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Where To Buy Gold (Part 1) - Scrap Gold
What To Buy
Now that you know how gold is priced, it's time to look at what type of gold you
should buy and where to buy gold. You will see a lot of scrap gold, along with some other
types of gold. The gold can come in many different forms.
While this is not an exhaustive list, I want to talk about the most popular items,
which are:
Jewelry Watches
Gold Coins Gold Nuggets
Dental Gold Men's Accessories
Household Items Kitchen Items
Electronics
Let's look at each of these in greater detail.
Jewelry
You will probably buy more jewelry than anything else. A lot of your customers will
simply go to their jewelry boxes, look for pieces that contain gold, and then bring
them to you for some cash.
While most of the jewelry will probably be of a low quality, you will likely run into
some nice pieces from time to time. I'll explain how you will sell nice items in the
next module.
Watches
You will likely see a variety of watches come through your shop. Some will only be
worth their weight in gold, while others will have a retail value. Keep an eye out for
the nice watches, and buy the other watches for scrap.
Gold Coins
There are two types of coins you might see. First, you might see gold bullion coins.
These coins are only worth their weight in gold. You will simply test them, weigh
them, and determine how much they are worth.
Collectible coins are worth more, as long as there is a market for them. That's why
it's a good idea to build up relationships with coin dealers. You can use your
relationships to turn a big profit on collectible coins.
Gold Nuggets
You probably won't see a lot of gold nuggets come through your shop, if you see any.
However, if you do come across one and it contains a high percentage of gold, you
should to *** it up.
Dental Gold
Speaking of scrap gold with a high level of purity, dental gold is a great purchase. Most
dental gold is 16 karat gold, so it has a higher level of purity than a lot of the
jewelry you will see.
Men's Accessories
You'll probably see quite a few men's accessories, such as cufflinks and tie pins,
come through your shop. Belt buckles are also really popular with
men, so you might see one from time to time. Belt buckles can contain a lot of gold,
so be sure to encourage your customers to bring you their gold belt buckles.
Household Items
Household items aren't as common as some of the other items listed. Still, you
might occasionally see some gold candlesticks or some decorative items come
through your shop. Just because they aren't traditional items doesn't mean they
aren't valuable, so run your tests and determine a price.
Kitchen Items
You might also see some gold flatware or china come through your shop. Again, just
because the item isn't traditional doesn't mean it doesn't contain a good amount of
gold
Electronics
Electronics typically contain a lot of scrap gold, especially old electronics and medical
supplies. Keep in mind that it will take more work to refine the gold if it is in an
electronic device, so you may not want to pay as much for it. I'll talk more about this
find some customers. I talked about putting up signage and setting up a website
in an earlier module. Now it's time to go after customers in a more aggressive way.