How to make money buying and selling gold

Whether it’s preparing for Christmas, wanting to make extra money to clear debts or pay bills, or to save for a special treat, many of us are looking for ways to make extra money. For working mums who are already juggling a job with children and other family commitments, the thought of finding a part-time job to get that extra money can be very demotivating.

buying and selling goldBuying and selling gold is something mums can do from the comfort of their own home – and while the recession is in full swing, you stand to make good money because when the economy is down, the price of gold tends to go up. If you can buy gold when the cost is low and sell when gold prices increase, you can make good profit.

Here are some tips for selling and buying gold:

1. First, you need to find a company that will purchase your gold.
There may be a local shops that buy gold in your area, but you can also sell gold online. Selling online means you don’t have to trawl the streets, and you can make money from the comfort of your own home.

2. Purchase a gold testing kit
You will need to be able to test the gold that you buy to make sure it is genuine, and you’ll need to weigh it to determine its value before you buy.

3. Get together some money to start
Every business venture needs some amount of investment initially – this can be time or money, or both, so don’t let this put you off!

4. Tell the world you buy and sell gold!
Have a gold party and invite friends and family to bring their old jewellery or scraps of gold. Test the gold and offer to buy it at less than what you can get for it, so that you can sell it on for profit.

5. Once you are comfortable with buying and selling gold, you can start advertising
Use business cards, flyers and even social media to spread the word that you hold gold buying and sselling parties.

6. Go to local pawn shops and start building relationships with them.
While many of them will buy and sell gold for their own profit, some may not, so if you offer your services to take any scrap or unclaimed gold off their hands, they can let you know when a good bargain comes in.

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