Gold buyers can make a decent living if they know exactly how to operate their businesses. You cannot simply buy the gold, but you also have to sell the gold, too. Here are some more helpful tips you absolutely must follow if you want to be a successful gold buyer.
Advertise
You would be surprised how many beginner gold buyers fail to advertise. If people do not know that you are buying gold, and they do not know where to find you or make contact, how do you expect to buy any gold? Sure, you could probably buy a ton off the internet, but you take risks and you may spend more than you earn off of the gold you buy. Instead, spend a little extra cash to advertise (and advertise LOUDLY), and you will find that you get a lot more customers without having to track them down yourself.
Buy Mid-Price
Gold is one of those things that fluctuates in price from one hour to the next-literally. Watch the stock market's ticker for gold, and you will see the roller coaster values gold has. If you want to make money buying gold, but you also want to keep your customers happy, buy their gold at a middle-of-the-road price. Then sell the gold when it hits a high. This way, your customers think they are still getting a good chunk of money for what they sell you, but you still turn a profit.
Test ALL the Gold You Buy
You should test all the gold you buy before offering a customer payment. Do not be like the gold traders during the gold rush who bought a lot of gold-painted rocks or fool's gold and then realized what they had was junk. You can buy testing kits from any metallurgy supply store. It tests for the pureness of the gold, as well as anything that is just gold-plated.
Be Sure to Subtract the Weight of Precious Stones
When customers bring you jewelry with stones in it, make sure you subtract the weight of the stones. Paying the client gold prices based on the total weight of this jewelry means you just paid gold prices for the stones, too! Unless you can verify that the stones are real and have value, you just got burned. If you are interested in buying and paying customers for the value of the stones as well, hire a gemologist to work part-time with you. Then you can sell both the gold and the stones at full value.
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