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How To Make More Money (Part 4) - Gold Refiners
Send Your Gold To A Refiner
In this section, I'm going to go over your last option for selling your gold, which is
sending it off to a refiner. The gold refiners will actually refine the gold for you and
then send you your money. You can also choose to
be paid in gold. It's important to note that you won't get 100% of the profit from the
gold. You will have to pay a fee. Typically, you will get between 88% and 95% of the spot
price back. There are a lot of different refiners out there, so you need to find one that you
can trust. You need to look for a refiner that has:
A brick and mortar business A good reputation
Reasonable fees
Let's look at each of these in greater detail.
A brick and mortar business
In most cases, you won't actually go into the gold refiners place of business. Instead,
you will mail the gold to the refiner, and then receive the money or gold back via the
mail. Still, you only want to choose a refiner that has a physical location. That's because
these refiners are less likely to run scams. With that in mind, if a refiner only operates
online, choose someone else.
A good reputation
Next, you need to check the company's reputation. Look the company up online to
see if you can find any information. Also, check with the Better Business Bureau. It's
important to understand that most businesses will have a disgruntled customer or two. That's
part of dealing with the public. However, if a refiner has one complaint after the next,
go elsewhere. You never want to deal with someone who has a shady history.
Reasonable fees
Finally, you need to make sure the refiner has reasonable fees. Some refiners have reasonable
fees, while others have lots of hidden fees. Check the fine print to make sure the fees
are reasonable. It's important to note that some refiners are willing to negotiate on
the fees, especially if you have a lot of big orders. If you send a hundred ounces to
the refiner every few months, he might be willing to give you free expedited shipping
or another service for free. Free services can really add up, so I recommend that you
ask. Of course, don't ask with your first order. Send the refiner a lot of gold, and
then ask after you have used the company for a while. Once you find a refiner that meets
these requirements, you need to check for:
Minimum charges
Some refiners have reasonable fees, as long as you meet the minimum charge. For
instance they may give back 95% of the spot price, but they have a $500 minimum charge.
That means you have to pay $500 no matter what. That's fine if you send in enough gold
to pay the minimum charge with the normal fees. If you don't meet the minimum charge
with the normal fees, though, they will take it out of your profit. Thus, you always want
to find out if a refiner has minimum charges.
Minimum orders
Speaking of minimums, some refiners have a minimum amount of gold they are willing to
take. The amount varies from one company to the next, so if you don't have enough for
one company, just move on to the next. Just be sure to check before you send your gold.
Now let's look at the process for sending gold to a refiner.
There are several steps you will need to take when sending gold to the refiner. At the same
time this is how to make more money by following these steps properly.
Step 1 -- Contact the Company
The first thing you will need to do is contact the company. If you have the option of contacting
them online or over the phone, I recommend using the phone. That way, you can talk to
them and let them know that you understand gold. You can tell them that you tested the
gold and you know exactly what you have. They may be able to give you a quote at that point.
Step 2 -- Fill Out Some Forms
Next, you will need to fill out some forms. The forms will vary depending on the refiner,
with some asking for more than others. Most will ask you to fill out a form indicating
how you wish to be paid. In most cases, you can choose between gold bullions, money or
a combination of the two. I recommend choosing a combination of the two. That way, you will
have some gold to protect your assets. You will also have to fill out a form for the
government's anti-money laundering program. The program was created under the Patriot
Act. You will have to fill this form out each time you go to a new refiner.
Step 3 -- Ship the Gold
Then, you will be ready to ship the gold. Quite a few refiners offer free shipping and
even insure the package. If that's the case, they will either have you print off a shipping
label or they will mail you the package. If they don't pay for shipping and insurance,
you will need to take care of it on your own. Be sure you insure the package.
Step 4 -- Communicate with the Refiner
Once the gold arrives at the gold refiners they will open the package, test it and weigh
it. Then, they will give you a quote. At that point, you can either go ahead with the refinement
process, or you can ask for the gold back. Keep in mind that you should already have
a good idea of what they will pay you. After all, you will know their percentage up front,
and you will have already tested the gold. Thus, as long as the
business is legitimate, you shouldn't run into any problems.
Step 5 -- Get Your Payment
Once they get your approval, the company will refine the gold and then send you your payment.
That completes the refining process, and it completes the course. You have learned a lot
of information related to buying and selling gold. Be sure to use this information as you
create your own business.