A great way to get your feet wet in the world of making some cash is to buy and sell scrap gold.
It's a simple business model that can be done on almost any budget and could set you up for a bigger future in gold trading.
At a very basic level you just need to go and find some scrap, broken and old gold, find a good dealer to buy your scrap and try and sell the gold on at a profit.
As I am sure you are aware gold comes in different qualities (such as 9 karat and 24 karat) and sometimes can be found mixed with other metals.
Due to the time and cost refining this gold your scrap material will often sell for 10-20% less than the current spot gold price.
However a broken necklace for example will often sell for a higher price to a gold dealer rather than a jeweler.
You could spend an age reading up on all the differences of quality, how to get hold of gold and everything like that but nothing works better than action.
And the best way to learn is on the job.
So here is an action plan to get you selling gold fast.
1.
Set yourself a starter budget.
$50 is good.
2.
Get yourself a set of starter scales that can measure in ounces or grams.
These can be obtained for around $10 from places such as eBay.
As your business grows you can buy better scales.
This will allow you to roughly estimate what you may get.
3.
Go and buy some gold.
Ask your relatives if they have some old broken jewelry to sell you.
Go take a look around Garage sales for old necklaces, earrings and anything that contains gold.
Keep collecting and shopping until you have reached your budget.
Gold can be identified by a small karat mark somewhere on the piece.
4.
Find yourself a decent dealer.
There may be one in your local town.
If not then there are lots of them available online.
Online dealing is safe as it's done via insured mail and if you are not happy with the price they quote they can return the mail back at no cost to you.
As you get more advanced you will start to get more involved in calculating the prices depending on the quality and you can also start looking to see what other metals may be contained and if they have separate value.
It's a simple business model that can be done on almost any budget and could set you up for a bigger future in gold trading.
At a very basic level you just need to go and find some scrap, broken and old gold, find a good dealer to buy your scrap and try and sell the gold on at a profit.
As I am sure you are aware gold comes in different qualities (such as 9 karat and 24 karat) and sometimes can be found mixed with other metals.
Due to the time and cost refining this gold your scrap material will often sell for 10-20% less than the current spot gold price.
However a broken necklace for example will often sell for a higher price to a gold dealer rather than a jeweler.
You could spend an age reading up on all the differences of quality, how to get hold of gold and everything like that but nothing works better than action.
And the best way to learn is on the job.
So here is an action plan to get you selling gold fast.
1.
Set yourself a starter budget.
$50 is good.
2.
Get yourself a set of starter scales that can measure in ounces or grams.
These can be obtained for around $10 from places such as eBay.
As your business grows you can buy better scales.
This will allow you to roughly estimate what you may get.
3.
Go and buy some gold.
Ask your relatives if they have some old broken jewelry to sell you.
Go take a look around Garage sales for old necklaces, earrings and anything that contains gold.
Keep collecting and shopping until you have reached your budget.
Gold can be identified by a small karat mark somewhere on the piece.
4.
Find yourself a decent dealer.
There may be one in your local town.
If not then there are lots of them available online.
Online dealing is safe as it's done via insured mail and if you are not happy with the price they quote they can return the mail back at no cost to you.
As you get more advanced you will start to get more involved in calculating the prices depending on the quality and you can also start looking to see what other metals may be contained and if they have separate value.
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