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How quickly do pawn shops reprice?

boatbldrboatbldr Posts: 211 ✭
in Precious Metals
After a day like today, when there is a big jump? I know it will probably vary store to store, but the one I'm looking at has a small amount of PM and jewelery, and lots of tools, guitars, tv's and the like. Do most of these guys have time to watch the PM market daily?

BTW, my 200th post!, it only took me 6 years!

Comments

  • CladiatorCladiator Posts: 18,038 ✭✭✭✭✭


    << <i>Do most of these guys have time to watch the PM market daily? >>

    Only takes a second or two to check Apmex or Kitco for live spot.

    ps. Congrats on 200, where's the giveaway? image
  • boatbldrboatbldr Posts: 211 ✭


    << <i>

    << <i>ps. Congrats on 200, where's the giveaway? image >>



    I think it's going through congress right now!
  • storm888storm888 Posts: 11,701 ✭✭✭
    "...Do most of these guys have time to watch the PM market daily? ..."


    //////////////////////////////


    Yes.
    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.
  • MoneyLAMoneyLA Posts: 1,825 ✭
    Checking pawn shops for "deals" is part of my business. Ive gone to various pawn shops with gold chains to sell, and Ive gone to pawn shops to buy silver dollars... all for TV and web reports.

    Its fascinating how they "operate."

    If you want to "buy" you are not likely to find "current prices" posted anywhere. Show an interest in something, and they'll "check on it."

    Same is true if you have something to sell... first they'll check for authenticity (the old scratch test) then they check either over the phone or with someone "in the back" to give you a price.

    if you are looking to get a "loan" the process is simpler... they will ask "how much do you need" and price the loan accordingly if your collateral is sufficient.
    Cheers, Alan Mendelson
    www.AlanBestBuys.com
    www.VegasBestBuys.com
  • PerryHallPerryHall Posts: 46,085 ✭✭✭✭✭
    Do stock brokers check the New York Sock Exchange on a regular basis? Most pawn shops will check the price of gold whenever someone comes in looking to sell or buy gold.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • boatbldrboatbldr Posts: 211 ✭
    Well, I answered my own question yesterday. Last week I went in and saw a 1852 1/4 eagle, raw, about EF45-50, asking $250. I had them pull it out and I was able to look closely at it with a loupe. I wet back yesterday and bought it, the price was still $250, but asked for a better price and they gave me 10% off. Not a steal, not a rip off either. In any case, the person who prices the coins just goes on eBay, and kicks it up about 25%, then forgets it... at this particular pawn shop. He didn't seem to have much if any knowledge of coins. I will keep my eye on this pawn shop, there is potential there.
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