How to Make Money Buying & Selling Gold

Buying and selling gold can be financially lucrative.

In today's economy, people are finding new ways to financially support themselves. Investing in stocks is not always the smart choice, especially as volatile as today's market is. Gold, however, remains a smart choice when it comes to having items that increase in value. When the economy is down, the price of gold tends to go up. If you can purchase gold when it is low and sell when it is high, you have the possibility of making a good amount of profit.

Instructions

Buying Gold

1. Invest in a gold testing kit and scale. You will need to test the gold that you agree to purchase before purchasing. You will also need to weigh the gold as you will be purchasing by weight. You will also need to start with some cash on hand to make your first purchases.

2. Have a gold party. Ask friends and family to gather together and bring old jewelry they do not want or scraps of gold. Test the gold and offer an amount to the owner that is less than what you can get for it, so that you can later sell it. A good incentive for a hostess to have a party is to offer a small percentage to her as well.

3. Advertise yourself as someone who buys scrap gold. You can have business cards, use word of mouth from the parties, or create flyers that give information on how someone can earn money bringing you scrap gold.

4. Have relationships with local pawn shops. While many of them may be buying and selling gold for their own profit, some may find it too tedious and decide not to. Offer your services to take any scrap or unclaimed gold off their hands.

Selling Gold

1. Find a company, or refinery, that will purchase your gold. There may be one locally that you can go to, or you may need to use a mail-order firm.

2. Contact the company to request a kit to mail in your items, or to request information on how their gold-buying process works.

3. Sell the refinery your gold that you have collected from parties, customers and pawn shops.

4. Wait for seven to 10 business days, for mail order companies, to receive your check. If you have found a local refinery, they will normally pay you on the spot.

5. Take your earnings and buy additional gold. You will always want to have some cash on hand should someone have gold that they want to sell to you.

References

• Northern Refineries: Refining Gold Scrap
• Scrap Gold Dealers: Midwest Refineries