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I think it is a balance sheet issue for most grey dealers. Putting 15k of cash into a sports Rolex is much easier and less risky than putting say 80k of balance sheet into a gold 15500 which might take a while to shift. Many grey dealers have far too much stock, a good portion of which may be underwater already and purchased on leverage. It is a very difficult time for these guys and many won’t make it.
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