Our Side Hustles Breakdown
We recommend selling gold as a side hustle, especially during high market valuations. It’s an excellent way to liquidate assets for immediate funds. Key concern: Be wary of fraudulent buyers and always ensure transparent transactions.
- Market Fluctuations: Gold prices can be volatile.
- Risk of Fraud: Ensure transactions are with reputable buyers.
- Assessment Fees: Some dealers might charge to assess the gold’s purity.
- Immediate Funds: Gold can quickly be converted into cash.
- Stable Investment: Gold typically retains value over time.
- Minimal Effort: Once you decide to sell, the process can be straightforward.
Are you looking for ways to make extra cash? Do you think that selling gold as a side hustle is a good idea? You’re absolutely right!
In this article, we’ll give you an overview of selling gold and how much it can earn you. We’ll also advise you on how to start, where to sell this precious metal, and what to consider.
An Overview of Selling Gold: A Primer
The process of selling gold entails buying gold content, such as gold bullion, gold jewelry, gold coins, and gold bars, and then selling them for profit. It’s a flexible side hustle that allows you to sell from home or at the local market.
In such a business, changes in prices can be your ally, buying low during market drops and selling high when the price of gold rises.
To run a successful business, you need to know where to find valuable pieces of jewelry and where to sell them. You also have to understand the market and comply with legal regulations.
As you gain more experience, you’ll become able to spot a profitable deal and further comprehend the current market trends.
How Much Can Selling Gold Earn You?
There’s no specific answer to this question, as it depends on your skills and experience in finding valuable pieces.
If you’re just testing the waters, you can make a few hundred to a couple of thousands each month. However, if you plan to go all in, you can eventually reach an annual income of six figures.
On average, gold dealers in the U.S. make over $52,000 per year. Such an estimate varies depending on the state you’re living in and the rarity of the items you’re selling. In fact, some experts make a lot over the national average dealing with rare gold finds.
How Much Does It Cost to Start a Side Hustle Selling Gold?
Starting a side hustle selling gold involves some upfront costs that you need to be aware of, such as:
- Inventory: Collecting inventory may cost between a few hundred dollars and several thousand, depending on the current gold prices. You can always ask family and friends for help, whether they have pieces they want to sell or get rid of (such as a broken gold chain, etc.).
- Tools and Equipment: The essential items you need to start with are a gold testing kit, jewelry scale, magnet, file, and loupe. Consider buying some high-quality used tools to cut back on the expenses. In all cases, they should cost you between $50 and $200.
- Licenses and Permits: Depending on your location and the scale of your business, you might need to issue a precious metals dealer’s license. This requires paying annual fees of up to $200.
- Promoting the Business: To market your business, you should create a website, print some business cards, or pay for online advertisements. These expenses vary, but you should keep at least a few hundred dollars aside for promoting your side hustle.
- Secure Storage: You’ll also need a secure place to store all your valuable items. This ranges from a small in-home safe to renting professional storage services. So, it should cost anywhere between a few hundred to a couple thousand dollars.
Where Can You Sell Gold?
Now that you know all the expenses related to selling gold as a side hustle, it’s time to learn the best places to sell gold. We cover both in-person and online buyers.
There are numerous approaches to selling gold independently. Not only do they allow you to build your brand from the ground up, but they also let you engage with customers directly.
- Local Markets: You can begin selling gold at local markets, fairs, or community events. Doing so gives you the chance to connect with clients and build a local network.
- Online Marketplaces: Websites like eBay, Craigslist, or even social media marketplaces can be a great place to sell gold independently. This helps you build an online presence and expand your reach.
- Local Jewelry Stores: Some jewelry stores accept to buy gold from individuals. Establishing a relationship with local jewelers is beneficial to your business’s expansion and success.
- Pawn Shops: Pawn shops buy gold on the spot after getting the item appraised. That’s why they’re ideal for selling small items and getting immediate cash for gold.
Gig Economy Companies
Several companies and platforms specialize in buying gold from individuals, offering highly convenient options.
- GoldSilver: GoldSilver is an online gold buyer specializing in gold coins and bars. They offer competitive gold prices and secure payment options for selling gold items.
- Cash for Gold USA: This website is another reputable gold buyer where you can send your gold pieces for appraisal. Then, you receive an instant payment if you accept their offer or retrieve your items. They provide a straightforward selling process.
- Precious Metal Refinery: This company buys and refines all types of precious metals. They usually pay you based on the gold weight and purity.
Why You Should Consider Selling Gold as a Side Hustle
Selling gold as a side hustle can be an attractive opportunity for you. Here’s why.
- Continuous Demand: Gold’s popularity and timeless appeal ensure constant market demand, ensuring you’ll have customers consistently.
- Flexible Working Environment: You can do this side hustle anywhere, whether from home, online, or at the local market, giving you ultimate freedom.
- Opportunities for High Profit: Starting a jewelry business allows you to make a lot of money, especially after you gain proper experience.
Problems With Selling Gold
Although selling gold sounds fantastic, it’s essential to be aware of potential drawbacks, such as:
- Continuously Changing Market: Gold prices can be unpredictable, meaning your potential earnings aren’t guaranteed at all times.
- Security Concerns: Dealing with valuable items comes with security risks, whether in storage or during transactions.
- Legal Complexity: The gold market can be complicated and not being aware of its legalities leads to further complications.
Frequently Asked Questions
Is Gold Easy to Sell?
Yes. Thanks to its universal popularity and appeal, gold is relatively easy to sell. You can find buyers through local markets, online platforms, or even established companies that specialize in buying and selling precious metals.
When Should I Sell Gold?
A: The ideal time to sell gold depends on market conditions as well as your financial goals. Gold prices usually go up during economic uncertainty when the stock market isn’t stable. In all cases, it’s best to monitor the market and seek expert advice.