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 Replies: 10 / Views: 2,175 |
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Pillar of the Community
United States
3670 Posts |
For all who may recall I used to work for at a gold buyers kiosk in my local mall, aka who claimed to be the largest gold buyer in all the USA, via a top notch corporation. Yeah right not even close what a joke I was there from early summer last year til Christmas time this past year....
I first realized they were all a bunch of crooks when they requested we send the gold immediately and not wait the required state law 30 days....
Cops started coming by all the time writing us citations anytime we bought gold and basically the CORP left my GM a heck of a good guy just doing what he was asked to do, hanging out to dry....
I refused to buy gold for a while and just came to work clocked in and let the FERRIS BUELERS day off at the mall begin. Hey is that Silverhawk on the mall train eatin a hot-dog, darn skippy. Hey is that Hawk watching a movie, you know it I was on the hide out lol. I took the attitude that if this tool corp cant get legal I am not gonna go down lol...
Turns out the reason I did the above was cause these IDIOTS allowed our licensing to run out a year earlier before I even started and we were buying gold with NO license....
Cops caught wind of that and had to come down for some gold sold to us from jerks who stole it a couple times and that put the spotlight on us and they shut us down period....
My District manager who lived in WV only came down once a week or so was the perfect example of a mafia sleaze bag, via ear rings in both ears well over 50 with white hair and he dressed like he was a punk leather sporting 20 year old, like he was stuck in an eternal mid life crisis. He was an ok guy just crooked and sleazy. He tried to tell the cops....This intimidation stuff aint gonna work, real smart they just turned heat up double after that lol....
When I talked to my DM about it I was like....How in the He%$ does a corp this size allow for businesses to be running without proper paperwork in place etc., and he was like Kevin the ball got dropped, you must understand stores in every state each with different laws and times before a license expired. I was like BS totally unacceptable and I cant work for such a Stooges ran operation lol....
That was about the time I told them I would not be back as the cops were basically saying me and my GM would be liable and the fines were written in my GMs name.
To make a long story short they did not pick up any fines and left in all hanging on my GMs head....
It was like the corporation was run by the Sopranos what a bunch of tools....
All the stores used to talk via email, go team ra ra we are the best, we are better then your district lol....
Guess where that company is now, SHUT DOWN CLOSED ACROSS the board lol....
Our rich punk owner who I used to mail gold to his door every day once sent an email out I recall as he basked in the sun in the Greek Isl aboard a yacht....Keep it up guys, buy that gold lol. Now he is probably in jail, or at least I do hope so, son of a jewelry owner and was just in right place at right time when he started it all. Sure he made tons for a while, but like most I bet its all lost now in endless fines and court cases....
Anyhow I worked for Southern bullion as well who is partnered with NTR and DGSE (Dallas silver and gold exchange) and they were a way better company but cant help but wonder if they will endure this fall....
I do know my old GM talked of his trip through NTR and it was crazy to hear. Vacuum sealed clean place with desks in octagons, guards and cameras everywhere, and endless layers of fences and cameras. The idea was if a team of crooks ever penetrated the heart of the place, the time they got through all layers to outside the entire Dallas police DP would be there....
I recall hearing of pallets full of 10 oz bars stacked over ten feet high and one guy on phone closing million plus dollar gold buy on 50 plus coins and he had a drawer full of like 1 oz Krugers back when gold was 1800 plus lol. Bet that guy is sick today, but if he don't sell he loses nothing....
I guess my point on this rant is what Baseball21 and I were talking about in another thread, via the strong structured company will endure, where the gold buyer kiosks of the world will all fall in time.... Edited by Silverhawk74
06/26/2013 01:37 am
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Pillar of the Community
United States
1454 Posts |
With PMs heading south, I'm thinking the only people who'll be making money off bullion for a while are the short sellers. Numis are another ball game altogether, but it's hard to determine which new coin's going to be the next big seller in advance.
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Bedrock of the Community
13014 Posts |
I really hope that manager didnt end up being on the hook for all those things when he was just doing what he was told. He should have done what Silver did and gotten out of there but still that doesn't make what happened right. Quote:
With PMs heading south, I'm thinking the only people who'll be making money off bullion for a while are the short sellers. Generally speaking those buy gold places dont come anywhere close to paying spot for things, some youd be lucky to beget 1/3rd of spot. Those places can make a ton of money still with what they pay. Unless gold lost hundreds of dollars over night the price is irrelevant since they just adjust their buy prices accordingly. I have no clue about how much the 2nd place he mentioned paid but it sounds like it was much better run. That first place was going to go under no matter what with how they operated. |
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Pillar of the Community
Canada
3692 Posts |
Short sellers are the ones making money, you're right about that, Traevin.
@Basebal21: There's absolutely no way that someone in business with rent, insurance, light, heating or AC, facilities, etc can have a chance unless they are buying lots and on the cheap. It's good to offer a decent price but you really do have to buy it cheaply. Gold will still have buying power over time, but the way things are right now it's best to sell, at least that's how it is with a steadily falling price. Nobody's being forced to sell their gold; they all come in to sell because of outside circumstance and everyone is free to check out prices around their area.
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Pillar of the Community
 United States
3670 Posts |
"I really hope that manager didnt end up being on the hook for all those things when he was just doing what he was told. He should have done what Silver did and gotten out of there but still that doesn't make what happened right."
Yes my former general manger to follow up on what happened to him....
Oh we got your back the corp says, lawyer and all you will pay no fines. Day of court no corp anywhere or any lawyer and he got stuck with 1500 plus court cost and fines, which should have been paid by the crooks who well knew we were working in the non legal and we did not of course until it was to late....
We are still friend him and I on FB and we use each other for references and such as he gave me good word at my current job, and I gave him solid reference and helped him get on at his new job working in a shipping/receiving department at a tire company....
Edited by Silverhawk74
06/26/2013 11:18 pm
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Pillar of the Community
United States
1080 Posts |
The key to making money as a bullion store is turning over your inventory constantly. If you buy and sell immediately, the ups and downs aren't a problem. The problem comes from the required 30-day wait in your state. Look at what can happen to PM prices in 30 days! How do you base your buy prices when you can't sell for 30 days?!
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Bedrock of the Community
13014 Posts |
Lib their payments kind of is what it is. I personally wouldnt sell to them but if someone wants to thats their right. I understand they have to make money and if theyre upfront about everything people are free to use them if they wish. Speck makes a good point about the uncertainty which could be a factor for offering so little. My point wasnt really to bash them (though some of those companies do deserve it) but more that they give themselves a large cushion on pricing and can remain profitable regardless of spot.
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Pillar of the Community
Japan
666 Posts |
Hawk,
Any way to share your experience? ))
I read the thread where you wrote about your work days in this kiosk ... I want to ask about common clients that sold gold to you. Were people aware of the real value of gold (according to futures market at the time of a deal)?
How many didn't like the price you offered to pay for their gold?
What was an average age of the customers?
questions like this
I don't need the exact number, just your thoughts percentage wise.
Thanks
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Pillar of the Community
United States
3670 Posts |
To be honest Bekiz it was kind of sad as to often our business was late teens early 20s who showed too many sketchy signs via drug use etc. and from exp let me tell you that is a RED FLAG. Anyone in this type of bus long enough knows this and can avoid lost items to police repo by simply not buying from the above....
I try to look for the best in people and give everyone the benefit of doubt, but in my exp 9 out of 10 times if it looks fishy it often is.....
As far as buying gold, depends on individual and how well they negotiate etc.. Some of our workers bought gold at 8 to 10 bucks per penny weight via 10 and 14k gold and slept good at night where as I simply could not do that to people....
I found myself a middleman to the more poor blue collar section needing money to turn lights BACK on or get car fixed via stuck between corporate who wanted me to rob people and my own conscious who wanted to give the people what I would want for myself, via my simple life philosophy treat others the way you wanna be treated.....
So I went more like 20 to 25 on 10k per pennyweight and up to 40 and up on more pure examples via 14 to 24k.....
My DM was cool he wanted to get the gold as cheap as possible, but in the end bottom line get the gold even at higher costs....
Not all were low life druggies, most good legit customers were 30 to 50 established people who are like the rest of us, and many were just poor or down on luck....
In the end I realized this was not what I wanted to do, even though I did totally enjoy my time working in the coin shop via Southern Bullion but that was a totally different work environment then kiosk gold buying work....
Edited by Silverhawk74
07/09/2013 02:14 am
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Pillar of the Community
Canada
3692 Posts |
Hawk, how long did it take you to come to this realization that this was not for you? I worked at a place that buys gold and everything you describe is present - I lasted FIVE DAYS before I quit on moral grounds. With these kinds of places there is no disclosure or education and it's all about ripping off the public (to use nice words) to the nth degree.
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Pillar of the Community
United States
3670 Posts |
I always tried to get people money they needed an often did get them enough to turn lights back on or fix car so their gold served its purpose
I did hang around probably too long Liber as I got along with the gm real well and felt real bad for him as I was his only dependable employee who had any clue at all about pmz and like always I needed the money so I hung around for a few months until the level of ridiculousness just hit such levels I had to tell my gm ever man for themselves and I suggest you do the same and later he mentioned I was right to leave when I did and after it was all said and done he wished he had left back when I did....
Its just like being the repo man Liber, nobody wants to do it or serve papers but the folk that do it need work and prob take attitude of-If not me somebody else is gonna do it anyhow.....
New show on History which is called Gods, guns, and ammo or something and its about Man cow Muller's brothers car dealership in Missouri, crazy bunch one would just have to watch. And its the country and they take care of each other, except barter etc., and Mancow part stock holder BLAZES into town and wants to size the place up employees and all, get the books to max profit potential. Anyhow they had many past due on car sells needing repo but his brother has big hart and works with the people, but Cow is like-I will go out tom and kick tail and get all those cars, you wait and see....
First car, dude comes out mad as all get out, hops on hood, gets tossed to grass as the Cow rolls away lol....
Next house, down on luck blue collar family, very friendly and God fearing people. They did not argue, come to door gave him keys and walked out and told him-God bless you....
He could not take it, broke down and gave him the keys back and said make payments when you can. He came from poor background and said he saw himself in the guys eyes and then teared up on way back lol. Told the tow truck guy to not tell his brother....
Funny human nature act like an idiot its easy to turn cold, but act like a man and take the high road as the guy above and he got to keep his car and get chance to get caught up....
Then his brother said see, you just cant go and take a guys means of making a living, things are just more complicated, minus the banks and corps of the world that could care less about any of the above and play their air violin all day at similar situations....
Edited by Silverhawk74
07/12/2013 05:47 am
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Replies: 10 / Views: 2,175 |
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Posted 06/26/2013 02:30 am
