Storage Auctions
The Storage Locker => The Lounge => Topic started by: ChefJ on September 05, 2011, 09:54:01 PM
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Anyone in this market?? I have a couple of regulars at the auciton the buy gold to resell it. Sounds like an interesting venture to go along with this stuff. Desperate people will sell their things to get some extra cash, and those of us with the extra cash can probably make a little money.
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I thought about doing this, but at this time I do not think it is in my best intrest, maybe later though. I have some of the stuff already. But no where near all of it, or the finances to endure in that kind of investment.
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Anyone in this market?? I have a couple of regulars at the auciton the buy gold to resell it. Sounds like an interesting venture to go along with this stuff. Desperate people will sell their things to get some extra cash, and those of us with the extra cash can probably make a little money.
There are 5 people at my flea market who buy gold...."compro oro". I am friends with 2 of them. See my "Jackpot" safe locker thread for a recent post about a gold cuff link I sold one of them.
If you know what you're doing (and you'd HAVE TO) you could make some money at this, but you'd have to be on top of the market every day. With all the others buying gold in my area I decided not to pursue it.
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Plus have a Gold Test Kit and Know How To Use It . ;
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You have to know how to use a gold test kit, as well as how to weigh and use a calculator :)
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You have to know how to use a gold test kit, as well as how to weigh and use a calculator :)
Yes, those are given factors. Generating gold sellers to come to YOU over the others doing it is the real problem that needs to be solved IMHO.
For me, just finding the occasional gold in a lkr or buying a piece from some unknowing flea seller is what works....though that is quite seldom.
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Yes, those are given factors. Generating gold sellers to come to YOU over the others doing it is the real problem that needs to be solved IMHO.
For me, just finding the occasional gold in a lkr or buying a piece from some unknowing flea seller is what works....though that is quite seldom.
Realistically, it comes down to who is paying the most for the gold, and if they are pleasant to deal with. It will remain profitable until A&E comes out with 'Gold Buyers', showing after Storage Wars, when everyone and there brother will decide to start buying and selling it.
If the market in someone's area isn't saturated with buyers, there is potential, but it is, as you've stated, risk/reward ratios that must be calculated into the formula as well.
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One other thing to remember is, if someone can afford to buy a gram here and there, and then literally stick it away somewhere for a while, they can increase their profits.
ebullionguide.com/price-chart-gold-last-10-years.aspx
Unlike stocks and such, precious metals seem to hold and increase in value fairly consistently.