You would think that to buy and sell gold you would need some sort of permit or license. Not so; in fact, anyone can buy and sell gold. The problem is, you may not make a lot of money if you do not know exactly what you are doing. If and when you want to make A LOT of money doing this, you will need to follow these tips below.
Horde the Gold
Gold prices constantly fluctuate. It is one of the very few items on the open market where prices go up and down by the minute or the hour. If you want to make really good money, you need to horde a giant pile of gold, like a dragon, and then wait for the moment when the price of gold jumps. Then you quickly sell your horde to turn a profit. You can also horde your gold until you retire, at which point the limited resources for gold will be tapped out, and your horde will be worth a fortune.
Watch the Prices Via a Digital Ticker
The value and price of gold changes so much that you are going to want to watch a digital ticker for this. You can use the Wall Street ticker or Wall Street app, which accurately runs the value of gold every few seconds to every minute or two. The whole point of this exercise is so that you can buy low and sell as high as you possibly can.
Know Your Limits
You are going to encounter sellers that try to bid higher to get more money from you for their gold. Know your limits. Know how much bargaining you can do to give someone a fair sale price for their gold without losing profit yourself. This may take some time to get the hang of, but eventually, you will know how to do it. This is especially true if you are actively watching a digital ticker or tracker on the value of gold.
Know How to Test Gold for Purity
Not all gold is the same karat weight. Twenty-four karats is the purest form of gold. It carries the most value with the most resale money involved. If you buy gold that is less than 24-karat, such as 14- or 18-karat, it has less value than the purest form. Being able to test and recognize the amount of gold in something is exactly what will lead you to the most valuable gold sales you can achieve.