Hey guys. I'm new here and I figured I'd contribute a little something to the forum. I had a little fun with writing this up, so apologies if it sounds a little salesy. I do NOT work for any companies mentioned, nor are there any affiliate links anywhere in the post.
Cash for gold for part-time income
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Preface: Please check the laws in your state before choosing to act on this information. In most jurisdictions a secondary precious metals license is needed to operate as a business entity. This information is presented for educational purposes only.
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Here's how you can make anywhere from $100 to $5,000 a month working part-time. No that's not an embellishment. With the price of the metals so high, it doesn't take much to add up if you have good work ethic. Most WE BUY GOLD&SILVER stores buy gold and silver from the public anywhere from 20%-70% of it's true value. This has become in fact a very large portion of jewelry store's business in these recent economic times. Here is a guide of how you can get in on this business too with a very low startup cost, and high return potential.
We are going to buy low sell high. Replace the middleman CASH FOR GOLD store. Now the catch is, the person you will be selling the metal to, the refiner, does NOT conduct business with anyone without the secondhand precious metals dealer license. However there is one exception to this. The name of the refiner we will be dealing with is called Northern Refineries. http://www.northernrefineries.com The other advantage to using this refiner is the lack of a minimum order. Jewelry stores are able to send many ounces at a time due to their high volume, but we won't. The disadvantage is a lower percentage of payable metal. This page is a good summary of refineries and is a good site to peruse before investing any money into this. http://www.goldeducator.com/index.html/cash/refinery
Step 1: Materials.
You will need a neodymium magnet, premixed muriatic acids, test stone, scale, and jeweler's loupe. All of these items can be had for about $20. That's the lower level of entry. Of course, finer products exist which would de desirable if this becomes your full time gig. Here's a link of what a startup kit would be. http://www.amazon.com/Portable-Acids--Si...004VM957W/
Step 2: Learn how to use them.
Youtube is your best friend. The idea of buying something fake can be virtually eliminated by following a few simple rules since you are a beginner. 1)Never buy anything that isn't stamped gold/silver. 2)Always use a magnet and if there is any attraction whatsoever, do NOT buy it. (Silver has a few exceptions due to dimagnetism) Here is a good youtube channel devoted to this business idea. He is a little droning at times, but the information is good. https://www.youtube.com/user/scrapgoldbu...sults_main
Step 3: Learn how to calculate price.
This is by far the simplest step. Thousand of online gold calculators exist to do just this. Simply enter your weight (in grams, pennyweights, or whatever measurement you are most comfortable with), the composition of the metal (10k,14k,18k,24k,900,925) and using the live gold/silver price, it will tell you the value of the metal. This is not what you should pay. This is not what the refiner will pay you. It is the full market price, and it is what you will use to determine your percentage of price you will give.
http://www.goldcalc.com/
Step 4: Ask questions, become comfortable enough to make first purchase.
There is a lot to learn, and much more than I can ever cover in just one post. However the links I posted are good resources and I also can answer any question you have. If you want to be super comfortable, just follow those rules I gave you above on how to surely avoid fake gold. The majority of stamped gold is going to be real. After testing it with a magnet and the test stone, the likelihood of it being fake is almost zero.
Step 5: Find your gold/silver and BUY IT
These days, people know all about the shops that buy gold and silver so if you have any family or friends or people that you think have gold, definitely try them first. Depending on what you decide to pay, this can get you started very handsomely. After that, try garage sales, divorce lawyers, dentists, flea markets, and even door-to-door cold approaching.
-----------
Who am I and why am I qualified to speak on this matter? Well, I have managed and owned/operated 2 of the CASH FOR GOLD stores. I made money doing so. I am not rich, but that's not because this isn't a good business, it's because I was stupid with business decisions, business location, and stupid with money as a result of it coming in so easily. I paid anywhere from 20-90% for items based on their condition, likelihood of being stolen, and person selling them. You could pay 55% and easily match all the cash for gold stores. That gives you a good 30% profit margin.
I no longer do this after some soul-searching, as emasculating as that sounds. I personally want to have a job producing something of value that people want and use instead of being a middleman, sitting on my butt all day getting fat.( Gained probably 20 pounds of fat) In particular, these threads are very relevant to my interests. http://www.rooshvforum.network/thread-10920.html http://www.rooshvforum.network/thread-13880.html
Also, after researching the financial problems we as a world face, I believe the metals will once again play a role in monetary policies and therefore would be doing a disservice to anyone I did business with, without them being aware of my findings. If there were a way to screw big corporations doing this, I would do it, but not the everyday man who hasn't a clue and is being screwed at every other corner. At least that's my rationalization for now. Maybe I just didn't make enough money...![[Image: blush.gif]](https://rooshvforum.network/images/smilies/blush.gif)
I hope anyone that finds this interesting asks questions, and gets the confidence to actually DO THIS. It can be a great moneymaker for someone that has a little extra time on their hands.
Cash for gold for part-time income
------------------------------------------------
Preface: Please check the laws in your state before choosing to act on this information. In most jurisdictions a secondary precious metals license is needed to operate as a business entity. This information is presented for educational purposes only.
------------------------------------------------
Here's how you can make anywhere from $100 to $5,000 a month working part-time. No that's not an embellishment. With the price of the metals so high, it doesn't take much to add up if you have good work ethic. Most WE BUY GOLD&SILVER stores buy gold and silver from the public anywhere from 20%-70% of it's true value. This has become in fact a very large portion of jewelry store's business in these recent economic times. Here is a guide of how you can get in on this business too with a very low startup cost, and high return potential.
We are going to buy low sell high. Replace the middleman CASH FOR GOLD store. Now the catch is, the person you will be selling the metal to, the refiner, does NOT conduct business with anyone without the secondhand precious metals dealer license. However there is one exception to this. The name of the refiner we will be dealing with is called Northern Refineries. http://www.northernrefineries.com The other advantage to using this refiner is the lack of a minimum order. Jewelry stores are able to send many ounces at a time due to their high volume, but we won't. The disadvantage is a lower percentage of payable metal. This page is a good summary of refineries and is a good site to peruse before investing any money into this. http://www.goldeducator.com/index.html/cash/refinery
Step 1: Materials.
You will need a neodymium magnet, premixed muriatic acids, test stone, scale, and jeweler's loupe. All of these items can be had for about $20. That's the lower level of entry. Of course, finer products exist which would de desirable if this becomes your full time gig. Here's a link of what a startup kit would be. http://www.amazon.com/Portable-Acids--Si...004VM957W/
Step 2: Learn how to use them.
Youtube is your best friend. The idea of buying something fake can be virtually eliminated by following a few simple rules since you are a beginner. 1)Never buy anything that isn't stamped gold/silver. 2)Always use a magnet and if there is any attraction whatsoever, do NOT buy it. (Silver has a few exceptions due to dimagnetism) Here is a good youtube channel devoted to this business idea. He is a little droning at times, but the information is good. https://www.youtube.com/user/scrapgoldbu...sults_main
Step 3: Learn how to calculate price.
This is by far the simplest step. Thousand of online gold calculators exist to do just this. Simply enter your weight (in grams, pennyweights, or whatever measurement you are most comfortable with), the composition of the metal (10k,14k,18k,24k,900,925) and using the live gold/silver price, it will tell you the value of the metal. This is not what you should pay. This is not what the refiner will pay you. It is the full market price, and it is what you will use to determine your percentage of price you will give.
http://www.goldcalc.com/
Step 4: Ask questions, become comfortable enough to make first purchase.
There is a lot to learn, and much more than I can ever cover in just one post. However the links I posted are good resources and I also can answer any question you have. If you want to be super comfortable, just follow those rules I gave you above on how to surely avoid fake gold. The majority of stamped gold is going to be real. After testing it with a magnet and the test stone, the likelihood of it being fake is almost zero.
Step 5: Find your gold/silver and BUY IT
These days, people know all about the shops that buy gold and silver so if you have any family or friends or people that you think have gold, definitely try them first. Depending on what you decide to pay, this can get you started very handsomely. After that, try garage sales, divorce lawyers, dentists, flea markets, and even door-to-door cold approaching.
-----------
Who am I and why am I qualified to speak on this matter? Well, I have managed and owned/operated 2 of the CASH FOR GOLD stores. I made money doing so. I am not rich, but that's not because this isn't a good business, it's because I was stupid with business decisions, business location, and stupid with money as a result of it coming in so easily. I paid anywhere from 20-90% for items based on their condition, likelihood of being stolen, and person selling them. You could pay 55% and easily match all the cash for gold stores. That gives you a good 30% profit margin.
I no longer do this after some soul-searching, as emasculating as that sounds. I personally want to have a job producing something of value that people want and use instead of being a middleman, sitting on my butt all day getting fat.( Gained probably 20 pounds of fat) In particular, these threads are very relevant to my interests. http://www.rooshvforum.network/thread-10920.html http://www.rooshvforum.network/thread-13880.html
Also, after researching the financial problems we as a world face, I believe the metals will once again play a role in monetary policies and therefore would be doing a disservice to anyone I did business with, without them being aware of my findings. If there were a way to screw big corporations doing this, I would do it, but not the everyday man who hasn't a clue and is being screwed at every other corner. At least that's my rationalization for now. Maybe I just didn't make enough money...
I hope anyone that finds this interesting asks questions, and gets the confidence to actually DO THIS. It can be a great moneymaker for someone that has a little extra time on their hands.