Buying and Selling Gold

Buying and selling gold is an excellent way to earn some extra cash. All you need to get started is an initial investment of $50 or more. Your investment will help buy the first batch of scrap gold. As sells progress you can take your profits and roll them back into the business to continue earning profits. Some have found this to be a great second means of income, or a complete source of income. If you are interested in earning extra money selling and buy gold, below are a few step to help you get started.

1. Decide how much money to invest. If you start with a low investment try to find a way to roll over your profits, so you can buy a larger quantity of scrap gold next time around.

2. Purchase a digital scale. A digital scale can be cheap or expensive depending on how much the scale will weigh and the scale's accuracy. Beginners usually start with a 500 gram pocket scale. Its starting price is about $10.

3. Keep an eye on online auction sites. The gold is auctioned off, and the price paid for the gold is usually less then the melt value of the gold. So, you still get the gold cheap enough to earn a profit.

4. Market your business. Ask friends and family if they have gold they would like to sell. Put your services in the local news paper, classifieds, or on a website.

5. Find a refiner to sell your gold to and decide whether to visit them in person or send them your gold through the mail.

6. After receiving your check, decide how much of your profits you will keep and how much you will roll over into your venture to maintain and increase profits.