PawnMaster Blog

Peter B. Spector

I have a true passion for my work and for the clients I am grateful to have represented throughout the United States for almost 17 years in the Precious Metal Refining Industry. I am always in search of clients looking for the extraordinary customer service I provide on behalf of my company, GEIB Refining. My Best is what you'll get every day, every transaction. Always.
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Recent Posts

Wait before You Say, "Oh that.... Yeah We Throw that Away!"

Posted on 28 Mar 2018

Metal Speaks

Sometimes we catch it ..... A c lient calls. Their shipment is prepared and ready  to ship to our company. Weights are discussed. Hedge and advances are discussed... All good, right?

Fake Gold

To the right is a gold chain that GEIB received in with a melt lot. We noticed the chain, along with a few other pieces but something about this piece in particular just didn’t add up to being "RIGHT", so we went a little further on this rope chain.

Posted on 22 Nov 2017

Refining Views - Shipping Your Materials

Refining Views - The Market

Don't Know Much about the Stone Removal Process? Peter B. Spector Can Help


Stone removal is, and should be, an important part of the pawnbroker’s and jeweler's process. If you’re not doing it, you should be, and if you’re not familiar with how to do it, that’s where I come in. Stone removal is a terrific, easy process. It’s incredibly affordable, and it’s a simple way to gather items of value to bring to a convention to be able to sell.

Markets for gold and silver are crazy

Markets for gold and silver are crazy as of late. $25 x 2 day swings up and down. As I've said before, it's like an elevator but there is no "definitely"... Especially when you're ready to settle a lot or hedge when shipping.

Keep an eye on the US dollar, stock markets, job markets, fed talks (interest), President Trump, Democratic Party, unruly activity both overseas and in the US. They will all have an impact on where metals will move -- up, down or remain flat. It's a Friday, as I'm writing this and markets are up $5 - used to be a "profit taking day" for traders for their weekend ca$h. It doesn't roll like that any longer.

Don't Sweat Your Competition

Competition... What is it? Someone else that does what you do? Do they do it better? Or are they just another company in the same field or on the same street.

Don't sweat competition; I try to never sweat competition. There will always be competition and sometimes I admit I don't like it (I'm not perfect).

However, I worry more about what I'm doing for my clients and my company start to finish day in and day out. So many people get wrapped up in what everyone else is doing or saying that they forget about themselves and what they have on their own to-do lists.

Find Your "Special"

When I was a kid, I wanted to be an actor. I wanted to make my mark on the world. I wanted to be something interesting and in some cases, extraordinary and more importantly something special. I was born and raised in Milwaukee and moved to Chicago to pursue my acting career when I was 21. I earned my sag/aftra status 90 days after moving to Illinois for an appearance in a BBQ Chex Mix national TV spot. I auditioned as much as I could, I worked a lot, made friends and had fun.

I was fortunate to work with Milton Berle, Florence Henderson, Ed McMahon and Kevin Bacon along with many others on a CD-ROM trivia game I hosted called You Don't Know Jack Vol 2. I worked on an Oprah TV movie of the week for ABC called There are No Children Here, Basic Football with Burt Reynolds (punter), Early Edition on CBS with Kyle Chandler (twice), Turks on CBS with William Devane and the MGM feature film, Return to Me with Bonnie Hunt and David Duchovny. I worked hard, cared about my craft, auditioned, observed and cared about the people I worked with and for.

I was special and I was born to do something special and while I was feeling special, I bartended, sold electronics and even catered bar mitzvahs, birthday parties and weddings on weekends and weekend nights. We've all worked hard and had to start somewhere, do what needed to be done  and continue to work hard.

I approached my career early on in the refining industry (when gold was $256 toz) very much  the same way. It just felt right, you know. I never have missed a day or not shown up, I'm rarely sick or sick enough not to work, I don't use up my allotted vacation days and I'm available always. I worked hard, learned, listened, observed and cared about everything and everyone from the start. I felt like a kid in a candy store; excited to see what was around the corner. I came in everyday ready to work and be there for clients and everyday I prospected for new clients who I knew, if I could earn their trust and their business, they would be better off.

I think those of us in our industry as a whole, whether you're a jeweler, pawnbroker, refiner, diamond broker.... It is a passion. You open up your shops everyday wanting to be great and be better than yesterday and the day before that. There is something great about what we do and who we are. I think every one of my clients, their families, businesses - are special. Good people who work hard. It's a blessing, isn't it !?

We are fortunate in so many ways; fortunate to make a living, have longevity in a career and not just punch a 9-5 job. I work well beyond 50 hours a week as my clientele will attest to. I love taking calls on Sunday afternoons - it means I'm being thought of and my assistance is needed. That is a great feeling.

If you want something done; give it to a busy person. We all know the harder you work, the luckier you get. What makes you feel special? Is it helping people in need? Providing your families with a roof over their head and food on the table? Helping your employees and their families? A nice car? A vacation?

Whatever it may be; that is with you. Give your days the best you have, treat people right. It rolls into your personal life. Go above and beyond even if it's one time per day. It feels great; it will come back to you for the good in so many ways.

Posted on 24 May 2017

Stone Digestion

When I first started in the Refining Industry in 2000, gold was at $237 toz. Business was good, I guess (I was with another company at the time, not GEIB). We melted gold, silver, platinum and gold with stones. Record scratch. What did you just say Peter?! Gold with diamonds??

Yes. We melted gold with Melee and other little stones. I think that's just the way it was. No one cared, no one wanted little "frozen spit" back. Over the years, someone, somewhere, realized there was a lot of diamonds being burned up and ruined and most importantly there was money being thrown away in not getting the value of the diamonds out of the material.

If you're not doing stone removal on your karat gold with diamonds, you're doing a disservice to your business and your bottom line. You should absolutely be doing this process. As long as you work with a reputable company, you have nothing to be concerned about.

The benefits of stone removal in your karat scrap outweighs any small costs associated with the process. I promise you.

You can keep stones for a rainy day, for repairs, maybe a car and so much more. I have clients that do stone removal on every lot shipped in and I have clients that do it before Las Vegas NPA or regional shows coming up to sell their stones to a reputable diamond buyer like Palak Diam Inc. (Ankur Savani).

My suggestion is take out any of the larger stones (1/4 ct +) and leave the Melee and smaller stones for the acid. If you try to take the smaller stones out at the bench you run the risk of chipping or breaking the stones which now makes them perfect only for diamond saw blades (smiles) and a lot less valuable per carat.

Keep in mind that anything organic like opals and pearls will typically not make it through the acid process. They will dissolve. We, at GEIB, also frost our stones lots after the process to cloud the cz's in hydrofluoric acid. If you like HEAVY frost just ask and we'll leave it sit for extra time. This makes it easier for you to pick out the bad or no value stones while sorting. We will always give you white (diamond) goods packaged separate of the colored stones.  We will send everything back to you.

Stone Digestion. It's affordable. It's easy. It allows you to concentrate on so many other things you have going on in your business and life. Talk to your rep or refining company or call me personally anytime with questions, concerns and needs. I've included our process below from our website, www.geibrefining.com.

Posted on 10 May 2017

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