SIX (6) THINGS YOU NEED TO KNOW BEFORE STARTING UP A GOLD BUSINESS.

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Six things you should know before investing in gold

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Gold rush kind of boom in the Gold business – Safe Haven

It is very obvious that jewelry is the easiest and most bounteous market to invest in. One can decide to buy or sell gold and gold items like outdated jewelry, gold chains, gold bracelets, broaches, broken or bent gold items, classic gold rings, pins, wedding or engagement rings from ex-spouses, tangled bracelets and chains, retirement pins, gold watches and giant earrings from the 80’s. Soon after the financial crisis, there has been a boom in business for companies that acquire gold privately from such private sellers.
However, a venture in the trade requires an eye for technical detail, business armament and market orientation before the engagement. A serious investor might have to adhere to the following standards and possess the requirements listed herein too before the start-up.

Know These Things Before Starting a Gold business

1. Gold workshop kit:
Ownership of this kit is very paramount. The kit you must own contains components for testing gold, a gold scale and a few simple tools. The total cost of all these equipment don’t go beyond $30.

2. Advertisement Logistics:
Advertisement costs in the search for the first few customers have to be met. This means that you must at least possess between $25 to $50. This is sufficient to cover up the costs of local advertising.

3. Business capital:
You will need some money for buying gold. The first few pieces can be purchased with a sum of about $500. However, this shouldn’t worry a person as there are many ways of getting started without cash.

4. Timing:
The timing of your investment or trade is also very important. You can buy gold bullion and hold it till it is profitable enough to sell. Other options include a venture into gold futures traded by COMEX, a division of NYMEX. A vivid example of a lucrative investment in gold futures was when gold passed a $1,700 per ounce and bunged in on $1,800 per ounce. This made trading in gold futures with COMEX active and more profitable. Another worthwhile company that guarantees profits in bulk Gold Dealings is BulkGoldSales who have been in business for quite a while ever since they got their mining license to do business in the vast DR Congo Gold fields.

5. Reputation and adherence to regulations:
A gold trader must try as much as possible to avoid unethical conduct. You should be able to follow the rules and regulations governing the business. Your business should be devoid of a dodgy reputation and this is what you need to build from day 1 of the investment. In some countries, the rules are very liberal in that you can start up a shop and sell gold without being regulated. In some countries, there are minimum standards and license requirements that are approved by the police. Sometimes you are also barred to operate a mobile business, meaning you have to be in a fixed premise.
6. Market size and stability assessment:
for the business to be successful, the market shouldn’t be too small and too costly. If it is too small, then maintaining the business won’t be worth and there won’t be a business to protect. You shouldn’t be buying the gold at below the market value. Other companies offering very lucrative gold deals include; BuyCongoGold and BulkGoldSales.

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