It's a symbol of wealth and prosperity, offering better returns than most financial assets. Inthe rate of return was approximately Millions of people worldwide buy and sell gold to diversify their portfolios and protect their investment against inflation. If you wish to start a gold buying business, there are a few things you should know to make a profit and comply with the law.
Your business can be as large or small as you want, and you can still make money with one gold-buying event per month. You may want to stick with a fast turnaround unless you want to keep the gold and risk your investment on this bumpy ride.
Getting Started Gold buying is a cash business, and it takes plenty of it to get started. Carrying this much cash also necessitates security and staying with customers you know and trust.
Unless you plan your gold-buying business for quick turnover, you can ride the volatile gold prices and make even more money or lose much of your investment. Most gold jewelry is stamped to show its purity, usually 10 karat, which is 41 percent pure, or 14 karat, which is 58 percent pure.
Occasionally, though, you have to test it. This is usually done with nitric acid, which is strong enough to burn and stain your fingers. You also need high-quality scales to accurately weigh the gold. Setting Your Price The cost of gold changes day to day, sometimes minute to minute.
This means you need to monitor it constantly. The spot price for gold and silver is your benchmark. According to the Goldprice website, the dealer A-Mark charges up to 2 percent commission on a transaction, depending on its size.
Parties and Private Clients Like gatherings used to sell dishware and cosmetics, you can host a gold-buying party. Bring your testing gear and make your transactions over refreshments. Done right, you can make decent money hosting one gold party per month, and your satisfied customers might refer you to their friends.
From there you may start accepting clients individually, arranging the transaction and agreeing to meet in a public place. Selling Your Gold Maintain a relationship with several large precious metals dealers to get the best price when you want to sell your scrap gold.
Most will quote over the phone, and some will have a smaller buy-sell commission than others.
You may want to get rid of your gold quickly or hold onto your metal, depending on whether you want to cash out or call it your personal investment.South Africa's Premier Online News Source. Discover the world of IOL, News South Africa, Sport, Business, Financial, World News, Entertainment, Technology, Motoring.
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