Make well over 1 million $ a year selling coins and bullion for cash.
I buy gold bars for x dollars.
I sell gold bricks for 1.1x dollars
With .1x dollars, I buy cars, real estate, bonds, coke, hookers, ETFs, index funds, booze, apartments, fine art, etc
It's not- it's cheaper.
I buy 10,000 gold coins for millions of dollars, split them into coins, 100 coins, 1000 coins, etc.
I also buy CRAP and melt it into gold bricks. I sell gold bricks, 30KG bricks, etc for briefcases full of cash.
How do you look for deals when buying gold? What do you look for? How can you tell that it is under market? Do you ever get hosed when gold prices drop and you are stuck with inventory?
Of course not.
Someone with a briefcase of cash calls me, I turn it into gold bricks like magic.
Meet one guy in a police station, drive to the bank, hand another guy a briefcase of cash, get more gold, drive back... etc.
Duffle bags, that sort of thing. You need a big car.
I mean, yes.
But buy paper gold.
If you're buying gold bricks or coins, you're in my domain, and you don't know a lot of things, like how the prospectors tested silver.
You need to KNOW that stuff, or have a spectromotor (10s of thousands of dollars)
You said you buy scrap gold and melt the gold yourself. Does that make you a refiner? Do you have a plant?
Who do you get your scrap gold from? Who do you sell it to, how/where do you meet potential buyers?
How did you start and with how much money?
When you started melting bricks yourself how did you get people to trust your gold? How did you establish your brand?
kek those are the boxes you can get at most banks in Europe.. with commemorative coins, gold coins etc.. Dude resells them probably on ebay.
there is no real money to be made in those unless you wait 10/15 years before selling them
take that from a real jew ;)
give me a break idiot
Craiglist. Pawn shops. Metals reyclers. Find the sellers. Find the buyers.
If it costs $1 million on ebay, you can get it for 900k cents in cash if you buy volume
buy and sell millions every week
keep a lot of coins that are old, rare, to lower my tax bill
If you work hard you will get paid
Nobody but retarded faggots buy those gold/silver coins from the mint, they are a surefire way of loosing money. That shit aint coin collecting, no collector with any experience would buy any of those things.
Also i have no idea how you make money from selling gold, how does someone only selling 10 million dollars worth of gold a year manage to beat out the big competitors that basically market towards retards that know nothing about the precious metals market?
Tbh, if you want to make some real money of coins, you just got to look for retards on ebay or at garage sales selling collectibles for really cheap. I make like a couple of grand a year, but its only a hobby, not a job, i got a pretty big coin collection myself.
I remember i went to a sale once and they were selling Hawaiian dollars for like $5 each because he was some young guy trying to sell some of his grandparents old stuff.
Sometimes I love buying things that are worth $20.00 for $19.99, but the trick is I purchase $1,000,000 worth of these things. Now I have 50,025 of these things that I resell for $20.00. Now I have $1,000,500.
I've made $500 in a single day without sucking any dicks.
But sometimes I love having a bigger margin to make things more profitable. That's just me though.
kek. Take this from someone who sold on ebay and various other platforms for over 10 years. you lose money on that.
if you sell them with 1 cent profit you make a loss because you have transportation costs (even if it´s driving to the post office just to name something) transaction fees, insurance costs, if you have to buy a safe to store those 100K things etc.
What is your profit margin? It can't be high if you're selling bullion for slightly more than the market price, if it is 1% and you pay that means your revenue is $100 million a year.
How did you get started? At what point did you wake up one day and think "we're onto something here, I'm going to commit to this"?
You lose money if you pay a commission- to ebay, to anyone.
I'm in a similar business, buying 1 million in shit and selling it for 1.05mil- trust me, I'm not losing money.
Not hard depending on the inventory.
I'm selling silver eagles spot + $3
If you're selling them spot + $1.75, I'll buy 10 million from you today- boom, 10 million in inventory sold a day
>How did you get started? At what point did you wake up one day and think "we're onto something here, I'm going to commit to this"?
Always had an interest in coins, used to go around flea markets and buy $10 silver coins for $5... sell them for $9... as a teenager.
Once I sold my company it was 'ok, well what do I do with all this free time?' so I decided i wanted to be in this business, went for it.
Idiot: the post
>obody but retarded faggots buy those gold/silver coins from the mint, they are a surefire way of loosing money.
Ampex, Provident, everyone is buying from US mint, and making tons of money.
ALl my competition.
I sell well over 100 million a year in all PMs combined- 75 of that is gold.
Now, Ampex only takes bank wire- I take cash.
THAT is the reason why I make money. I take cash. I give cash.
No wires. No paypal. No memecoin. Just cash.
Anyways, Ampex is buying this stuff from the US Mint for whatever, $2.50 + Spot, selling it for $3....
I sell it for $3 too. Difference is Ampex wants a bank wire, takes days, shipping, mail, paper trail.
I take briefcases of cash, cars, boats, cocaine,
Ampex not accepting cash (and cocaine for that matter) means they can only sell to half the market.
So it looks like the only way into this business is getting lucky off some fool who undersells his metals? That or have a large enough bankroll to build up a inventory. Doesnt seem that applicable to the majority of peeps, seems like a niche market only a few can actually break into.
I don't do the refining. The refiner does the refining.
He then sells jars of gold powder to me. I sell the jar of gold powder to someone, who gives me cash, which I use to buy eagles, francs, pesos, etc, then sell those eagles, francs, and pesos.
Anyone can "break into" the market.
If you gave me $100 I would turn it into $110 in 1 day and never stop.
Turning $100 into $110 means you made 1 sale- not that hard.
Problem is, for broke NEET lowlife losers, getting the capital to actually make money off a 5-2.5% spread is an impossibility.
Pro tip: No one ever makes more than 5% off one sale in this buisness.
Sure, some NEET will say 'I bought $50 in coins for $5 at a garage sale!'
Good for you. You make $45- was it worth ripping off grandma? Was it worth an hour of your time?
SELLING $100,000 in coins for $100,000 to grandma is a MUCH better proposition, because you got the coins for $95,000.
But NEETs watch wolf of wall street and they're all gorden geckos that want to make 20x their money... so they make $45.
Actually, this wasn't fare.
A loser can get his hands on $1000- (check robinhood thread).
The problem is, the loser won't know how to turn it into $2000.
He's too autistic to call people and sell, too autistic to call people and buy... he's FUCKED.
This is a charisma business- people want to buy from people they like and trust.
Also, a lot of what I do is going to gold and silver coin shows and selling there.
Hire 2 girls, stick them in the booth, drink margaritas, buy underpriced coins while the girls sell for me, life is good.
Why are you asking this idiot for advice?
No, don't buy and hold for 15 years.
Buy and sell every 5 years or so, at the respective tops and bottom of the market.
But yes, if you bought and held for 15 years, you will probably make money. But will you beat the DJIA is the question- making money is easy.
Anyways, the better business is buying and selling 2 days later for 102.5%, not buying it because you *HOPE* the spot price will go up.
That's for suckers
winners dont hope, they know
Uh huh. And what about transport costs? Storage? And how do you handle tens of thousands of transactions in a single day? Do you only sell to a handful of people, in large quantities? Then why do they buy from you instead of someone like the guy you just bought from?
Storage? You can put 10s of millions of dollars in a briefcase in gold.
Transportation costs? You mean $20 in gas?
This is a 0 overhead business. Sometimes I hire 'sales associates' when coin collector club shows are in town.
That's the only overhead I get.