Sears and Kmart to Offer Cash-for-Gold Service
cohodk
Posts: 19,108 ✭✭✭✭✭
Dont know if this has been posted before, but it is a classic sign.
The new service, available at the jewelry departments of Sears and Kmart stores, allows customers to send their gold and silver items to Pro Gold Network, a company that buys precious metals from consumers.
The new service, available at the jewelry departments of Sears and Kmart stores, allows customers to send their gold and silver items to Pro Gold Network, a company that buys precious metals from consumers.
Excuses are tools of the ignorant
Knowledge is the enemy of fear
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Knowledge is the enemy of fear
It is certainly a classic sign of yet someone else wanting to get a cut on the easiest and single largest "mining" operation in the world. I would imagine the central banks, huge funds, and billionaires have an insatiable desire to pack away as much gold and other hard assets as they can. In order to do this one has to mine the world's sheeple as thoroughly as possible as there is no other easier or larger source of gold out there. The CB's certainly aren't letting go of what limited gold they have left. Last year $Cash4Gold schemes "mined" between 1000-1500 tons of scrap around the world. Something has to make up for the falling production of the miners over the past decade and also reduced/minimal European CB gold sales. In the end game, he who holds the most gold and oil makes the rules.
This is also a classic sign that the gold exchanges (LBMA and Comex) are leaving no stone unturned to find physical gold to prevent defaulting on future deliveries). There is no easier and cheaper way to find gold than via the sheeple. Wasn't the LBMA at one point last year offering a 25% cash premium to gold contract price if those requesting physical gold deliveries would take paper instead? FDR had to take the gold from the people by decree. Today, it's much easier as the sheeple willingly give up the barbarous metal at large discounts to spot to the $Cash4Gold outfits. Amazing when you think about it. And let's not forget that Jewelry stores are bleeding on declining gold jewelry sales and jewelry in general. What better way to also boost the bottom line by essentially mimicking the biggest money maker in today's coin/pawn shops? I'm just surprised it took Sears/KMart so long to figure it out and get in the game. Wait until your local banks start getting into the game as well. When your Barber, Auto Mechanic, or RE Broker start offering the service, then it will be a classic sign of a top.
roadrunner
If this is a classic sign, what is it that this a classic sign of? When people are selling gold jewelry and investment demand for gold is going up worldwide, it only tells me that people are willing to part with gold for between $80 to $230 per ounce, while other people are willing to pay over $1,100 per ounce. Which one is "smart money" and which is "dumb money?" Interesting question, no?
Today, gold is off maybe 1/2% while the stock market is off 2 1/2%. VIX indices are up across the board. If I had to choose my type of uncertainty, I'd choose to be uncertain about precious metals and stay away from the stock market.
Just thinkin'...............
I knew it would happen.
Between 1958 and 1978 my relatives had leased stamp and coin departments
in several Sears stores. During the 60s and 70s, the same relatives had leased
jewely departments in Kmart stores. The businesses were profitable; the stamp
and coin sides did well with buying items for cash, and the jewelry sides did well
both selling and trading old-for-new.
(At the time, of course, Kmart and Sears were not affiliated.)
The new SHLD scheme may turn out to be kinda profitable, if it is promoted well.
Since SHLD is, arguably, really little more than a real-estate company, I'm sure
they will be glad to get an easy cut of whatever from the gold buyers.
In some regions, the stores are likely to attract law-enforcement attention due
to the program. That could become a hassle. TONS of stolen stuff is everywhere.
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The buyers are now everywhere. The Holiday Inn guys are still making money
in some towns and MANY mom-n-pop retailers have either outside or inside signs
displayed.
I dunno what it all means.
<< <i>
The buyers are now everywhere. The Holiday Inn guys are still making money
in some towns and MANY mom-n-pop retailers have either outside or inside signs
displayed.
I dunno what it all means. >>
What did it mean when all the house flipping realty shows proliferated on TV?
<< <i>
<< <i>
The buyers are now everywhere. The Holiday Inn guys are still making money
in some towns and MANY mom-n-pop retailers have either outside or inside signs
displayed.
I dunno what it all means. >>
What did it mean when all the house flipping realty shows proliferated on TV?
It meant a completely different thing. Those house flipping shows were selling overpriced houses to the masses. The smart money was selling and the dumb money was buying. The cash for gold proliferation is the smart money buying gold and dumb masses selling.
And I am sensing apathy among gold bulls. Not among this board, as I expect that, but among common folk--the antique dealer, the nuke plant operator, the mail lady, the sheriff
Knowledge is the enemy of fear
<< <i>It meant a completely different thing. Those house flipping shows were selling overpriced houses to the masses. The smart money was selling and the dumb money was buying. The cash for gold proliferation is the smart money buying gold and dumb masses selling. >>
Guess that all depends on your perspective of what you see as overpriced if you're one of the "smart money" or the "dumb masses". I'd guess the house flippers would have said much the same thing back then as they turned profits until left holding the bag. When everybody begins to get in the game, it's time to take the profit and wait for a buying opportunity another day. All that gold / silver flooding in is going to have to find buyers, and I think at the prices they're at today, in the general population not stackers, you're going to be hard pressed to not see the prices take a sharp dive based on overall demand.
I'm guessing a lot more have been burned by the US stock market.
I'm guessing those that got out of the US stock market during the last crisis are none to anxious to get back in. Especially after this weeks action.
Once bitten twice shy. I have to ask, "who is left to buy stocks in the US stock market?"
FYI- For those who don't know, Sears and K-Mart are one company................MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
And I am sensing apathy among gold bulls. Not among this board, as I expect that, but among common folk--the antique dealer, the nuke plant operator, the mail lady, the sheriff
Americans as a rule will never be gold stackers, just sellers all along the way. As you said the easy money cash for gold is probably gone just as the majority of excess scrap held by Americans is now probably gone. I'm sure most of them dumped their stashes at either $850, $1000, or $1200 figuring they were selling it to fools.
I'd it agree with the apathy as well. Most folk who got bit by the gold bug probably figured that it was off to the moon at >$1000 and then at >$1200. They took hits. The volatility is only just getting started. I agree with MJ in that it's only been popular to sell gold and not to stack it. Americans weren't buying tulips here, they were only selling the single tulip or two that they had somehow acquired over the years and no longer meant much to them. For every stacker in your community, there are probably 100 people who never bought more than a gold ounce to speculate on and additionally sold any excess scrap gold/jewelry they had laying around the house.
The fact that the easy money Cash for Gold is drying up means that something else has to take its place in the supply equation....assuming demand doesn't drop off the map entirely. What's that going to be? It can't be made up from miner production or central bank inventories. GLD inventories are still essentially at record levels (or increasing) despite this $75 drop. Now at 1220 tons. Wouldn't this number be dropping if world demand for gold was indeed too popular and topping out? I guess it's equivalent to saying that the world's soundest currency will be tossed out the window in favor of fiat.
Man, plat and pall have sure taken a beating. No safe havens there. Palladium is down 30% though it did rise amazingly during 2009-2010. Platinum is down 15%, silver down 10%, miners down around 20% on average though some are down huge. Gold wins out only being down a max of 6% ($1175). But since it's premium to spot has probably risen one may find that bullion has only fallen a couple of percent at most. There are still shortages of various bullion coins around the world.
roadrunner
Don't forget Chase Bank.
Gold mined annually is about 80 million ounces and that GLD has taken in about 3.4 million ounces this year. Seems there is more than enough supply to meet demand?
To further clarify. Gold has now gone mainstream. Everyone knows about it. Pay attention to the family and corporate picnics this summer. Watch how frequently gold is mentioned. It is no longer undiscovered. The easy money trade is done. Gold has stood up for itself in the wake of crisis. Congradulate it. It now needs to rest.
To further, further clarify. When I say "gold is done", I mean it is dead money for the next year. Hopefully it maintains this level, but I think this unlikely once the dust settles and emotions get back under control. Should be a drift lower. Inflation fears have been put off for at least another year.
Knowledge is the enemy of fear