Tuesday, May 18, 2010
Sears and Kmart to offer cash-for-gold service - Did You Miss This?
Yesterday I sent out an article to the PZ Insiders and I am not sure that people understood the gravity of what that article was proposing.
What was the article?
Sears and Kmart to offer cash-for-gold service.
Folks, when I saw this my heart skipped a beat. I had to ask myself "are we further along than what I first thought?"
By this, I mean, are we further down the road to a major economic catastrophe than where I believed us to be.
I hate to say this, but I believe we are.
In studying other countries that went belly up, the "gold buyers" started to pop up.
They clearly read the writing on the wall and they were working hard to grab up as many gold assets as possible with the knowledge that both gold and silver were going to go through the roof.
Well fast forward to today and we see Kmart and Sears stepping up to the plate. Both of these companies are not doing well, but they know that if they are able to secure gold and silver assets, that these assets will help them dig their way out of where they are right now.
We are currently in the beginnings of the economic catastrophe, the masses just don't realize it yet. But I was surprised to see how far down the road we already are.
If I were you, I would take from Kmart and Sears lead and start acquiring gold and silver assets.
In Fact here is a great tip, start saving your nickles. Here is an excellent article by James Rawles as to why.
.In His Service,
Sears and Kmart to offer cash-for-gold service
CHICAGO (Reuters) – Sears Holdings Corp (SHLD.O), which expanded its layaway program to help cash-strapped consumers pay for purchases during the recession, is now helping its customers exchange their jewelry for cash as gold prices soar.
The new service, available at the jewelry departments of Sears and Kmart stores, allows customers to send their gold and silver items to Pro Gold Network, a company that buys precious metals from consumers.
Pro Gold makes an offer on the gold or silver and the consumer can choose to accept the offer or have the items returned, free of charge, Sears said.
Sears provides the shipping envelop and also helps consumers track the items via websites or a toll-free customer service number.
Sears has seen sales pressured over the past two years by the weak economy and has also lost sales to discounters like Wal-Mart Stores Inc (WMT.N) and electronics retailers like Best Buy Co Inc (BBY.N). The company did say, however, that sales improved in the first quarter.
In 2008, it expanded its layaway program as a way to help cash-strapped consumers pay for goods.
Advertising from companies offering gold recycling services had reached a fever pitch in late 2008 due to a global economic crisis, as the price of gold climbed above $1,000 an ounce in a flight to safety.
Last week, gold has soared to record highs at just below $1,250 an ounce as jittery investors fretted over sovereign risks and inflation.
Bullion is still far away from its inflation-adjusted record at over $2,200, analysts said. In 2001, gold was trading at just $250 an ounce.