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Make Money Buying And Selling Gold

Make Money Buying And Selling Gold

Description: Starting a gold reselling business can pay out extremely well, and gold will always be a high-dollar, desired item. Learn how to make money in this business!

Over one hundred and fifty years after it hit its peak, it seems the Gold Rush is alive and well. Millions of people are turning to the lucrative and exciting practice of selling gold, silver and platinum for profit as a way to supplement their income. With some training that will provide you an understanding of the industry of precious metals and how to maximize earnings, a gold reselling business can actually become a full-time revenue-earning source.

Benefits of Owning a Gold Reselling Business

Every business has its attractive features and this goes especially for a gold reselling business. This type of business is entirely different from most other business opportunities, and with this uniqueness comes many benefits.

• You can have a gold reselling business completely on your own, providing a great means to make side cash or a supplemental income. Though you can use the assistance of other employees if you wish, you are more than capable of pursuing success in gold reselling by yourself.
• This type of business helps others as well as providing you income. When sellers come to you to sell their scrap or unwanted gold, you not only take the pieces off their hands but provide them with some extra money.
• A gold reselling business does not require an inventory, supplies or drawing in customers with products. This promotes low overhead costs and simplicity of operation.
• You can absolutely customize your business to fit your schedule and motivation. With gold reselling you can work the hours you want, with the intensity that you want. You can even choose from a variety of gold buying and selling techniques to maximize profits and speak to your particular talents.
• Gold reselling can be a very exciting business opportunity. Using some methods is like going on treasure hunts, and you never know what will be brought to you during an event. Every day is different so boredom is not a problem with this business.

Start-up Costs

Make Money Buying And Selling Gold

Most businesses require some form of start-up costs. Gold reselling is slightly different in this area.
• The majority of your work in a gold reselling business is done from home or other businesses. Some gold resellers like to rent out conference rooms or other locations for very large events, but this is mostly for well-established, experienced sellers and can be considered later.

• If you intend to pay your gold sellers cash for their offerings, you will need a lump sum of available capital at your first event. Many resellers get around this by paying with checks. If you use this method you must immediately go to your local recycling center in order to collect your profits and put the money in your account so it will be available when your sellers cash your check.
• There are many gold reseller resource programs available online that can provide insider tips and tools that can help you get going and see success quickly. These range in price, with the average being around $60. This is not a necessary expense, but might appeal to people who appreciate a wealth of information about any endeavor they begin.
• Advertising your events can bring in far more sellers than just word of mouth. Options for appealing to eager potential sellers include Craigslist (which is free), newspaper advertisements and flyers.

Earning Potential

A successful gold reselling business can be very lucrative if you learn the basic methods and go about buying and selling the gold intelligently and cautiously. You have several options for buying and selling gold and other precious metals for profit.

• One way to find gold to resell to refiners is by frequenting garage sales, flea markets and estate sales. These sources can bring surprises and amazing bargains that will give you a boost in profits quickly, and eliminate having to determine how much to offer a seller at a private event.
• The way many gold resellers actually begin their businesses is to go through their own jewelry stashes to find pieces that they no longer want or need and selling those to refiners. This not only gives them immediate income, but teaches them how the process works so they can be prepared for working with sellers.
• If you want to work with people and guarantee at least some gold to resell, you may be interested in hosting gold buying events. Also called « gold buying parties », these events allow people interested in selling their precious metals to come to you. You evaluate their pieces and offer them a purchase amount that you know will allow for some profit when you go to your refiner. They leave with money and you leave with gold to resell for profit.
• Don’t be afraid to ask friends and family if they have any scrap jewelry they do not need. You can offer them the opportunity to sell the pieces to you, which benefits them but also acts as your first few transactions to get you used to the business.

Make Money Buying And Selling Gold

Gold reselling is a unique business opportunity in that it requires little to no training, experience or starting capital to get going. If you have access to scrap gold, silver or platinum, you can begin selling them to refiners for profit. As your operation grows you will be able to hold larger events and have bigger paydays without the same amount of effort, making this an ideal side business for already busy people just looking for a little boost in income.