Monday, 10 May 2010

All That Glitters

Got some spare gold lying around? A branded watch or two?

The government, I have belatedly discovered, runs and alternative chain of pawn shops to the private enterprises.  These are run through Singpost and are called Speed Cash outlets.

In the past gold jewellery (which is usually 99% pure here) would be trade back to the goldsmith at point of purchase and for a commission of 15% it could be cashed in.

Chinese families often carry gold as a hedge against bad times.  Watching the gold being tested for purity by the smith is also inetersting as they rub it against a small stone and assay it.

Speedcash offers a better deal to Singaporean families, so a friend of ours has informs us. Instant cash is paid out for valuables witha 6 month redemption period and a modest interest rate is charged. If one doesn't claim it back then the company will auction the item.  If at auction the article raises more than the previously redeemed rate they will send you the balance,

This seems a fair and equitable system and I suspect with the opening of two casinos in Singapore that business has been brisk.
Reblog this post [with Zemanta]

No comments: