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You have probably seen the signs around your town and throughout the Internet. These are the ads proclaiming that they purchase gold, enticing you to sell to them right away so that you can make money. The people behind these range from enterprising individuals to larger operations with multiple staff. However, the premise is basically the same for everyone. They aim to get the precious metal at a price that is much lower than the market value and eventually resell the items at a much higher rate. Most of their clients are unaware of the actual worth of the assets. Thus, they can set the prices without much resistance.
Anyone can start this type of business as long as they do their homework and prepare adequately. So how does a “we buy gold” company work? It all begins with a lot of cash. The whole business is made possible by quick transactions. Gold has to be purchased right away, almost on impulse, whenever a great deal is found. People are unlikely to part with their possessions if you promise to pay with checks or deferred payments. You need to close the deal then and there. Have a pile of cash ready at any moment and be selective with customers for security reasons.
Remember that gold costs about $1,000 per ounce so you need to be careful when buying items. You don’t want to pay top dollar for a fake or an inferior piece. Invest in the tools that will help you separate the wheat from the chaff. If you are lucky, then the jewelry will already be marked with the karat rating so you will only have to confirm it using a test kit. Nitric acid is the preferred solution as this can expose cheap metal underneath. Having sensitive digital scales will also help you in getting the true weight of the item.
Gold is traded as a commodity in the world market. The level of supply and demand will vary throughout time, so the price will move quite a lot as well. On the whole, however, the changes are less erratic than in stock prices. Check the spot price for gold at all times so that you can craft deals accordingly. Specify your commission as a dealer. This can be as high as 2% but it all depends on the size of the assets being sold. When buying, a lot of companies will limit their rates at around 30% of the spot price to guarantee profits.
The gold accumulated by a company can be bought or sold through multiple channels. Companies can, for instance, invite people to a party where this is the main event. Make it a fun occasion with good food and great drinks to get people in the mood. They will be more generous if they are having a nice time. The cost of throwing the party can be easily offset by the profits made. Once you have completed a successful party, the guests will spread the word and bring new people aboard for the next events. You must also stay in close contact with precious metal dealers who can buy your scrap gold at the best prices.