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08-02-2024, 07:15 PM
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Update on my gold buying business

I can’t find my old thread but I started a business last year to buy gold and jewelry and watches locally.

It’s been about a year now. It was actually pretty decent even from the very beginning. My books say I’m up about 90-100k from the time I started.

Gold also went up during that time which helps.

I’d say the only downside is that I’m constantly reinvesting the money to buy more gold or jewelry or whatever so I’m not really seeing the money to just use as cash.

I was nervous at first but so far so good
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08-02-2024, 07:19 PM
#2
Originally Posted By goldm00n⏩
Are you a scumbag? A lot of coin shops by me are owned my boomers who think younger kids are dumb and try talking down to you and rip you off srs.

I just buy gold online. Much easier than dealing with boomer owners srs.
Yeah I am tbh
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08-02-2024, 07:21 PM
#3
It’s a gold shop lady
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08-02-2024, 07:23 PM
#4
Originally Posted By Bigbuster1⏩
Yeah I am tbh
How are you a scumbag?
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08-02-2024, 07:24 PM
#5
Originally Posted By OliverHeldens⏩
How are you a scumbag?
By his standards cuz I try to make money lol
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08-02-2024, 07:25 PM
#6
Originally Posted By monster0ultra⏩
Is it a side gig or your main gig?

Do you melt the gold down or resell the jewelry as is?
Side by appt only.

I’ve sold a few things but mostly melt
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08-02-2024, 07:31 PM
#7
Originally Posted By monster0ultra⏩
What happens if after you melt it down, you find out they lied to you about the purity/composition of the gold?
I have testing equipment. If I tested wrong I would lose I guess.

I think I’ve been pretty good so far.

I’m pretty deciplined about walking away from a deal that’s too close and try not fall in love with an item where I get blinded by profit

The melting comes way after the deal is already done. I haven’t melted most of any of it. But I bought it were I could melt for easy profit whenever I need to
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08-02-2024, 07:31 PM
#8
Originally Posted By goldm00n⏩
Are you a scumbag? A lot of coin shops by me are owned my boomers who think younger kids are dumb and try talking down to you and rip you off srs.

I just buy gold online. Much easier than dealing with boomer owners srs.





















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08-02-2024, 07:40 PM
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Do you give people below spot? What are your premiums usually?
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08-02-2024, 10:17 PM
#10
Originally Posted By DeadlyStriker⏩
Do you give people below spot? What are your premiums usually?
Yes of course below spot.

It’s mostly old jewelry. Not many coins.


Typically 20-30 percent.
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