Step 2: Gather Your Tools ($1,000 Startup Budget)

You don’t need an expensive storefront, but you do need a few key tools to operate like a pro. Here’s what to get:

🔹 Gold Testing Kit ($100-$200) – This includes acid test solutions, a testing stone, and a magnet. You’ll use this to verify the gold’s authenticity.

🔹 Digital Scale ($50-$100) – A scale that measures in grams and pennyweights is crucial for weighing gold accurately.

🔹 Jeweler’s Loupe ($10-$30) – A small magnifying glass that helps you spot gold markings (karats, hallmarks, etc.).

🔹 Cash for Deals ($500-$700) – This is your working capital to buy gold from sellers. You don’t need thousands—many people are willing to sell for quick cash.

🔹 Basic Marketing Materials ($50-$100) – Business cards and flyers help establish credibility when meeting sellers.

Step 3: Find Scrap Gold Sellers (Without a Storefront!)

The key to making money in the gold business is finding people who want to sell. Here are the best ways to get leads without a storefront:

1. Craigslist & Facebook Marketplace (FREE)

Post ads that say:

“I Buy Gold & Jewelry – Get Paid Cash Today! Broken, unwanted, or old gold jewelry? I pay top dollar! Call/text [YOUR NUMBER].”

People looking for fast cash will reach out. Meet at a public place like Starbucks, test the gold, and make an offer.

2. Word-of-Mouth & Referrals (FREE – $50 Bonus Incentive)

Tell family, friends, and co-workers that you buy gold. Offer them a $20-$50 referral fee for anyone they send your way.

💡 Example: You buy a gold bracelet for $200 and make a $150 profit. Giving $20 to your referrer still leaves you with $130 profit.

3. Local Pawn Shops & Jewelers (Partner Up!)

Pawn shops sometimes turn down gold sellers who want more money. Approach local shops and offer to buy the gold they reject.

💡 Pro Tip: Some jewelers don’t buy scrap gold. Offer to take those customers off their hands—win-win for both of you.

4. Estate Sales & Garage Sales (Gold for Cheap!)

People selling old jewelry at estate sales often don’t know its real value. Bring your magnet and acid testing kit—you might snag gold pieces for way below melt value.

Step 4: How to Test & Buy Gold Like a Pro

Now that sellers are contacting you, here’s how to make sure you’re buying real gold and paying the right price.

How to Test Scrap Gold

✔️ Step 1: Check for Karat Stamps (e.g., 10K, 14K, 18K)
✔️ Step 2: Use a Magnet (Fake gold will stick; real gold won’t.)
✔️ Step 3: Perform an Acid Test (This confirms if the gold is real.)

How Much to Pay for Scrap Gold

Use this simple formula to calculate your offer price:

1️⃣ Check today’s gold price (e.g., $65 per gram for 24K gold).
2️⃣ Multiply by the gold purity percentage (e.g., 14K is 58.5% pure, so $65 × 0.585 = $38 per gram).
3️⃣ Offer 60%-70% of that value to ensure profit.

💡 Example:

• A 14K necklace weighs 20 grams.
• The melt value is 20 × $38 = $760.
• You offer the seller $500-$550.
• The refinery pays you $720-$740, leaving you with $200+ profit.

Step 5: Sell Your Gold for Maximum Profits

Once you’ve bought gold, sell it quickly to avoid market fluctuations. Here’s where to sell:

1. Gold Refiners (Fastest Option!)

Refiners melt the gold and pay you 95%-98% of its value. Some good refiners include:
✔️ Midwest Refineries
✔️ Garfield Refining
✔️ Kitco Gold Buying Program

2. eBay & Craigslist (Higher Profits!)

Certain gold items (watches, vintage jewelry) sell for more than melt value online.

💡 Example: A vintage 10K gold ring with a gemstone might sell for $200 on eBay—more than its $120 melt value.

3. Private Collectors & Jewelers

Some jewelers buy gold for resale rather than melting it down. They’ll often pay slightly more than refiners.

Step 6: Rinse & Repeat – Scaling to $500 a Day!

Now that you have the system down, repeat the process daily:

✅ Post 3-5 Craigslist & Facebook ads every morning.
✅ Network with pawn shops, estate sales, and referrals.
✅ Buy at 60%-70% of melt value to ensure big profits.
✅ Sell to refineries or online buyers for quick flips.

With 5 small gold deals per day, each making $100-$150 profit, you’ll hit $500 daily or $15,000 monthly!

Final Thoughts: Your Gold Business Starts NOW!

The scrap gold business is one of the easiest, most profitable hustles you can start today without a storefront.

With just $1,000, the right tools, and smart buying strategies, you can build a business that pays you daily.

🚀 Now, take action! Post your first ad, get your testing kit, and start making money today.

Got questions? Drop them below, and let’s get you to $500/day! 💰