Anyone here in the precious metals business? I'm thinking of dealing in gold and silver as a side-hustle but not sure if it is worth it.
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>>1220536
I am not referring to buying ETFs or paper gold but dealing in actual physical gold IRL or through the internet. My country has a non-existent market for it, both online and offline.
>>1220538
sure i'm doing the same.
you can make more bucks on silver than gold i think.
>>1221647
Is it profitable? How do you do it?
>>1222372
If you're going to be a dealer in precious metals, you typically make your money on the spread between buying and selling: sell at a premium, buy at a discount.
You can certainly try to make more money by going long or short the metals but many large operations have gone bust from such a strategy. Hannes Tulving and Northwest Mint are two that come to mind.
A lot of dealing in PMs based on reputation and, if you're in it for the long-term, you shouldn't do anything that will blow you out and cause trouble for your customers. Making money on the spread is practically guaranteed money.
I would imagine that most PM dealers hedge their positions with futures, so that is something you will ultimately have to learn.
>>1222372
i buy silver on commission like a dozen people buy shares and i order a big bunch at once with discount and save on delivery then i buy some for myself to sell for hefty profit 20% or more.
>>1222428
>How do you get people to sign up to order silver like this?
i just told them what i think will happen with silver prices and why and they were like "TAKE MY FUCKING MONEY!!"
>>1222428
It's viable but I'm not too clear on what kind of business you're trying to set up. If you want to be able to buy U.S. Mint gold and silver coins at wholesale prices, you have to be a registered dealer and that requires quite a bit of money.
You could be a reseller but that increases your selling cost and may affect your ability to sell to your locale. To a certain extent, you have to determine how many people in your city are interested in buying PMs and how many would buy from you instead of a big, out-of-town dealer that might offer better prices.
How small is the city you're in? You might want to Google "coin collecting" or "coin store" for your location. Typically, coin stores also sell gold and silver bullion. It's difficult to believe there are no existing PM dealers in your city.