How to Start a Scrap Gold Business
Is it too late to make serious money buying and selling scarp gold pieces/ I’m asked this daily.
The answer? Yes! A resounding YES! It doesn’t matter what todays gold price is. What matters is the price you buy it for for versus the price you sell for.
You make your money on the spread between the current sellers speicfied g0al and what the buyers will pay you; that’s your spread.I’t ’s like a serious chess game.
Prepare beforehandby TESTING… TESTYING…TESTING your gold pieces. Develop so much competence – cockiness- that now one will question yuur techniques.
Gold Bullion Vending Machine-Kiosk
There’s a Post at ScrapGoldGuru.com that includes a YouTube video of the gold vending machine. What a trip! Now you can buy gold bullion and gold coins out of a vending machine just like candy, soft drinks and water!
View the YouTube video here: Gold Vending and Kiosk machine
Oklahoma Scrap Gold and Gold Party License
Oklahoma has a “Precious Metals Dealer License.” This Oklahoma Gold Buying License is really focused on gold buying stores rather than gold parties. Here’s a description from the Oklahoma Precious Metals Dealer License application web site:
DESCRIPTION: This license allows a business which has a permanent location in Oklahoma to take, receive, or transfer USED precious metals or gems in the course of business. Precious metals are Platinum, Gold, or Silver, but not in the form of coins. Gems are precious stones or items containing precious stones. The licensee can conduct business only at the location listed on the license.
TIME FRAME TO ISSUE: The approval process requires up to 60 days to complete.
FEES: The fees for this license include: a $425.00 one-time investigation fee and a $300.00 license fee for a total of $725.00
LICENSING PERIOD: This license is valid for one year, beginning on January 1st.
LICENSING RENEWAL: This license may be renewed by submitting renewal documentation before December 1st each year.
PREREQUISITES: The business must have a $10,000.00 bond at the time of application, and a full set of fingerprints and photograph of each owner or officer of the company.
NOTES by http://www.GoldPartyProfits.com :
Again, this Oklahoma Precious Metals Dealer License is focused on “brick-n-mortars,” or stores rather than gold parties in private homes, churches, etc.
The Oklahoma Precious Metals Dealer License page is :
http://www.ok.gov/okdocc/Precious_Metal_&_Gem_Dealers/index.html
Scrap Gold and Gold Party How-to Book
Ready to learn how to start a scrap gold business? Would you like our Chapters on building a gold party business as well? Get our new book, “How to Start a Scrap Gold and Gold Party Business”; it’s only $47.00 and can be in your hands in 60 seconds!
- Table of Contents
- Forward
- A Little About Us: Buying and Selling Gold for a Profit
- How to Make Money with Gold Parties
- How Much Money Can You Make
- Understanding Gold
- The Nuts Bolts of a Gold Party
- Marketing Your Gold Party
- Killer Marketing Referral Ideas
- Gold – What to Buy How to Pitch It
- Building Your Gold Party Business
- How to Maximize Your Profits
- Additional Scrap Gold Sources
- Gold Party Invitation
- Gold Testing Supplies You’ll Need
- Testing Scrap Gold, Silver Platinum
- Tester: Typical Electronic Tester
- Typical Weight Conversions
- How Much to Pay for Your Gold
- How to Calculate How Much the Refiner Will Pay You
- Locating & Working With a Refineries
- Refiner Questions
- Refiners Contact Information
- Scams: How to Avoid Them
- Resources
- Legal Considerations
- Security Issues
- Templates
- Web Site Development
- Domain Names
- Web Site Hosting
- In-house
- Outsourcing
- Search Engine Tactics Strategies
- Keywords
- Pay-per-Click (Google Adwords)
- Organic
- Search Engine Resources
- Conclusion
Have a few more questions about the scrap gold business? See our “Frequently Asked Questions.”
Best Home Business – Gold Parties From Home
If you’re looking for the best home business to start, gold parties are the answer! Why? Let us show you the path.
- Gold party home business advantages:
- Work virtually any hours or days that fit your schedule with a scrap gold business
- No start up costs. (We’ll show you how to have your first gold party with no money.)
- The gold industry will never dry up or close down. Since the history of time, mankind has placed huge value on gold.
- Learn a valuable skill that cannot be taken away from you; how to value gold
- You can “work” part-time or full-time; it’s your choice
- Learn how to create a long term income stream with gold parties
- Enter one of the most dynamic and exciting niches on the planet; gold parties.
- Run your gold party business from home, office, or even a mobile gold party business; you come to them!
- Get complete training from us for a total investment of $47.00. There are zero recurring training or franchise fees of any kind!
Have some questions about the Home Gold Party Business? See our “Frequently Asked Questions.”
Ready to learn how to start a home gold party business? Check out our new book, “How to Start a Gold Party Business”; it’s only $47.00 and be in your hands in 60 seconds!
- Table of Contents
- Forward
- A Little About Us: Buying and Selling Gold for a Profit
- How to Make Money with Gold Parties
- How Much Money Can You Make
- Understanding Gold
- The Nuts Bolts of a Gold Party
- Marketing Your Gold Party
- Killer Marketing Referral Ideas
- Gold – What to Buy How to Pitch It
- Building Your Gold Party Business
- How to Maximize Your Profits
- Additional Scrap Gold Sources
- Gold Party Invitation
- Gold Testing Supplies You’ll Need
- Testing Scrap Gold, Silver Platinum
- Tester: Typical Electronic Tester
- Typical Weight Conversions
- How Much to Pay for Your Gold
- How to Calculate How Much the Refiner Will Pay You
- Locating & Working With a Refineries
- Refiner Questions
- Refiners Contact Information
- Scams: How to Avoid Them
- Resources
- Legal Considerations
- Security Issues
- Templates
- Web Site Development
- Domain Names
- Web Site Hosting
- In-house
- Outsourcing
- Search Engine Tactics Strategies
- Keywords
- Pay-per-Click (Google Adwords)
- Organic
- Search Engine Resources
- Conclusion
Gold Party Frequently Asked Questions
How should I pay for my gold at my gold party?
When you’re buying scrap gold jewelry from family and friends it shouldn’t be a problem to pay them by check. (Remember, it’s a good idea to open a checking account specifically for your business so you can easily track all your business related expenses.) When making scrap gold purchases from friends of friends and strangers it’s more difficult to pay for your gold party purchases by check. If they insist, pay with cash. But make every effort to avoid this. There can be security issues. WE discuss several different strategies for handling this issue in our Scrap Gold Business and Gold Party Start Up Guide.
How much do I pay my gold party guests for their scrap gold jewelry?
Think long term! The more you pay your gold party guests for their scrap gold jewelry the more likely they are to refer their friends and family to your scrap gold business. Your scrap gold strategy requires balance. We cover this topic in detail in our Scrap Gold Business and Gold Party Start Up Manual.
How do I handle any small stones like diamonds or rubies in the piece I’m buying?
99.9% of the time, the small stones present in a scrap gold or silver piece you’re purchasing have zero value. Typically, the weight of these stones is of little consequence. With just a little experience you’ll learn to make a small deduction in the weight of the scrap jewelry piece you’re about to buy. Advise your gold party customers ahead of time that you don’t have time to remove these stones. We often provide a few basic tools like needle-nose pliers for our gold party guests to use to remove their stones themselves. These stones are usually held in place by small prongs.
How can I be certain the scrap gold piece is really gold?
First, study our Scrap Gold Business and Gold Party Start Up Guide. Second, PRACTICE. Use the testers, the acids, the magnet and other strategies we discuss. After you employ all the techniques we teach you, on the rare occasion you’re still uncertain whether the scrap gold piece is really gold, silver, or platinum – Just Pass. Don’t buy the piece! Protect your cash!
Scrap gold business and watches – Do I buy them?
The short answer is no. Now don’t misunderstand. There is great profit potential in watches. However, you’ll need to become an expert to exploit this niche.
Where do I find a trustworthy Refiner?
Read our Scrap Gold Business and Gold Party Start Up Guide! We list specific Refiners we use. Get our Newsletter to access updates to this list. We typically receive 92.5% at a minimum for our scrap gold shipments. You must avoid the “Cash 4 Gold” type mail in businesses to maximize your profits and build a real, scrap gold business with recurring income for life.
Do I need a license to operate a scrap gold business or to conduct gold parties?
GENERALLY, No. However, we are not compliance experts in all states and provinces! So… perform your own due-diligence. We’ve discovered that buying scrap gold from the public and having a fixed, physical location often requires a second-hand dealer’s license, a precious metals dealer’s license or something similar. When buying scrap gold jewelry at gold parties, especially in private residences, a license is rarely required.
You have two options for deciding if you need a license to buy scrap gold jewelry:
- It’s better to ask forgiveness than for permission
- Visit your local city hall, police department, Secretary of State, Department of Corporations…
On the rare occasions we’ve been required to get a scrap gold jewelry buying license, the most we’ve paid is $85 per year. Also, in a few locales, the local police department has requested we gather identification from each seller. We offer a very simple way to do this in our Scrap Gold Business and Gold Party Start Up Guide.
Is a Gold Party Legal? Do I Need a Gold Party License?
Yes, gold parties are perfectly legal and safe when you follow the strategies we outline in our guide, “How to Start a Gold Party Business & Create a Life-Time Income.”
When you invite family, friends, and acquaintances to your gold party it’s much like a garage sale. It’s a private and social event and you’re the gold party host. Your gold party guests have the option to sell their scrap gold and leave with cash or check.
Now, when you rent a hotel room and advertise for scrap gold sellers, under certain circumstances you may need a license. Again, this is thoroughly discussed in our guide, “How to Start a Gold Party Business & Create a Life-Time Income.”
Host a Gold Party
How to host a gold party? Easy! But rather than simply host a gold party and earn a couple of hundred dollars, why not learn how to build a gold party business? A scrap gold business you can work at when you want. A gold party business that results in a constant flow of revenue? A gold buying and selling business that will enable you to quit your existing full time job and enjoy life on your terms?
There’s just a few steps you need to take to achieve the goal of building a scrap gold business.
- Learn how to test scrap gold. This is not rocket science. Our 87 page “Scrap Gold & Gold Party Business Guide” will walk you through the process of testing scrap gold. Follow our step-by-step discussion, practice the simple techniques we teach you and will succeed.
- Learn how to market and advertise your new scrap gold business. Again, this is thoroughly taught in our “Scrap Gold Business Guide.”
- Build a network of consumers who will market your scrap gold buying service in return for a commission. We recommend you pay commissions, on a sliding scale, 3-tiers deep. Again, this strategy is thoroughly taught in our Gold Guide.
- Discover how to sell your scrap gold purchases directly to a refiner enabling you to cut-out the middleman. DO NOT sell your scrap gold purchases to any of these cash for gold outfits. Instead, with our Scrap Gold Guide list of resources, you’ll go directly to the refiner and be paid 90% or more of the current scrap gold price.
All these topics, and many more, thoroughly discussed in our “Scrap Gold & Gold Party Business Guide.” (For a complete list of each chapter, go here: “Buy the Book.”
Secondhand Precious Metal Dealers and Pawnbrokers Program
A Secondhand Precious Metals Dealers License is generally required to buy scrap gold in more than a few states. Some state regulators administer the scrap gold licensing programs. In other locales you will have to contact your local police department or city hall.
There is some question as to whether you need a license of any kind to conduct scrap gold parties. When conducted in private homes, our experience is that a license is seldom required. When we rent hotel rooms and buy from the public we’ve often been told a second hand precious metals dealers license is required.
To be safe, if you’re concerned about scrap gold licensing, visit your local city hall and ask. Additionally, visit your local police department and discuss your scrap gold business model with them.
Regarding any state licensing, visit Google.com and perform a search for scrap gold party license or scarp gold party licensing. Also, try second hand precious metals dealer license.
We tried this search: “Maryland precious metals dealer license” and wound up here: http://www.dllr.state.md.us/pq/ very nice! Notice the link, 2nd from the bottom on the right hand side: Secondhand Precious Metals Objects Dealers and Pawnbrokers
How to Find a Gold Party – a Tip
Gold Parties – Want to find a local gold party to sell your old, scrap gold? Here’s a tip; go to CraigsList.org and click on the appropriate “Country”, “State” and “City.”
Next, in the “Search” box type in “gold party.”
Then, select “Event” in the drop down box. You may need to search in additional categories as well. “Gigs”, “All Services Wanted”, etc.
For security reasons perform appropriate due-diligence! Do not simply show up at a strange location attended by strange people with all your scrap gold.
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