Gold: S.O.S.
There’s a reader forum at the Kitco.com website where followers can discuss Kamaaina Loan’s second favorite subject, the price of gold. (The favorite is our customers.)
Even Kitco describes the recent behavior of the world gold price as “carnage.” The New York market is about to close as this is written, and it looks as if today’s price will be $90 an ounce under where it was (briefly) just two weeks ago.
So the forum asked the S.O.S. question, are the followers going to Stay with gold Or Sell? The unanimous answers were STAY.
In a way, that’s bad news for our Maui pawn shop. If nobody sells gold, what will we do?
Well, we could lend money on gold, and we do that, but sellers are an important part of our business.
Oh. Not only are most of the Kitco Kommenters staying, most are planning to buy more gold! That’s a relief. We sell gold, too.
Thank goodness somebody is buying this stuff
Kitco is mentioned because it publishes a moment-by-moment price statement on the Internet, very convenient for pawnbrokers, who need a daily fix of gold info.