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.
Sell Unwanted Gold
Why sell unwanted gold? That’s a question you may be asking yourself right about now if you’ve been a little worried about cashing in on the popular metal. And if you were keeping track of the going rate of gold, you’d know why you should be selling to gold buers right now.
At around $1,100 per an ounce presently, gold is making a lot of consumers happy to cash in on everything from gold coins, bars, bullions, gold jewelry and even dental pieces. As long as it contains gold, it can be sold for fast cash.
Yet not too long ago it used to be that people just weren’t really interested in really selling their old gold items. And even if they knew their gold items were worth something, they would just drive to the nearest gold buyer or pawn shop and get as much as they were offered for it. Or they’d throw it in their yard sale for a specific price and be done with it.
So now that consumers have gotten wind of the decent amount of money you can make when you sell gold, they’re cashing in, but not always at the right places.
One of the biggest businesses that’s profiting from the current gold rush are pawnshops. They know that desperate people want to sell quickly without any hassle and pawnbrokers have no problem stepping in to buy your valuable pieces.
But, if you really want to sell your gold for the best price possible, you may need to avoid the pawnshops and do your research. Don’t just try to get rid of your items to the first business who has a sign posted, offering to buy and sell used gold. Instead, know what your items are really worth first, then shop around for the best offer.
The easiest way to know if you have enough of the precious metal that’s worth selling is by checking it’s purity. Most pieces, especially jewelry will be engraved with a number and the letter “K” (karat) (like 10K, 14K, or 18K) and a higher number will mean a higher gold content and value.
Once you know the value of your gold piece, make sure you know exactly how much the going rate is for your items. The market fluctuates daily, so while that old wedding band may be worth a couple of hundred in the morning, it may only be worth ¾ of that by mid-day.
Don’t pass up a coin dealer or jewelry store when you have coins or jewelry. Even if the pieces are not in perfect shape, these businesses may still take an interest in what you have since the precious metal is very valuable.
Think outside of the box when it comes to selling scrap gold. While there’s nothing wrong with considering an online dealer, refiners will allow you to skip the middle man if you know how to talk to them.
Most refiners however, are often leery of purchasing from individuals since there’s generally not enough items to be worth their time. They want a large quantity of the precious metal, so if you have enough friends and family who are willing to sell unwanted gold, then you might just be able to grab a refiner’s attention.