Word: sidoti
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...Gold is an important input because most pawnshops make most of their money on jewelry," notes John Rowan, an analyst at Sidoti & Co. He says the three publicly traded pawnshop companies - Cash America International, EZCorp and First Cash Financial Services - generated earnings that outperformed many other companies in the financial-services sector over the past year and a half. "They didn't crater like other industries did throughout the recession," says Rowan...
Property owners, it turns out, do not watch the commodities market as keenly as druggies do. "People think of copper as cheap, like sand," says OneBeacon Insurance Group executive Charlie Sidoti. "But now you have to think of it like gold. You would never leave gold sitting out in the yard." OneBeacon estimates that it has seen a 300% increase in claims of copper theft in the past 18 months. Home foreclosures have worsened the trend, as empty buildings are easy targets for the time-consuming task of ripping out pipes and wiring. In California, theft of copper irrigation systems...
Property owners should protect copper from burglars the same way they would a stereo, says Sidoti--install fences, motion-detector lights and security cameras. Meanwhile, lawmakers looking to crack down on copper thieves are starting at the scrap yard. Thirty-five states have pending or signed legislation requiring people selling metal to show ID. If someone comes in with suspicious goods, scrap dealers need to ask questions like, "Why would you have 20 manhole covers anyway?" says Bruce Savage of the Institute of Scrap Recycling Industries. When Dan the miner arrived at an L.A. scrap yard, the yard's owner...
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