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EcoATM, an Automated iPhone Pawn Shop, Encourages Recycling

By   /  September 29, 2012  /  Pawn News  /  No Comments

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In 2008, Mark Bowles realized he didn’t know where to recycle his old phones and that’s when he had the idea for EcoATM’s, an automated iPhone Pawn Shop.  They are currently operating in 10 U.S. states and Bowles’s San Diego company installs 2-3 more per day.  The kiosk works using cameras, artificial intelligence and proprietary algorithms to [...]

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Easing Efforts across the Globe Keep Gold Prices Climbing

By   /  September 29, 2012  /  Gold Price  /  No Comments

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When stimulus reports surfaced from China on Thursday gold prices rose as high as $1,753.20 an ounce.    ”I think it’s a combination of further easing by … China, and an overall perception that gold had sold off significantly over the last few days and it’s a good entry point, because the concerns of higher inflation [...]

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Cash America Closing Jewelry-Only Pawn Shops in Mexico

By   /  September 29, 2012  /  International Pawnbrokers  /  No Comments

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Cash America will be reorganizing its business in Mexico.  The company said they are not seeing any profits on its Mexican stores that sell jewelry only, which account for most of its locations.  They plan on closing approximately 150 of these stores and converting the rest to full-service pawn stores with a broader range of [...]

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Affluent Chinese Using Pawnshops for Short-Term Cash Needs

By   /  September 28, 2012  /  International Pawnbrokers  /  No Comments

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Pawnshops in China have been both praised and reviled over the many hundreds of years they have existed in the country.  According to the Shanghai Pawn Trade Association present day pawnbrokers are flourishing.  For the fifth straight year the industry has recorded significant growth, handling business in the past year worth $7.65 billion.  Television period [...]

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UK Pawnbroker Sees Profits Affected by Pullback in Gold Prices

By   /  September 27, 2012  /  Gold Price, International Pawnbrokers  /  No Comments

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UK pawnbroker Albermarle & Bond is facing its first drop in annual profits in twenty years.  The company has 184 stores and 50 gold buying shops.  In the second half of the year Albermarle’s income from gold buying grew 18% as opposed to an 88% growth in the first half of the year.  The company [...]

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NPA Survey Shows Increase in Pawn Loan Amount

By   /  September 25, 2012  /  Pawn News  /  No Comments

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Results of the NPA 2012 Trend Survey assessing how the economy has affected the pawn industry since the beginning of the year were released today.  Nationally, the average pawn loan amount has increased from $100 in 2010 to $150 in 2012.  The survey also showed that over 85 percent of loans are repaid.  “The increase [...]

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Jordan Tabach-Bank Speaks to Top Industry Insiders; Speaking at GIA Event in Early October

By   /  September 25, 2012  /  Pawn News  /  No Comments

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It has been a busy start to fall for Jordan Tabach-Bank, owner and CEO of Beverly Loan Co. and New York Loan Co., which is slated to open next spring. Jordan recently spoke at the Pawnshop Consulting Group Annual Symposium, the largest gathering of industry minds all year. The conference took place at the Ritz [...]

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Tips for Gold Sellers from a Gold Buyer

By   /  September 20, 2012  /  Jewelry, Uncategorized  /  No Comments

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Ed Bean, owner of Suffolk Jewelers and Pawnbrokers in Boston, has some words of wisdom for customers looking to sell their gold.  “The more knowledgeable you are about your gold and the current market, the more well-versed you will be during a transaction, and the happier you’ll be with the result,” he says.  Bean says [...]

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From Crystal Balls to Rolex Watches

By   /  September 20, 2012  /  International Pawnbrokers  /  No Comments

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Paul Kirkland’s family has run SH Cuttings Pawnbrokers in the UK for 50 years.  Since the dive in the economy Kirkland says his business has gone from pawning crystal balls for telling fortunes to watches worth fortunes.  He’s seeing an upsurge of customers pawning luxury items worth thousands of pounds.  Many of these customers are [...]

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Gold to Reach Record Heights in Wake of QE3

By   /  September 19, 2012  /  Gold Price  /  No Comments

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Further monetary easing has been long expected, and when it was announced Thursday it was good news for gold investors. Unlike QE1 and QE2, the latest round of quantitative easing is open-ended and will continue unlimited until the Fed sees evidence of healthy employment market conditions.  The idea is to lower mortgage rates and stimulate [...]

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