For people who have wanted to make millions from business, buying, selling and trading gold is one of the things that they consider.
But how is that really done?
For most of us, we would think that it is an expensive investment that will require a hefty amount of capital. While it is true that you cannot engage in this business without enough cash in your pocket, the return of investment will definitely be rewarding.
Gold is one of the most expensive commodities and its value is long lasting. It does not depreciate, and that’s part of the reason why there are now many gold markets that facilitate gold exchange today. If you want to give this a try, here are the steps you may need to follow.
1. Start by shopping around. Your goal may be doing huge sale of gold in the long run, but it would be best if you start checking in your area.
Check out the value of the gold you own in your local jewelers so that you can compare prices, and you will more or less have an idea on the price you will have to put on gold. Getting estimates will help you have a base price and it will help you ensure that you are giving out the right price.
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2. Find a legal way to sell and purchase gold. Currently, there are no legal agencies that cater the selling, buying and trading of gold, except for the Banko Sentral ng Pilipinas.
While there are alternative ways for you to engage in gold business like your local pawnshops and jewelers, or the ones in the market, they usually have no legal permits and they do not pay for the taxes. There are no insurance and documents when you do your transactions with them so it may not be safe for you. To be 100 percent secure, it is better if you transact in the BSP.
3. Check for your options online. There are also online options by which you can trade, sell and buy gold. Just make sure that you check their credentials if they are legitimate and that they should come with insurance when conducting your transactions.