Dow is up, But sales on Safes are still going higher.

Take a peak at the article below.  Many just like this are pouring in from all over the world.  Carefull note on the stock market.  Stocks are up, which is good, but banks are NOT lending!  At least not yet.  So much for the Billions in Bailout Boys in Washington.  Banks are being taken over and I believe our cash will be there.  However, your safety deposit box may not. There is no FDIC for safety deposit boxes.  To view a great selection of Safes check out Value Safes, they have over 500 different models.

After last week’s record losses, the Dow today bounced back with the biggest one-day point gain since the Great Depression.

While stocks might be up today, some consumers are deciding their money is better off at home. Around the country, and here in Salt Lake, home safe sales are booming.

At Bob’s Lock, Safe and Key in West Valley, general manager John Pester told us he’s seen nearly a 40 percent sales increase in big gun safes and smaller fire safes. He says he’s noticed the sales spike particularly in the last month or so.

“We have had to replace a lot of inventory because of it. We’ve gotten a big shipment. We got about 15, 20 safes in from the factory just recently, so we have a lot of safes in stock to keep up with the demand,” Pester said.

He says they usually only carry a handful of safes in their store. They’ve bumped that number up to about 20 total, which is more than they’ve ever stocked before.

It doesn’t take a genius to see why sales are up. Pester thinks people are losing faith in the system and, instead, keeping their money where they can see it.

“I had one customer tell me that they needed a safe big enough to put $100,000 into. And I’m like, ‘OK, we have, we probably have a safe big enough for that.’ And I was a little surprised that they would tell me that, but that was just within the last month,” Pester said.

Pester says large gun safes generally sell for about $800 up to $3,500. The smaller ones range in price from $300 on up.

Federal data shows that in the last few months domestic bank deposits have dropped $40 billion.

Dow up and Selling Safes up too!

WOW! The run on the banks still going on. The stock market was up almost 1000 points. But look behind the curtains. Banks still are not loaning!  Here is another article.  Be reassured though that you can get your money. But be carefull with your Safety Deposit Box.  “Big brother” will be watching you open your box if your bank collapses.

After last week’s record losses, the Dow today bounced back with the biggest one-day point gain since the Great Depression.

While stocks might be up today, some consumers are deciding their money is better off at home. Around the country, and here in Salt Lake, home safe sales are booming.

At Bob’s Lock, Safe and Key in West Valley, general manager John Pester told us he’s seen nearly a 40 percent sales increase in big gun safes and smaller fire safes. He says he’s noticed the sales spike particularly in the last month or so.

“We have had to replace a lot of inventory because of it. We’ve gotten a big shipment. We got about 15, 20 safes in from the factory just recently, so we have a lot of safes in stock to keep up with the demand,” Pester said.

He says they usually only carry a handful of safes in their store. They’ve bumped that number up to about 20 total, which is more than they’ve ever stocked before.

It doesn’t take a genius to see why sales are up. Pester thinks people are losing faith in the system and, instead, keeping their money where they can see it.

“I had one customer tell me that they needed a safe big enough to put $100,000 into. And I’m like, ‘OK, we have, we probably have a safe big enough for that.’ And I was a little surprised that they would tell me that, but that was just within the last month,” Pester said.

Pester says large gun safes generally sell for about $800 up to $3,500. The smaller ones range in price from $300 on up.

Federal data shows that in the last few months domestic bank deposits have dropped $40 billion.

Worldwide Move to Safes and out of the Bank

A clip of an article showing up in Eurozone banks. Thought you may want to read it.  Check out a great source for safes at www.ValueSafes.com.

The turmoil battering banks across Europe is unlocking new opportunities for firms like the Solon security shop outside Paris, where manager Nicolas Rebaudengo said sales surged 30 percent over the past two weeks.

“Customers tell us they don’t have too much faith in the banks and they expect problems,” said Rebaudengo.

Young well-heeled executives, pensioners, middle class couples and lower income workers have all browsed his shop recently, looking at models that range in price between 500 and 2,000 euros ($680 to $2,700).

New faces have also flocked to Djamila Menna’s BS Protection shop in Paris, where business has shot up 20 per cent over the past 10 days.

“Nowadays even the man on the street is coming in to learn about safes because it’s not something that he has ever considered,” said Menna.

“He is looking for a way to protect himself.”

At Paris’ BHV department store, sales personnel say small safes are a hot item, with many customers picking up low-cost simple metal boxes with keys or padlocks.

“Many customers say they have gotten rid of their safety boxes at the bank because they don’t know what’s going to happen and they would rather protect their valuables themselves,” said Philippe, a BHV salesman.

French insurers however only provide coverage for higher grade models that start off at 500 euros.

Small safes are also popular at the AR Securite shop in Paris.

“Customers, mostly men in the 40s, 50s and 60s, buy smaller safes that can hold a maximum of 8,000 euros,” said manager Claude Simonnet, adding that the new purchases are probably to store jewellery and watches.

The story is the same across the Channel in Britain, where two banks have been nationalised this year and where the government Wednesday announced a multi-billion pound rescue package to protect others from going under.

“We’ve seen a 25 percent increase in sales over the last four to six weeks and in our opinion this is directly linked to the financial turmoil,” said Russ Reader, manager of Leigh Safes in the southeastern English county of Essex.

Some of these new clients had “expressed their concerns” about the crisis, he told AFP, saying: “Frankly, what account, what bank is safe now?”

Run on the banks.

Here is a copy of a recent article on the run on the banks.

Even though governments around the world are rushing to guarantee the deposits in their nation’s banks, nervous customers aren’t convinced.

When the banking system seems to be falling apart, some like to keep their cash as ‘safe as houses’.

It’s good news for a shop in London.

“Well, we’ve noticed a real upturn in sales,” Anthony Setchell, sales manager of Home Safes said. “We are trading nearly three times as much as we were at the same time last year and installations have gone up as well, so much so that we are thinking of taking on a new member of staff because our current guys are overworked.”

Setchell said the phones have begun to ring a lot more.

“We’ve noticed an increase in enquiries relating to storing cash in safes rather than valuables which is what we were previously getting most calls about,” Setchell said.

It’s a sign of the times – no more complex derivatives; bits of paper and virtual wealth that nobody seems to have understood.

Instead, today’s insecure punters want something a little more, well, concrete.

Tags:
Posted in Safes | No Comments »