B LOOMINGTON ✹ D ECEMBER 16, 2010
SPORTS
SUN CURRENT 75¢
Vol. 40, No. 50
In the Community, With the Community, For the Community
Boys, girls hoops squads begin season PAGES 30-31
www.minnlocal.com
City considers more rules for secondhand goods businesses MOA businessman argues against allencompassing rules
More Bloomington Police rely upon reporting system for secondhand goods. Page 7
BY MIKE HANKS • SUN NEWSPAPERS Bloomington is considering an increase in the reporting requirements of pawnshops and other secondhand goods businesses. The owners of a gold-buying business at Mall of America think there’s a distinction between their business and others handling secondhand goods, and want to see decreased reporting requirements.
The proposed City Code amendment drew the objections of Joe Beasy, co-owner of The Gold Guys, a two-year-old business that buys gold and other precious metals. The council is considering the addition of photographic or video documentation of both the seller and merchandise involved in transactions at pawnshops, sporting goods resellers and BUSINESSES: TO PAGE 8
Sam Rubin, manager of The Gold Guys Store at Mall of America, analyzes rings brought in by a customer. The company, which issues checks to customers who sell their precious metal, is questioning the need for additional regulations of its business. (Submitted photo)
Success comes with growing pains for megamall-based The Gold Guys BY MIKE HANKS • SUN NEWSPAPERS The brains behind the operation are the faces at the storefront of their Mall of America location, and as The Gold Guys find that the success of their business is posing a variety of challenges, many would consid-
er them nice problems to have. There are nine Gold Guys locations in the United States. What started as a business venture at Mall of America – an attempt to fill a niche in the precious metals market – has grown steadily since August 2008, when the Mall of America
store began buying old gold, silver and platinum jewelry, coins, flatware and other items. Owners Joe Beasy of Little Canada and Shane Maguire of Orono stumbled upon a formula for success when they launched their business. The entrepreneurs have known
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each other for about 18 years and have a variety of business ventures to their credit. The growing market for secondhand precious metal, with no local outlet for people to turn to, presented an appealing, but risky proposition for the duo. They opened a store that does-
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n’t sell anything to mall customers, but instead sends checks out the door. The Gold Guys was their way to fill a need in “an industry that was being abused,” Maguire said. Owners of outGOLD GUYS: TO PAGE 10
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