A gold rush in Woodbury? Popular Gold Guys store opens in Woodbury Lakes
They call one another the genius behind creating a concept that nobody else was able to come up with. You may recognize them by their photo that's big and prominent on all of their advertising.
They're the Gold Guys. The businessmen, Joe Beasy and Shane Maguire, are now buying gold and silver out of Woodbury Lakes Mall.
The duo started their business more than three years ago at the Mall of America. It was the very first store in the country that specialized in buying gold and silver.
"We started the trend in stores that bought precious metals," Beasy said.
Beasy gave his business partner credit for predicting a recession two years prior to their debut that would push more people to sell some gold.
And the only places to sell gold were the pawn shops, coin dealers and struggling jewelers, he said.
"We don't sell anything, therefore we knew we could always offer the highest price," Beasy said.
Without giving away too much of their secret, the Gold Guys said they're competitive because they're in the business of trading gold, not selling it retail like the others.
"There are a lot of tricks to the trade," Beasy said. "Our competition wants to know too."
Maguire said it's a process that requires watching the market closely.
"By the way, he's the genius of the group, I'm just here to support him," Maguire said with a smile as he pointed at Beasy.
After expanding to Maple Grove and Duluth, among other locations across the country, they decided to bring their business to Woodbury this year for the western Wisconsin and east metro customers. The store has been open about two weeks.
They also wanted to provide people with an honest way to sell gold, they said.
"Why would you mail your gold to somebody you don't know?" Maguire said.
Their services include an insured mail-in service, mobile services and gold parties.
The duo, who at times finish each other's sentences, have been business partners for 20 years. Their goofy, fun and energetic personalities add a bit of liveliness to the parties they make appearances at.
"Instead of coming to a party where you spend money, you go home with more money," Beasy said, adding that hosts of gold parties make 10 to 15 percent of what's purchased at the party.
The Woodbury Gold Guys store is open during mall hours. Appointments are recommended for customers with large quantities of gold.
They also have locations in Iowa, Hawaii, Texas, California and Nevada.