It seems that everyone these days wants a piece of the action in gold. Gold is at near-record highs, and the buying and selling of it has made people wealthy for years. Being a gold dealer requires finding a supply of gold to sell, and finding buyers to purchase your gold.
- Skill level:
Things you need
- Digital scale to two decimal points
Find a seller to buy gold from. To be a gold dealer, one has to find gold to buy. Doing this can be accomplished by asking your friends and family, placing ads in traditional print media like newspapers or online message boards, and generally letting your community know that you purchase gold coins, jewellery and scrap gold.
Assess the gold jewellery that you get. Once you get gold, you will need to figure out its value. You can do this in several ways. For gold jewellery, you can look at the jewellery to see if it is marked by carat purity. For example, 10K gold is less pure than 22K gold.
Next, weigh the gold using a digital scale that measures to two decimal points (hundredths). Then, finding a value is as easy as multiplying the grams by the purity, with the price per gram that you wish to pay. Make sure you allow for a profit margin as your intent is to make money in being a dealer.
Assess the rare coins that you get. Gold coins often have a value that is greater than their gold content. A guidebook can be found in any local library and bookstore, and can identify what coins are rare and which are common. Typically, these books will tell you the spot price (the price per ounce of gold at a given time) that the coin prices are based on, to serve as a frame of reference.
You should buy at less than the price you intend to sell the coins for.
Find a buyer to sell your gold to. Finding a buyer for gold is easy in larger communities, where jewellery and rare coin stores can provide assistance. These can be found in local business and online directories.
Let them clearly know what you have, that you want to sell it, and that you plan on selling more. This will enable you to get the best deal and have an ongoing relationship.
From there, you can sell your gold and enjoy your profits.
Tips and warnings
- Use rare coin dealers who are members of the American Numismatic Association.
- Be cautious with deals that seem too good to be true.
- Check local ordinances that may require you to get a license for this kind of dealing.
- Make sure that you are buying genuine gold coins and not fakes.
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