Getting Started Selling Gold

Posted on: 1 May 2019

Selling gold of different karats and types remains one of the most lucrative and popular ways to invest and build wealth. However, it's not something that you simply jump into without doing the proper research. If you'd like to get started on the track to selling gold, there are some initial first steps that'll save you some trouble. Consider this information so that you are on the right track. 

Round up all of the gold pieces you can for your first sales, and start the appraisal process

Before becoming a big-time gold seller, it's important to start exactly where you are. Chances are great that you already have something of value either lying around or that you can easily get your hands on. Consider your old pieces that you no longer want or haven't looked at in a while. You can also reach out to friends and family members to see if they have any gold jewelry that they would like to get rid of. Aside from this, you can grab plenty of great hauls at estate sales and even thrift stores. Be sure that you are getting your initial pieces as cheap as possible since this is more about learning the process and doing your homework than getting rich right away. 

Once you have the initial gold that you would like to get started with, you need to get an appraisal from a trusted professional. This is important because it will reveal all relevant information about the gold in addition to how much you can expect to get from it in today's market. This is the most critical part of the gold selling process because it tells you exactly what kind of value you are working with. Appraising your gold can cost between $50 per hour and $150, so you need to make sure you are only appraising pieces that you are really trying to sell and that you are doing business with appraisers whose work you can trust.

Learn the markets and find trustworthy buyers to shop around with

You also need to diligently keep up with the financial markets to see the price of gold and who is buying it. Forging relationships with buyers is also integral since this is how you earn your profits. You should only do business with buyers that are knowledgeable and certified, no matter how much they are offering. The more long-term relationships you can forge with respected buyers the better. This also helps you to shop around and always find the best deal. 

Use these strategies to get started selling gold. 

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