You're watching...
American Jewelry & Loan Owner Les Gold on growth of business for pawn shops and what it indicates about the economy.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
My point now where elementary like yeah right on the -- -- and not the value won't find out -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- The army -- -- -- god you're here in a -- UK and is the angry here's your ball angry.
OK well that went well there -- seven it's real the economy it's real bad but business that pot shops does that -- really good my next.
This guess course -- the reality show.
Hardcore pawn and he says that everyone's come in and lately even rich folks.
-- less goal is the owner of -- American jewelry and loan of course you recognize the face and -- take no prisoners to guide whatever happened to the woman there.
Well we actually threw her out with -- balls -- -- left very calmly.
Because she had no option when we can't take you upon you know your loans and we deal with it.
Whatever way we need to when you were very mean to her well she was very mean to me so started to turn this -- with -- and it you know it just resonated on to me in.
We we we don't want to be this respective.
When you disrespect us.
We act accordingly.
Indeed you did the scary about it until what is going on here though appointed general idea that you know we're we're hearing a lot of people.
Our you know spawning off real valuable Stanley -- -- wedding rings engagement ring.
What's going to transformation of pawnshops is is tremendous what we're seeing now is a lot of people that used to be wealthy.
They used to make a lot of money coming to the punch out punch outs are not just for the poor anymore.
-- for everyone and we've seen an uptick in our people that that make a lot of money bringing in items because they can't pay their house note -- You have it it's sort of a front -- -- was really going on economy your dominant ring not what economists and some of them.
The guys I talked to -- but you what average folks are telling you showing you spawning off to what -- -- tell us about the economy you're right.
-- street level economists.
We have two lines there one line is for bringing in merchandise which is up online -- line is for redeeming merchandise.
When the economy is good our redemption -- -- pick -- line our our sales floor is busier upon latest small but during 2008 till.
You know recently are -- lines are longer we're taking -- a lot more merchandise had -- compared to only.
Well right now it's getting a little better Detroit's on an uptick hum people are working it or not the manufacturing.
Mecca.
What we used to be we're now more but it.
If you're Barack Obama I'm listening you can zero you've got the real sense what's going on should -- be encouraged or discouraged.
I think he should be encouraged I think that that as time goes on it's not -- it's not an overnight change.
What's happening is slow but sure Detroit's coming back and it's difficult for me to talk about outside of Detroit we've lost -- he's got to have this in place -- -- willing.
I don't think so.
You don't think I don't think so I think the economy is still in big trouble.
I think that people need to go out that they have an opportunity to work.
-- to work you know we we have 50000 square foot facility.
Fifty employees and I hire -- employees regularly.
The problem is they don't wanna work if if people want to to work there's jobs out there I believe that the economy could get better if the opportunity up.
For them existed they just need to go out and getting you know every morning when you wake up you have to ask yourself how -- you -- if you want a better off.
Go get a job it doesn't matter if you clean the streets if you mow the lawn or if your doctor if you want -- -- -- there's opportunities out there you just have to look.
Apple comes into -- -- -- off the wedding ring or something valuable.
-- Camp David pullback in -- so.
Do you ever advise them guys you really don't do this I don't wanna.
Have to do this know what I advise them is don't get too much money -- -- item.
We try to give you enough money to.
To pay your bills and pay what what obligations you have.
But don't tell you how much -- well of course -- -- -- -- that clip you're right people expect huge amounts because you spent 50000 dollars on -- watch.
Don't expect to get 40000 in part expect to get 10% which would give you the -- that the rule of thumb it's probably the rule of -- -- in gold prices but in.
You know and regular items now so my 275.
Dollar engagement ring for my wife.
No more than 27 not necessarily because gold is a different story give gold and diamonds out of its invitation go where our Middle -- is Michael have we don't take immigration zoom it right reconsider I don't -- we've been doing -- long enough we understand are well I'm gonna go to another pawn -- them because obviously your -- -- -- -- else we're still about all right let's -- thank you very very much hardcore -- he's the guy.
He's single family change this whole.
Into the industry around meanwhile.
