How to Become a Silver Dealer

A silver dealer purchases this fine metal at a discount.

Silver dealers buy silver from those who own silver jewelry, silver cutlery or other silver items, and then resell it for a profit. It is crucial that you know the rates of this metal, have large sums of cash at your disposal, and know where to find clients who have an interest in silver if you want to thrive as a silver dealer.

Instructions

1. Determine the niche in which you want to focus. For instance, you have the chance to specialize in the sale of silver jewelry, forks and spoons, necklaces, rings or even expensive coins. Once you become an expert in one of these areas, you will have a reputation as the go-to source for that type of silver.

2. Go to places that sell silver to large groups of people. If you want to prosper as a silver dealer, you must buy the metal at a reduced rate from the shows you attend, in order to resell your goods for a profit. Arrive at the places where you travel before other silver buyers, and look for people who have cheap items for sale.

3. Find other people in your profession who live in your city and ask them what type of discount they offer when you buy in bulk. You will find that not all businesses that sell silver desire to sell it to you for low rates, but persevere until you find a few sellers who want to make some money.

4. Set yourself up to sell silver coins to other people or companies. When you have the opportunity to mark up the prices of coins you get from America, and sell these items to silver vendors for higher prices, you have a good chance to earn a sizable profit. However, if you want to become an authorized US Mint buyer, you must have at least $50 million in net worth, and a prior track record of selling huge quantities of silver in a 12-month period.

Tips & Warnings

• Make sure you have the funds to finance your dealership. You will need money to rent a location, operate your store and pay any employees you hire to assist your business. You will also require at least $30,000 in silver products to sell to your customers and earn a good return on the investment.

References

• The United States Mint: Consumer and Business Guidelines
• APMEX: Silver, Silver Bar, Silver Bars, Silver Bullion, Gold and More