Pawn shops buy gold for Black Friday - WALB.com, Albany News, Weather, Sports

Pawn shops buy gold for Black Friday

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Pawn shops call themselves the poor man's bank, but it's not just poor people. Rich, poor, all kinds of folks are pawning items for holiday cash, but store owners say selling gold is what they see the most.

This is just some of the gold that has been sold to Dawson Road Jewelry and Pawn this week, and the people selling it say they have the holiday spirit in mind. Dawson Road Jewelry and Pawn owner Jason Sheffield said, "Just wanting to get extra money. Whether it be for shopping or whether it be getting extra money for the actual Thanksgiving Dinner, or Black Friday shopping."

Sheffield says people are selling gold steadily, because the price is so high. But this week folks tell them they will use the cash to pay for holiday celebrating and shopping. "Gold is going for way more than they paid for it. They might have paid $200 to $300 for it, and now they are getting one thousand out of that same coin," Sheffield said.

Not only gold jewelry and coins. Sheffield says people this week have been pawning musical instruments, game systems and games, computers, and TV's, just about anything of value for cash. But gold is by far the thing they are seeing the most.

"It's the quickest and easiest way to get money. You are not going to get what you paid for it, but getting quickest access to cash, this is the best way to do it." Sheffield says these kind of pawns and sales are good for him stocking up their store, getting ready for the busy holiday shopping season ahead.

Sheffield said that sales from their pawn shops have been slow in recent months, but said he is sure that will be picking up soon, as people start looking for bargains for Christmas shopping.

The National Retail Federation expects more than 152 million Americans to visit stores Friday for the start of the holiday retail season, an increase from last year's Black Friday.

 

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