How to Buy Wholesale Gold
Almost every household in America has some kind of precious metals---usually in the form of gold jewelry. There are several ways to purchase wholesale gold, but you never want to go to a retail store or pawnshop to get a good deal.
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Instructions
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Check the price of gold online daily. This is known as the "spot" price of gold. As long as you purchase gold for less than spot, you will make a profit. The spot price of gold is for 24-karat gold. Lesser-karat gold will melt down to pure gold. For example, 14-karat gold will yield about 56 percent of pure gold. Multiply the spot price of gold per troy ounce by 0.56 to get the value of one troy ounce of 14-karat gold. Then figure out how much the piece weighs. Keep in mind that there are 31.1 grams in one troy ounce. (A troy ounce is the measurement used for precious metals.)
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Look for and purchase lots of scrap jewelry on eBay.com and wholesale.gotmineforless.com.
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Go to thrift stores to see if there is any gold jewelry for sale. If there is, it will most likely be at wholesale, non-retail prices.
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Put wanted ads on craigslist asking to buy gold jewelry from individuals.
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Spread the word. Tell people you know that you will buy their gold.
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Tips & Warnings
If you don't have a lot of upfront capital to get started, consider being a referral source, and tell people where to get good deals on selling their gold. Take a small commission from the person you are giving the referral to.
References
- Photo Credit Pyrite (fool's gold) isolated on white image by Tamara Kulikova from Fotolia.com
