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Go For Gold! The Business Behind The Dazzle


The price of gold is often in the news—sometimes it's rising, and other times it's dropping but for the most part, it has been on a steady increase for many years. It is certainly worth more now than it did twenty years ago. When its price is on the rise, we may have thought about the benefits of selling our gold for profit and making some passive income from it.

When the price is falling, some of us consider investing in gold instead so that when the market value rises, you have attained the gold at a great price. Then it’s time to work on trading

 

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Photo: Pixabay

 

Is it a profitable business or sideline?

It can be. The truth is that you can earn a living buying and selling gold, but not in the traditional forms of buying from jewellery stores or selling on the stock market. You can look into buying gold from the public for resale as well as looking into companies that already do this and understanding that you can buy precious metals from already established companies. 

 

If you are totally new to the industry, you will need to become rather sabby with some of the terminology behind the business. What Is a Hallmark? What Is a Carat (Karat)? A hallmark is a small stamp or impression used to certify that this piece of metal is what it claims to be, whether that is gold, silver or platinum. It is a way to see if it is kosher. A karat, is a fractional measure of a gold alloy's purity out of 24. An 18-carat gold ring is 18 out of 24 parts pure gold, or 18 parts gold and 6 parts another metal. So the higher the karat, the more pure the gold, but the standard for jewellery is often 9 or 18 karat. 

 

There are different ways to attain metals yourself.  Before you can sell gold for profit, you'll have to buy some perhaps from those that you know if you want to make things very simple. Ask friends and family may give you a few items to help you get started, but eventually, you will have to professionally buy all of the gold you wish to sell.  You will want to look at companies who sell. Look at reviews, such as customer reviews of JM Bullion and this way you can make an informed decision about your investments with companies that you know are legit. 

 

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Photo: Pixabay

 

I have some gold, but how do I begin to trade with it? 

In this delicate but exciting industry, selling will become just as important as buying.  However, when selling anything you need to be aware of the type of gold as well as the weight and a number of other factors. Be careful and considerate as a businessperson to know your chances and to weigh up the pros and cons of any sale. These may seem easy to overlook but any good businessman knows his risks and bides their time. 
 

Timing - Know When is Best

You will be buying gold or other precious metals below market value, so the main point is to sell them above market price and make a small profit. However, holding back until the market goes up is a better idea because this way you will get better outlooks. The key with any type of investment is to see a return on it. This means waiting for the right time. 
 

Acknowledging the Risks Behind

As with all business ventures, there are always risks, and these may relate to financial issues and collapse but markets do fluctuate. Do not overextend yourself, and be prepared to wait for and bear in mind that if you don't make your profit when you sell, you make it when you buy and then it becomes a waiting game. 
 

Considering Alternate Markets, Not Just the Ones You know

Before you sell any of your assets, however, consider web auctions like eBay too, as this may seem like a juvenile tactic for this type of business but there are ways in which you can make it work. Do some research on a piece before putting it up for sale and consider the type of object that you're selling and how desirable the object is. If it is a watch, or a piece of jewellery it’s likely to sell easier. You could also look at selling more unique pieces to vendors with market stalls at craft, or any type of local antique fairs. The options are endless for this exciting industry. 


This is a contributed post.

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