do you know if this is a legit business? I see this guy buying gold from all these black people and it seems that he is way undervaluing it. Sorry if this is the wrong area...but not sure where to put it....
thanks mods....
|
12/26/11, 11:06 AM
|
 |
In Remembrance
|
|
Join Date: Sep 2006
Location: SW Mo.
Posts: 1,625
|
|
|
link...?
|
12/26/11, 11:12 AM
|
 |
|
|
Join Date: Nov 2008
Location: michigan
Posts: 22,571
|
|
|
Where in the Detroit area is it? I've watched it a couple of times, I'd say yes it's legit if what I know of the Detroit area. Scrap gold prices are very low compaired to what people Think they are going to get.
|
12/26/11, 11:19 AM
|
 |
|
|
Join Date: Jun 2010
Location: North Central WV
Posts: 447
|
|
|
I dunno thing is some of the shows on trutv are not real there played out shows.
__________________
“As the farmer who won the lottery said when asked what he was going to do with his winnings "Keep farming until it's all gone”
|
12/26/11, 11:21 AM
|
 |
Goshen Farm
|
|
Join Date: May 2004
Location: Zone 8a, AZ
Posts: 6,189
|
|
|
The deal with scraping gold is that most is 10-18 k gold and therefore is not pure gold. When gold is selling for say a thousand bucks that amount must be reduced by the percentage of actual gold in the piece. You never get paid for the design etc. A thouand dollar wedding band will probably bring 2-3 hundred dollar if it i heavy gold.
|
12/26/11, 11:24 AM
|
|
|
|
Join Date: May 2009
Location: Georgia
Posts: 391
|
|
|
Scrap gold prices are ALWAYS low--anywhere in the country. One of the national advertisers for buying gold was paying only 12.5 cents on the dollar. Some of the others a little higher. Have seen some local buyers pay as high as 50 cents but that is higher than most. If you are selling scrap gold you should NOT expect to get a good deal. If it is jewelry in good condition you could probably do better on ebay--but that is more trouble.
|
12/26/11, 11:25 AM
|
|
|
|
Join Date: Aug 2008
Location: Indiana, USA
Posts: 12,672
|
|
|
Isn't that just pawning in general, where they give you $200 for a $1200 guitar?
In pawning, the buyer always seems to have the upper hand.
|
12/26/11, 11:44 AM
|
|
|
|
Join Date: May 2005
Location: KY South Central
Posts: 3,512
|
|
|
It is legit. I talked to a person that actually went there just to see the place but not as a special trip just happened to be in the area.. As far as cash for item seems like they give you about 1/10th of the value. I took a diamond ring in once and they offered me $100.00. The ring was over 1K.
|
12/26/11, 12:36 PM
|
 |
|
|
Join Date: Jul 2006
Location: Eastern North Carolina
Posts: 34,198
|
|
Quote:
|
In pawning, the buyer always seems to have the upper hand
|
The pawn dealer is not "buying" the items.
He's loaning money, and the items are collateral.
You generally have 90 days to pay the loan and redeem the item, or it's forfeited
__________________
ΜΟΛΩΝ ΛΑΒΕ
Last edited by Bearfootfarm; 12/26/11 at 02:45 PM.
|
12/26/11, 02:24 PM
|
|
|
|
Join Date: Mar 2006
Location: Michigan's Thumb
Posts: 6,322
|
|
You are not going to get "spot price" for gold, even if it's pure gold. The guy has to make money somehow. If he paid spot, what's he going to be able to sell it for?
Detroit is mostly a black community - something like 75%, maybe even higher now with the recession and all. Info taken from:
http://www.city-data.com/city/Detroit-Michigan.html
|
12/26/11, 02:32 PM
|
 |
Too many fat quarters...
|
|
Join Date: Aug 2007
Location: SW Nebraska, NW Kansas
Posts: 8,537
|
|
Quote:
Originally Posted by Bearfootfarm
The pawn dealer is not "buying" the items.
He's loaning money, and the items are collateral.
You generally have 90 days to pay the loan and reddem the item, or it's forfieted
|
No, every pawn shop has two options: Either pawn it (as described) or sell it outright.
|
12/26/11, 03:26 PM
|
 |
Miniature Horse lover
|
|
Join Date: Dec 2005
Location: West Central WI.
Posts: 21,249
|
|
Quote:
Originally Posted by suitcase_sally
You are not going to get "spot price" for gold, even if it's pure gold. The guy has to make money somehow. If he paid spot, what's he going to be able to sell it for?
Detroit is mostly a black community - something like 75%, maybe even higher now with the recession and all. Info taken from:
http://www.city-data.com/city/Detroit-Michigan.html |
Now I do know the other show that is on Discovery Channel. "Pawn Stars" Will and Do pay whatever gold is selling at the time.
After all their store is called "Gold and Silver Pawn Shop".
That business is open 24/7. and last year diode over 100,000 transactions.!
|
12/26/11, 03:56 PM
|
|
|
|
Join Date: Jun 2002
Location: Idaho
Posts: 4,332
|
|
|
It sure makes gold sound like a wonderful investment. You buy it at spot prices or higher, then even in good times, resell it at 1/10th or 1/8th of spot, or somewhat less than spot price, according to posts on here. Imagine what it would be worth after TEOTWAWKI.
Your only hope is to buy at spot when the market is low and sell at less than spot when the market is high.
|
12/26/11, 04:15 PM
|
|
Moderator
|
|
Join Date: May 2002
Posts: 9,511
|
|
|
My local coin shop is the exception to the rule when it comes to buying scrap.
He pays 95% of spot gold price, and almost spot on silver. He pays as good, or better, than anywhere I have seen on the internet.
I am thankful for him and his honest business practices. Last year, I scored a broken necklace at a garage sale for 25 cents. The necklace had been repaired with a clasp marked 10K, but he said it tested at 18K. He gave me $127...I was thrilled!!!!!!
|
12/26/11, 04:20 PM
|
|
Miniature Horse lover
|
|
Join Date: Dec 2005
Location: West Central WI.
Posts: 21,249
|
|
|
I remember one show that this Pawn Stars. "Bought" a '32 Cadillac in fantastic shape.
The guy wanted 100K for it. The pawn shop talked him down to 90K. He took it.
Now he wanted his selling price to be paid in Gold.
Well the pawn shop owner said they could not by law do that. BUT they could give him 90K in Cash. and then could turn that over and BUY 90K worth of gold.
So that is what he did, he sold the car for 90K
Got paid 90K in cash, held it for a few seconds. Pushed it back to the pawn guy and said he would like to BUY 90K worth of gold.
SO that is what took place. He got 90K in gold for the cash he received from selling the car.
|
12/26/11, 08:28 PM
|
|
|
|
Join Date: May 2002
Location: north central Pennsylvania
Posts: 3,681
|
|
|
the show just makes me glad I don't live in Detroit...
|
12/27/11, 09:20 AM
|
|
Too many fat quarters...
|
|
Join Date: Aug 2007
Location: SW Nebraska, NW Kansas
Posts: 8,537
|
|
Me too.
I love Pawn Stars (based in Vegas). But Hard Core Pawn just strikes me as smarmy...
I have to remind myself that there's a lot of desperate people at the pawn shop in Vegas, too, but they don't get camera time.
And every time Detroit says, "I'm trying to help you out, here." it just irritates me to no end. You are NOT helping them out. You're trying to make a buck. In and of itself, there's nothing wrong with that, but quit trying to convince us you're in the pawn business as some kind of charity work. 
(I got stuck watching a marathon at a friend's house)
Last edited by ErinP; 12/27/11 at 09:22 AM.
|
12/27/11, 11:27 AM
|
 |
|
|
Join Date: Oct 2003
Location: Carthage, Texas
Posts: 12,261
|
|
Quote:
Originally Posted by Ed Norman
It sure makes gold sound like a wonderful investment. You buy it at spot prices or higher, then even in good times, resell it at 1/10th or 1/8th of spot, or somewhat less than spot price, according to posts on here. Imagine what it would be worth after TEOTWAWKI.
Your only hope is to buy at spot when the market is low and sell at less than spot when the market is high.
|
If you buy scrap, you're going to lose on the deal when you get ready to sell it, unless you bought it cheap.
If you buy numismatic or bullion 'marked' gold/silver, your going to pay a small premium for buying and give a small premium for selling.
Gold/silver will have value after TEOTWAWKI... paper money would have value only for starting fires (and not good for that, even).
PM's aren't investments, in the traditional sense... they are inflation proof stores of wealth... they don't grow, or increase... one ounce of pm's in twenty years will still be one ounce of pm's. The buying power will be the same, or very close... an ounce of gold holds about the same value (purchasing power) it always has...
OP...
I've read where Hardcore Pawn is 'scripted'...
Ignorant folks always get fleeced when dealing with wolves... sell something you don't know the value of, expect to be taken...
__________________
Luck is what happens when preparation meets opportunity. Seneca
Learning is not compulsory... neither is survival. W. Edwards Deming
|
12/27/11, 11:42 AM
|
|
|
|
Join Date: Dec 2004
Posts: 5,522
|
|
|
Was that the program where the woman with the "Tavoski" crystal bling ring her grandmother gave her hauled out her you-know-what and shook it at the guy behind the counter? I was flipping around the tv at my parent's house Christmas Eve and dh and I saw that--he burst out laughing and I threw up in my mouth a little...
|
12/27/11, 01:25 PM
|
|
In Remembrance
|
|
Join Date: May 2002
Posts: 6,844
|
|
|
We have one in town. I'll go in a couple of times a year. When they are selling seems almost the price of new. My rule of thumb is never pay more than 60% of new for used, and then only if in excellent condition.
|
| Thread Tools |
|
|
| Rate This Thread |
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -5. The time now is 07:42 PM.
|
|
~*~Erin~*~
