GoldPaq

Being a Pro isn’t Easy

Becoming a big time gold buyer isn’t easy, but we’ll give you a few tips to get you started.

A Stable Investment

Now is the time, the price of gold is strong and it will always be a stable form of investment.

A Real Gold Buyer Knows the Goods

A beautiful color in it’s elemental form, gold can be coupled with other metals to produce alloys. These mixtures change the color of and hardness of pure gold and produce a rainbow of hues.

• White gold
• Rose gold
• Green gold
• Blue gold
• Purple gold
• Chocolate gold
• Black gold

Pure gold itself is virtually indestructible, and all types of alloys can be melted to reveal its pure form again.

The indestructible nature of this element means it is useful in many applications

• Many monetary systems are deeply rooted in it’s intrinsic value
• Cultures around the world regard it highly for traditional ceremonial and religious use
• It shines from necks, wrists, fingers and earlobes everywhere

Learn the Lingo

In order to earn credibility you need to understand the basic terminology used in the industry.

Define the basics

A few terms gold buyers throw around, if you want to keep up you’ll have to know them too.

Fineness - Defines gold content in parts per thousand.
Filigree - Fine strands of gold wire interlaced in a pattern.
Gold filled - Lower than 10% in gold content and generally a sheet of gold applied to the surface of another metal.
Gold plated or gilt - A thin layer of gold applied to a base metal.
Gold washed - A layer of gold less than .175 microns thick applied to a base metal by dipping.
Gold vermeil - A layer of gold fused to Sterling Silver.

Understanding the distinction between carat and karat is an essential foundation for a beginner gold buyer.

karats - Measures the amount of pure gold found in an item
carats - Measures the weight of a gemstone

A Little About Karats

The purity of gold is a major factor in determining its worth, and any buyer worth their salt needs to understand the difference between them.

A lower percentage of gold means a higher level of difficulty with regards to refinement.

24 karat or 24K is pure
18 karat or 18K is 75% pure and contains 18 parts gold to 6 parts other metals
14 karat or 14K is 58.3% pure and contains 14 parts gold to 10 parts other metals
10 karat or 10K is 41.7% pure and contains 10 parts gold to 14 parts other metals
Below 10 karats cannot be called solid gold in the United States.

European markings

Jewelry made in Europe is stamped with numbers to indicate purity.

• 750 indicates 75% purity or 18K gold
• 585 indicates 58.5% purity or 14K gold
• 417 indicates 41.7% purity or 10K gold

Make Friends

After making sense of the basics, it’s time do your networking within the industry. In order to make your buying service profitable you have to form a few relationships.

Success means knowing

Appraisers
Goldsmiths
Jewelers
Fellow gold buyers
Gold recyclers
Sources of scrap gold or jewelry

Market Research

Quick, learn all there is to know about gold.

Having a firm knowledge of your product is as important as the friends you keep. So becoming the resident gold expert will always pay off in the end.

Collecting resources along with friends is the best way to get started in the business.

Be sure to stay updated on these aspects of the gold industry

• Pricing
• Market value
• News
• Sources

You can also keep your finger on the pulse of the gold industry by staying tuned into our blog, every resource is a good one for the beginner gold buyer.

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