How to Start a Gold Business

by Egon Schiele - Updated September 26, 2017
Gold jewelry can be bought and sold

With gold moving up in price, it seems that everyone wants to be in the gold business. Starting one is easy and involves finding places to buy gold, and places to sell it for a profit.

How to Start a Gold Business

Identify sources that you can buy gold from. To start a gold business, one needs to buy gold. Look at the people in your life who may have gold that you could buy for cash.

Identify sources that you can sell gold to. Before buying gold, one needs to figure out where one can sell it to make a profit. Ask local jewelry stores and rare coin stores what they pay for gold. Of course, you will have to pay your sources less to make a profit.

Market that you are in the business of buying gold. Your friends, acquaintances, and community need to know that you are buying gold at competitive prices. Market to them using traditional publications and the Internet.

When you get gold, weigh it and measure its purity, and buy it. Much of the gold you get will be easy to value, such as gold coins that can be valued with a standard guidebook to coins, and much of the gold jewelry that you get will be marked with the fineness. Using standard tables, one can determine how much gold is in each object, and thus, how much you can sell it to your sources identified in Step 2 for.

Then, purchase it.

Sell the gold to the supplier identified in Step 2. Gather the gold that you purchase and sell it to the supplier, taking care to make sure that what you have is clearly labeled and with the understanding that larger groupings may get better rates.


  • When marketing, differentiate yourself from Internet cash for gold businesses by stressing the personal contact that the client will receive in working with you.

About the Author

Egon Schiele is an art connoisseur who has been writing professionally for more than a decade. He works as a practicing attorney, and enjoys writing on many different topics for online publications such as eHow, Trails, and various contributions to blogs as well as print publications aimed at collectors of antiques.

Photo Credits

Cite this Article A tool to create a citation to reference this article Cite this Article