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Home   About   Membership   Resources   Government Affairs   Meetings & Events Oct. 5, 2010

Getting by in a pawnshop economy
KNSD-TV    Share   Share on FacebookTwitterShare on LinkedinE-mail article
The recession is driving more people to the pawnshop. It's a place where that old guitar or new watch can mean money in your pocket and in today's economy, that old pawnshop is getting a new life. Jeff Bernard's Palace Pawn Shop in San Diego is full of yesterday's treasures. Items pawned and lost. But he says don't get the wrong idea. "Most people think people come into a pawnshop, they pawn their stuff, the poor souls come out, they're gone and never see the end of it. And that is absolutely not true, that's not how we operate," Bernard said. More

Not wanted here: Stuff you stole
The Olympian    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Each day, Lacey, Wash.-based pawnshop Cash Northwest reports every item it receives to both the Lacey Police Department and a national law enforcement database. Washington state law requires pawnshops and other secondhand-item dealers to hold purchased items for 30 days to allow police to check for stolen goods. That's been the law owner Bruce Dobbs has followed since he got into the business 30 years ago. But until recently, it had been legal for Dobbs' shop and other secondhand-item dealers in Lacey to sell items they bought after four days — a discrepancy that the Lacey City Council recently changed to match state law. More

Pawnshop helping out community in Naperville, Ill.
Chicago Press Release Services    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Things are unbelievable at Fast Cash and Pawn in Naperville, Ill. It's only been opened for five years and it is closing in on its 150,000 customers. That's almost the entire population of Naperville. With three locations, most customers are well-to-do. Customer reportedly brought everything from $75,000 worth of sunken treasures to Dodge Vipers. More

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Gold futures decline as investor demand
eases following rally to record

Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Gold futures fell as investor demand eased following the precious metal's rally to a record. Silver dropped from a 30-year high. The 14-day relative-strength index for gold has been above 70 for nine straight sessions, a signal to some traders that prices are poised to drop. On Oct. 1, the metal reached an all-time high of $1,322 an ounce, climbing to a record for the 11th time since Sept. 14. "Gold is overdue for a correction," said Frank McGhee, the head dealer at Integrated Brokerage Services in Chicago. "A lot of people are looking for a correction, and that’s making it a crowded trade." More

A Pennsylvania lawmaker wants a stronger pawnbroker law
The Mercury    Share    Share on FacebookTwitterShare on LinkedinE-mail article
A Montgomery County legislator in Pennsylvania believes strengthening a proposed law for pawnbrokers will assist law enforcement officials in recovering stolen items. State Rep. Josh Shapiro, D-153rd Dist., has secured the House Judiciary Committee’s unanimous approval for his amendment to proposed House Bill 2517 that would require pawnbrokers, in cases of either loan or outright sale, to collect and copy valid photo identification and to make a complete description of the property being sold by someone. More

Restrictions recommended for Des Moines, Iowa, pawnshops and payday lenders
The Des Moines Register    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Pawnshops and payday lenders in Des Moines, Iowa, would be prohibited in two business districts and subject to a half-mile separation requirement under new regulations put before the city council. Restrictions proposed by city staff include barring pawn and payday loan operations in neighborhood retail and neighborhood pedestrian commercial districts. The businesses would be allowed in eight other business and industrial districts throughout Des Moines. The separation distance was upped from a quarter-mile restriction suggested in August. More

Pawnshops in Singapore thriving from hike in gold prices
TODAYonline    Share    Share on FacebookTwitterShare on LinkedinE-mail article
While goldsmiths are reeling from the soaring gold prices, it is happy days for pawnbrokers. With gold soaring to an all-time high jewelers in Singapore say the only business they have seen in the past six months have come from those buying for special occasions like weddings or anniversaries. Pawnshops, though, have had their hands full — all thanks to jitters over the greenback. More

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Man broke into Virgina pawnshop through hole in bathroom wall
Charlottesville Daily Progress    Share    Share on FacebookTwitterShare on LinkedinE-mail article
A Culpeper County man in Virginia used a hole in the wall between a Ruckersville, Va., pawnshop and an empty business to steal about $30,000 worth of items, including a handgun that was later found near the scene of a homicide in Norfolk, according to court records. Carl Joseph Cutro, 27, pleaded guilty this morning in Charlottesville's federal court to possessing firearms while a felon, stealing firearms that had been transported in interstate commerce and transporting stolen jewelry and firearms to Maryland, Philadelphia and Washington, D.C. More


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Chase survey shows small businesses optimism
MediaPost    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Nearly three-fourths (72 percent) of small businesses say they plan to add positions despite the current economic situation — up 23 percent from last year, according to a survey by Ink from Chase, the business card portfolio from Chase Card Services, a division of JPMorgan Chase & Co. This is the second year that Ink from Chase surveyed CEOs and senior executives on the prominent Inc. 500/5000 list of fastest-growing U.S. small businesses about their outlook on the economy, employment, general growth, and critical issues to their business, such as access to capital and cash flow management. More

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