Finally! Something I can contribute to BHW!! I have been a DM in the gold buying biz for a year and managed 9 stores. There is A LOT to buying and reselling gold and I am going to give you the ins and outs of doing it the legit way and then some ideas to do it the BH way. I stayed away from the BH way because I am not interested in potential fines or jail time but I know some of you are hustlers and can do it no problem! The FIRST thing you need is some cash. If you do not have that or you cannot get that then this will not work for you. The Gold biz is all about cash and you will need a few hundred if not thousands of dollars to start! Anyway, some things to know. If you are in the US most states consider the buying and selling of gold a Pawn business even if you dont pawn anything. As such you have to comply with the local rules and regulations that Pawn shops do. For example, Hold times- In Florida you have to hold the gold 2 weeks before you can send it off to sell. I think in California the hold time is A MONTH!! The Price of Gold can move wildly in that time, think about how much you payout. If you payout 70-80% and then gold drops by a hundred dollars an ounce you might break even or maybe lose money if you pay too much. Getting Id, signatures and reporting- Most cities or counties REQUIRE you to report what you purchased DAILY with a full description of each item and then get a valid picture ID and signatures. You then upload the file with all the documents and send it to the local precinct. If they find the item is stolen you will likely have to sell it back to the rightful owner for what you paid. In SOME cases they take the gold with no payment and then advise you to be a "victim" when they prosecute the offender and file for restitution. This process can take months or years and the chance of a low life like that paying you back is slim, BEWARE! Testing- There are alot of Black hat customers to watch out for. They do bait and switch tactics, acid switch tactics and sometimes the even find metals that will pass an acid test. You have to learn what you are doing to be sure you dont pay for worthless junk! There are some machines out there that test for you but the price can be very high. For a top of the line tester that will spit out the actual gold content the cost can be around $10K or more. Acid testing is much cheaper and it is as reliable as the person doing the test. We were about 95% accurate. Some failures include buying at the wrong Karat i.e. bout it at 14k but it was 10k or being tricked by a blackhatter. Most of that was avoidable by just following your gut and having some fail safes built in. Fail safes- a)Once you have started the testing of the gold NEVER relinquish possession of the gold. Customers sometimes want to hold it again, there is NO good reason for that unless they are not accepting your offer. If anyone picks up a piece, RETEST it! You will find that often someone will switch the good piece you just tested with a FAKE that looks the same. b)Have a Control piece handy. Some people dont bother switching the gold, they switch the acid on you instead! You turn your head and they have a duplicate bottle with water that they switch with the real acid. Next thing you know you are testing ALL your pieces with water!! This does not just affect the customer who cheated you but ALL the customers that you test later. They way to stop that is by having a control piece you carry. A control piece is simply a piece of FAKE jewelry that you test FIRST before testing the customers gold. If your FAKE piece passes the test then you know the acid you are using is worthless. Obviously I doubt many of you reading this are going to want to invest big $$$'s on getting a location, setting up a biz and I am even more sure that you wont want to comply with the local regulations so here are some Black Hat gold buying methods. A) If you do set up a shop get an Auctioneer Licensee instead of a 2nd hand Metals Dealer License. I am not sure about other states but In Florida you can skip the gold hold period and I am pretty sure you dont have to get as much detail from the customer. I am unsure if or how often you have to report purchases to the local police. B) Dont want to set up a store? Buy Gold "for personal use" or as a "collector" by posting ads on CList or other classified sites. C) DONT resell to local shops! They pay 50% or less. If you have a large amount of gold or are a real ball buster as a negotiator you MIGHT get 60%! Instead find a refinery! They are the ones that melt the gold and resell it. Here is on online that pays out 90% or better: hxxp://usgoldbuyers.com <- I am NOT affiliated with them! D) Create a "backlink" network..LOL... What I mean by that is get in good with employees of other gold buying stores or pawn shops. Let them know that you will pay a referral fee for any business. Trust me they have customers walk every day, these customers can be YOUR customers. I am sure there is something I have missed but feel free to ask away! Thank, rep or even some free SEO would be nice if you found this useful!