Day after day we are force-fed the typical mumbo-jumbo jargon memes from strategists, analysts, and asset-gethering commission-takers. Today we get a breath of fresh air from, arguably, the man on the street - whose perspective seems very prescient.
I spoke today with a manager of a pawn store. He was at the same automechanic shop I was at and we had a pleasant chat.
We got into the a converstation because he was talking about how he had to drive a long distance to get to work and he and his wife where having to share her car because his had a majore computer failure.
It was then that I asked him where he worked and found out he managed a pawn shop for a store chain with about four or five locations.
In our conversation he told me that the store chain had just let go of the jewelers positions becaues they are not getting a lot of customers bringing in gold and silver jewelry for them to clean and fix, etc. because there is a shortage of it in the market. So what was coming into the stores was being turned right to scrap.
One little piece of info that stuck out was that he said a fair amount of the jewelry that would come into the stores was being sold overseas where it was melted down. This is where I couldn't help but think about China.
Another bit of info was that while jewelry was down what was up in a big way was people pawning regular household items and gadgets.
To me folks, this spoke volumes.
There is a sea change afoot and a huge transfer of wealth to the East has already taken place.