1.Manage your risk. Collecting and storing scrap gold has become a popular investment strategy. With gold prices steadily rising, buying scrap gold is a low-risk way to invest in this valuable resource.
-Term (duration) of Investment: Varies
-Nature of Investment: Low risk – Gold is the safest investment option available and the potential reward far outweighs the minor risk.
-Profile of Investor: Ideal for the first-time gold investor, or for someone just looking to set something aside for a rainy day.
2.Keep it in the family. Ask family and friends if they have gold they are looking to get rid of. Practically everyone has broken necklaces, damaged rings, mismatched earrings and other forms of scrap gold that they would love to turn into cash. Work out a price they are happy with, while leaving plenty of room for profit.
3.Develop relationships with local pawnshops. Leave your contact information with them and have them contact you if anyone comes in to sell gold items that the pawnshop doesn’t want. Some smaller shops may not have a refiner or even want to deal with scrap gold.
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