Looking for a new Ferrari, Rolex, or Picasso painting on the cheap? Just head to the local Beverly Hills pawnshop. "Business is booming" at Beverly Loan Co, according to CEO Jordan Tabach-Bank. Bank has "never seen so many bankers, lawyers, doctors, and actors" trying to pawn valuable things. He believes things are so bad his shop has become "the bank of only resort" for wealthy Californians.
Business has tripled at another Beverly Hills pawnshop, where the owner is making many "six-and seven-figure deals," including a recently pawned $2.7-million necklace. As evidence of how bad things are getting, the redemption rate fell 7% to 82% and, according to one owner, will likely drop more during the next six months.
Sean Goldsmith
Stansberry & Associates Investment Newsletter
Nov. 7, 2008
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