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Buying and Selling Gold for Fun and Profit

Buying and Selling Gold

 

Buying and selling gold for fun and profit is a neat way to earn cash. As you probably know, the price of gold has skyrocketed. The reason why is because of the economic problems that have been plaguing various countries around the world. This is especially true within the United States.

The recent economic downturn has caused the currency to lose some of its value. As a result, people are looking for safer investment options for their money – therefore causing gold to enjoy increased popularity and interest.

First, you need to obtain the precious metals you want to sell. You can start by selling your own gold items, such as old watches, bracelets or coins. If you want to sell more after your personal items are gone, you’ll have to find another source. Unless you plan to unearth your own gold, you need to figure out how to get your hands on gold you can resell.

One approach is to place advertisements in newspapers and/or on television. You can also ask around among your friends and family. Let people know that you’re purchasing old gold items such as broken watches, bent bracelets or valueless coins.

The secret is to offer a fair price, but to leave yourself room for profit when you resell. This means you need to anticipate how much you can make before you even offer a buying price. This is a good situation for everybody because in the end, everyone adds more cash to their pockets. It also provides you with an easy way to obtain gold that you can then sell for profit. If you’re not shy about spreading the word, you can possibly do well with this money making method.

If you’re really serious about cashing in on the gold buying business, you might want to consider opening up a small storefront at a flea market. The starting expenses are often low. You can also cultivate local customers who enjoy buying and selling gold from you. This is great because you can then exchange the gold for cash on the spot – making it a safe transaction from your perspective.

To succeed with buying and selling scrap gold, you need to purchase gold jewelry or scrap gold at one price, and then resell it for another price (preferably a higher price). You also can do the same with gold coins. In fact, you might discover it is easier to trade gold coins and sell them to collectors that are eager to buy from you.

How much money can you make from buying and selling gold? Quite a lot, if your volume is good. The more gold you can acquire and resell, the more money you can make. This is a good money making method because you can always turn a profit.

As long as you resell the items for more than you pay, you’ll always get a good deal. Remember, when you no longer have any personal items to sell, you can acquire gold items from others by offering them a fair price and establish a very successful business of buying and selling gold.

Gold Prices Rising

Gold Prices Rising

Sell Gold GuideGold prices are rising as it hit a record of $1,119 an ounce this on November 4th 2009. It’s enough to astound market analysts who believed the precious metal would rise any further that its $1,000 an ounce record last year.

Business is still booming and as a matter of fact hasn’t really let up since the precious metal craze brought hundreds of thousands of consumers to pawn brokers, jewelry stores and anywhere they could sell gold in 2008.

In fact, many consumers are digging in their jewelry boxes and finding bracelets, rings and necklaces that have been tucked away and forgotten about. Even dental crowns, retainers and gold coins are being offered and bought!

And because the precious metal is considered a safe investment due to its popularity, the value of it is pretty much stable. You could have a bar of the stuff that your great-grandfather purchased for $50 and it would still be worth $1,119 an ounce today.

Because gold is stable and so highly sought after, many investors are considering the metal as a way to protect themselves against the falling dollar. What investors have learned is that the dollar is a weak investment doe to the record-low interest rates. As a matter of fact many foreign banks are now buying up the precious metal for diversity.

And thanks to that foreign interest, the rise of its price has been outstanding. In just this month alone the metal has gone up 7% and 26% just for this year. And unless this frenzy comes to a complete stop, it may very well continue to rise in price to as much as $1,500 or more an ounce.

Still, there are some speculators who believe that the increases are only going to be short term and that it won’t last for very much longer. Even so, people are still cashing in on their valuables anywhere that’s willing to buy them.

However, this frenzy has caused a little bit of trouble like the fall in jewelry sales, which had already suffered, do to the recession. While many consumers are willing to sell their jewelry, they’re not willing to buy it. And some investors are even worried that jewelry stores may very well die out.

But of course that hasn’t stopped most investors from buying up the valuable stuff. So if you’re looking to cash in and get a little holiday cash, talk to your local dealers and look for one who’s willing to give you at least 70% of the current going rate. Generally jewelry stores and coin shops are best since pawnbrokers don’t always give the best deals. And if you’re waiting for an even greater rise in the price of gold, it could go either way.

You never know when this frenzy is going to last and some experts are speculating that it could fall if the economy gets better. Furthermore, those gold prices that have been rising, could fall, just as it did in the 1980’s.