With gold moving up in price, it seems that everyone wants to be in the gold business. Starting one is easy and involves finding places to buy gold, and places to sell it for a profit.
- Skill level:
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Things you need
- Digital scale to two decimal places
- Zip close plastic bags
- Gold testing kit
Identify sources that you can buy gold from. To start a gold business, one needs to buy gold. Look at the people in your life who may have gold that you could buy for cash.
Identify sources that you can sell gold to. Before buying gold, one needs to figure out where one can sell it to make a profit. Ask local jewellery stores and rare coin stores what they pay for gold. Of course, you will have to pay your sources less to make a profit.
Market that you are in the business of buying gold. Your friends, acquaintances, and community need to know that you are buying gold at competitive prices. Market to them using traditional publications and the Internet.
When you get gold, weigh it and measure its purity, and buy it. Much of the gold you get will be easy to value, such as gold coins that can be valued with a standard guidebook to coins, and much of the gold jewellery that you get will be marked with the fineness. Using standard tables, one can determine how much gold is in each object, and thus, how much you can sell it to your sources identified in Step 2 for.
Then, purchase it.
Sell the gold to the supplier identified in Step 2. Gather the gold that you purchase and sell it to the supplier, taking care to make sure that what you have is clearly labelled and with the understanding that larger groupings may get better rates.
Tips and warnings
- When marketing, differentiate yourself from Internet cash for gold businesses by stressing the personal contact that the client will receive in working with you.
- When mailing gold, use insurance to avoid losses.
- Be careful when looking for Internet sources offering to pay cash for gold. They often pay below market and some even make their offers final.
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