There’s never been a better time to get involved in the business of dealing gold and silver. With gold beginning to command more and more cash value and public interest, the industry is currently on a hot streak, and many people are doing their part to get involved.
Becoming a licensed gold dealer does not have to be difficult, and can result in a handsome annual income when one makes all the right moves.
Getting involved in the industry can be a fun, lucrative experience, and anyone who is interested should begin taking the necessary steps to becoming a gold dealer.
WHERE DO I START?
Before you go any farther, you must decide what type of gold you plan to deal with. While many people deal in gold coinage, others sell raw gold or gold jewelry. All forms of gold are of value, but some hold more interest and/or market popularity than others.
You may want to do a little bit of research as to who deals what in your area so as to not just get lumped in with the competition. Choose the type of gold you will want to deal and stick with your choice. The more focused your business model, the better the chances that you will succeed.
Once you’ve decided what type of gold you’re going to be selling, it’s time to start acquiring some. One of the best ways to acquire gold is to go to a local conference or trade show where specific types of gold will be for sale. For instance, if you are interested in dealing in gold coins, be sure to book time to go to any and all coin shows that come to your area.
Get there early and talk one on one with the vendors. Not only will this allow you to get an idea of what the business is like, but you may be able to strike some lucrative deals on gold. After all, you can’t start dealing gold if you don’t have any.
You may also want to speak with gold dealers at conferences/trade shows about selling their gold to you wholesale. Many gold dealers are willing to work with those who are just starting up, and will work a deal with you so long as you plan to purchase a large quantity. Because finding wholesale gold prices conventionally can be very difficult, it’s best to start working on your person-to-person marketing skills.
In many parts of the country, buying and selling gold requires no more than a DBA (Doing Business As) license, which can usually be acquired from your local city hall for thirty dollars or less. Other areas may require additional paperwork/licensing before you can start doing business, so be sure to check with your city hall thoroughly.
While most gold dealers can’t take this next step right off the bat (as it requires quite a bit of net worth), become a United States Mint Authorized Purchaser is an excellent way to grow your business down the line. Authorized purchasers are allowed to purchase gold and silver coins from the US mint, which can then be sold directly.
Once you have built up a significant amount of financial assets, you may want to look into this avenue. If you’re able to meet this standards and sell a large amount of coins in a year’s time, you can benefit tenfold from becoming a US Mint authorized purchaser.
To become a registered purchaser, you must have assets in excess of 50 million dollars, and have a proven track record of quality sales. While this seems like an incredibly difficult process, many people who have been selling gold for sometime find themselves to be in this boat.