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4% to an -- in 2000 ability serious let's go to let's go.
-- -- phone broke he's the star of the hit show hard -- -- but let's welcome back to the pro thank you for having me can I gotta tell you about I was told about physical goals you mentioned this.
-- -- -- -- I'd give you -- -- sell you one ounce of gold.
Okay you give me the price of gold on that day right correct down minus what makes -- there.
I we work on the anywhere between ten and 20%.
But that's on the part and that you're talking about selling it yeah we -- -- -- much less percentage so I come to you all got an ounce of gold and you give -- that day's price minus ten or 20% correct okay.
Then I come back a month later I want to redeem my ounce of gold but in the meantime price of gold is -- gone straight up or straight down it's really -- What you charge me to redeem.
We charged 3% a month there is no variable -- that my retail customer my customer the comes in to sell me that goal.
That's the -- it's gonna pay the difference let's say when I was buying gold at 18100 dollars an ounce.
We still have that product we put in the showcase we're selling it for -- much -- price 1275 today yeah it's all bearing on today's.
Price we don't.
We don't keep us stagnant price on the jewelry in the showcase we deal each and every day we watch the market so you'll playing an inventory of gold.
That's what we do each and every day at the punch up you know we refine a lot of gold we sell a lot of pure.
And you know what you take a gamble that's what it is I -- those 275 hours.
-- outside but -- was 19100 dollars an -- We're in the gold business -- in the presence metals business.
Room where economic barometer.
But you've got that ten to 20% discount on the price when -- sell -- this ounce of gold that's you evade.
That's that kind of in the middle of the transaction as you cushion but a lot well what I -- for -- -- hundred and it's -- 12100 that's a big difference we're losing so you -- volume and you hope to make it up now if -- -- -- with a gold -- Wouldn't -- -- down after a few months because -- not coming to -- after ninety days you know that's -- look at length -- -- of the -- we then melted down whatever the gold is that -- -- -- -- it is you do that was gold and silver and platinum and palladium every precious -- we deal -- is that the majority of -- business precious metals and precious -- -- diamonds that the good thing about the market right now diamonds have increased in value.
So what I've I've lost on the gold purchases that I've made in the last six months -- making a little more profit on the diamonds diamonds have gone up 1520 even some of the bigger -- 30%.
So you know we're we're in them that we're in that business decision -- -- do you do less gold that you possibly know how to price a diamond.
Of course I mean I've been in the business and you know my whole life.
I've GIA certified I know that this backs.
Color clarity I mean it's the full cases when it forcing people -- cut color cut and clarity and gotten up and out so that's that's -- we do when people -- -- what they don't understand we don't have price tags on our gold jewelry.
We have price tags that are diamond rings but when you commit to buy gold we put on the scale it's all by -- unlike most of the Jewish -- that you go do.
They don't do that everything is -- stock price.
We we work at a very small percentage we believe in volume.
So I do we just saw little sound bought them a gentleman losing his Tampa and shouting that happens he didn't get the price of aspirin it's not a big guy yeah I -- up a little older than that -- that guy was a pretty big guy but you know what I don't back down from anyone that when I push my security guards out of the way and I don't go to felt.
That's an interesting situation.
You do that.
Course -- do that you get into physical conference you know every once in awhile you have to take control and I'm better than you you tough guy I am.
You've taken money list -- thank goodness we are you know we we deal with a thousand loans each and every day and in the big picture we and that it.
The house and loans -- -- -- thousand loans and you're in Detroit I mean Detroit diddley bow on the shelf and in what we have to but in my one location which is 50000 square feet.
We do a thousand transactions.
Of loans every did and that's not including the merchandise that we -- That's -- including the electronics that we that we purchased from people this is a thousand loans every day -- -- And the redemption -- like a foot in the -- is between eighty and 90%.
So that's the main business we're just you know if if nobody lost anything.
I would be happy -- we wouldn't have to retail anything it would be a wonderful thing.
That's a man I did not know that I know you cannot lobby that some more and you'll learn some more little secrets -- -- the secret that home business you go to book.
I have a book our tickets to the -- does -- -- -- that business enjoy it business in general for what it's worth this was approved project it under which on the spot.
Please you give me one way that I can improve my performance in television has put you on the spot if -- Not very easy you know the key the key to any thing is bring out the emotion.
You're sitting in front of that camera.
All you want to do is -- your view or have as much emotion watching you and you want them to sit on the edge of their seat.
Waiting for Stuart Varney to say the next word that the key to being professional on his -- good.
-- pop up I execute the applause line placement and a very good let's go.
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