• Precious Metals Dealers

The Division of Financial Institutions regulates precious metals dealers pursuant to Chapter 4728 of the Ohio Revised Code.

Licensing

A person wishing to engage in the business of purchasing articles made of or containing gold, silver, platinum, or other precious metals or jewels of any description if, in any manner, including any form of advertisement or solicitation of customers, the person holds himself, herself or itself out to the public as willing to purchase such articles must first obtain a license.

Instructions and the forms required to apply for a precious metals dealer’s license can be obtained at http://com.ohio.gov/fiin/forms.aspx. The Division will investigate the applicant to determine they meet all the statutory requirements for licensure under the act.

Licenses must be renewed annually. Each precious metals dealer location must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.

Compliance

Registrants and licensees are responsible for understanding and complying with the applicable statutes. The Division will periodically examine registrants for compliance with Ohio law and has the power to issue subpoenas in the process of conducting examinations and investigations.

In addition, the Division may deny applications for registration, revoke, suspend, or refuse to renew certificates of registration, or impose fines against registrants and licensees pursuant to the Ohio Administrative Procedures Act, Chapter 119 of the Ohio Revised Code.

Questions regarding the industries regulated by Consumer Finance may be e-mailed to: webdfi-cf@com.state.oh.us

With the price of scrap gold continuing to soar, has there ever been a better time for entrepreneurs to enter the gold buying niche? Mark Rich at CaptainCashForGold and owner of his family’s struggling 40 year old jewelry business, doesn’t think so!

Consumers today are focused on getting their hands on some cash rather than spending it on jewelry. And with the daily news barrage of sky high scrap gold prices, it’s easy to understand why they tend to look in their jewelry boxes first. Around the world, the middle-class is struggling with high unemployment and cutbacks in the number of work hours they’re able to log.

What does this mean for small business startups? Opportunity! To tap into the scrap gold buyng and selling niche, you need knowledge and money. Knowledge you can get from us. Our “Scrap Gold Business Startup Book” covers this topic in depth!

Money to start your gold business? You’ll need at least $300 – $500 liquid cash to begin. You’ll need business cards, a cell phone and cash to make purchases from gold sellers, a small digital scale and scrap gold test acids.

Licensing? Some of us operate under “Tis easier to ask forgiveness than to ask for permission.” If this philosophy doesn’t work for you, check the ‘Licensing Links” to the right and visit your local city hall and police department. Simply tell them you’re contemplating a new scrap gold business and you would like to know what they require, if anything, to allow you to make scrap gold purchases from the public.

Scrap gold buyers licensing has cost us as little as $85/year to as much as $225/year.  In our scrap gold buying stores (which we have combined with payday loan and car title loans) we have invested in certified scales.

http://www.ScrapGoldGuru.com http://www.GoldPartyprofits.com

Regarding the need for a cash for gold or scrap gold buying business license, it depends on where you are AND whether you are buying from the public.

photo © 2008 Todd Huffman | more info (via: Wylio)

We’ve added several gold business license links and we’ll continue to add more.

A scrap gold business license for Arkansas is required if you’re buying scrap gold from the public.

The Arkansas State Police Regulatory Services Department states as follows:

Precious Metal License Arkansas businesses involved in the trade of gold, silver, platinum and other precious metals are required to be licensed by the Arkansas State Police under the authority of ACA §17-23-201.

A copy of the department’s Precious Metals Dealers Transaction Report can be obtained by clicking on this link.

To obtain more information regarding the licensing process, you may e-mail the Arkansas State Police Regulatory Services Division or call the office at 501-618-8600.

What is a scrap gold jewelry party? Just as it sounds, a party where friends and family come together to sell their old, scrap gold jewelry pieces.

Actually, a gold party is similar to a Tupperware or Amway type of meeting or party except, in the case of a scrap gold jewelry party, everyone LEAVES the party with cash rather than a collection of Tupperware, vitamins, soap, etc.

Also, the person who acts as the Host or Gold Party Hostess, typically receives a cash payout amounting to 10% of all the scrap gold purchased at the party.

For example, if $3000 worth of scrap gold is bought at the gold party, the hostess receives $300 just for hosting the gold party. Of course, if the Gold Party Host has the cash and the knowledge to also act as the scrap gold buyer, then the profits derived from selling their scrap gold purchases to one of the gold refiners listed in our “Scrap Gold Business Start Up Manual” belongs to them as well! A very nice situation!

What’s really great about gold parties, besides the money everyone receives, is the FUN! Often, food and drink is served allowing everyone to enjoy themselves and leave the gold party with some cash!

A scrap gold party and business can prove to be the path to a whole new, financially rewarding life! You can make a good living buying and selling scrap gold while making new friends and entertaining.

All this requires is knowledge and effort. We can teach you if you’re ready to learn. Consider an investment of $47 to learn how to participate in this lucrative industry. Get our “How to Start a Scrap Gold Business Manual” now!

Starting a cash for gold business is not rocket science! We’ve opened physical, “brick-n-mortar,” locations in four states. Additionally, we’ve enabled many entrepreneurs to successfully start and profit with scrap gold parties. Finally, we’ve taught payday loan, car title loan operators and related businesses how to add the buying and selling of scrap gold to their existing businesses.

photo © 2007 Jeremy Schultz | more info (via: Wylio)
The basics are easy but the tactics and strategies to build a real, money making cash for gold business require insight and training.

Do you really want to gain independence from your “JOB” and build a continuing revenue stream that allows you to “work” when and where YOU want? Are you willing to pay the price required to learn the cash for gold business? Your dollar investment ($47.00) is minimal. The real “price” you must be willing to pay is the investment of your TIME.  Our time is ultimately our most precious commodity; it certainly isn’t money!

So… are you willing to study our “How to Start a Cash for Gold Business Manual,” practice our techniques and “do the work?” If you can honestly answer this question with a resounding YES, order and receive our Manual immediately via email (or have the printed version delivered), read it, re-read it, then practice our techniques and employ our strategies.

And don’t forget to sign-up for our free “Cash for Gold Newsletter” so you can get updates and learn from real world experiences and ideas generated by our clients, readers, and our own operations; it’s generally once per month. And NO, we do not spam you, sell or give away your info, etc. Frankly we don’t have time and it’s not nice!

Well, it’s finally happened! You can buy scrap gold, gold bullion, and gold coins in gold ATM  vending and kiosk machines now! With gold expected to hit $3000 per ounce in the next few years, these gold ATM machines are no surprise.

See the gold ATM machine in this video:

One thing we continually stress in our “How to Buy and Sell Scrap Gold Manual” is the fact that whether gold is $400/oz or $4000/oz, you can learn to make money “on the spread.

And, scrap gold buying is something you can do for life. No one, not even the government, can take this knowledge away from you! So… learn how to buy and sell gold and build a new business and a new life for yourself!

Buying and selling scrap gold is getting so profitable that 30 minute TV programs are appearing. I was channel surfing today and I bumped into a TV program sponsored by Cash Your Gold. They spent a full 30 minutes extolling the virtues and profits available buying and selling scrap gold jewelry. They even offered a bonus to the first 500 callers!

Imagine how much money can be made by entrepreneurs who buy and sell gold for their own account and cut out the middle men like Cash for Gold, Cash Your Gold and others.

All it takes is knowledge and a bit of courage to begin. You can learn all you need to know about starting a scrap gold business with our resource, “How to Start a Scrap Gold Business.”photo © 2004 Bryan Allison | more info (via: Wylio)

The rush to sell gold is continuing. With gold and silver at record highs, consumers are not hesitating to part with their old, scrap gold jewelry and coins. After all, if you have bills to pay and are unemployed, selling your gold is certainly one answer to solving your financial problems.

Buying and selling gold and silver offers a great opportunity for entrepreneurs to build a long-term, highly profitable business in this space.

For example, the Houston Gold Exchange purchased over $11,000 from just one customer,” says owner Brad Schweiss.

Houston Jewelry is experiencing the same thing. Founded in 1953, the Houston jewelry store has been paying out anywhere from $15,000 to $40,000 a day for gold and silver from gold sellers coming into their location.

Silver has moved up to $28 per ounce versus historic levels of $5 to $8 per ounce.

For our readers, the obvious question is, how can I participate in this gold rush? How do I know I’m buying or selling scrap gold at the best price? The key is knowledge! Let us train you how to build a scrap gold buying and selling business.

Our “How to Buy & Sell Gold Manual” will walk you through all the steps to achieve your goal of building a great business for yourself buying and selling gold and silver.

Click here to review all the chapters and discussions in our “Gold Business Guide.”

Regarding buying and selling scrap gold in Texas:
Texas Precious Metals and Dealers in Second Hand

TEXAS

5.84.010 – Policy.

It is declared to be the policy of the city, in the exercise of its police power for the protection of the safety, health and welfare of its citizens to regulate the purchase, sale, barter or exchange of secondhand articles, gold, silver, platinum and other precious metals and gems by dealers in such items.

(Prior code § 15-38(A))

5.84.020 – Definitions.

The following words are defined as follows:

A.

“Engaged in or conducting business” means the purchase, sale, barter or exchange of any item aforesaid, including advertising therefor and including such business conducted by an established dealer in a permanent location and including any temporary, transient or itinerant business.

B.

“Itinerant dealer” means any dealer as defined herein who engaged in any temporary or transient business conducted in a shop, room, hotel room, motel room or other premises rented for any duration less than thirty consecutive days or used on a temporary basis. (An itinerant dealer is not a local dealer who must move his shop from his existing location to a new location within the city due to loss of lease or voluntary move prior to the expiration of the minimum thirty-day period.)

C.

“Secondhand dealer” means an individual, partnership, corporation, joint venture, trust, association or any other legal entity however organized engaged in or conducting business in the City of El Paso for purchasing, trading, bartering or exchanging secondhand personal property, gold, silver and other precious metals.

D.

“Secondhand goods” means or “used personal goods” shall consist of any item of personal property or object of value such as gold, silver, jewelry and/or other precious metals, which is not purchased or sold as new. Secondhand or used personal goods do not include property purchased by one licensed, established merchant in the normal course of business from another licensed, established merchant. Secondhand or used personal goods shall include, but are not limited to, the following items:

1.

Jewelry of any kind and of any metal, precious or semiprecious in nature;

2.

Gold, silver and/or other precious metals in whatever identifiable form except for numismatic coins or bullions;

3.

Any type of gem or precious stone, including diamonds;

4.

Office supplies;

5.

Furniture fixtures;

6.

Electronic equipment such as televisions, radios and stereos;

7.

Appliances (appliance dealers already subject to licensing under Chapter 5.16 of this code shall not be expected to secure the license under this article, but are subjected to all of its other provisions.)

(Prior code § 15-38(B)(1)—(4))

5.84.030 – License—Required.

It is unlawful for an individual, partnership, corporation, joint venture, trust, association or other legal entity to engage in the business of a second-hand goods or used personal property, gold, silver and/or other precious metals dealer as defined in this article, without first obtaining a license therefor, as hereinafter provided. A separate license shall be required for each location, place or premises used for the conduct of the business of the secondhand dealer.

(Pri

We prefer to use an electronic gold tester! But, in spite of what you’ve seen or read, you don’t have to start a scrap gold business by purchasing an electronic gold tester costing hundreds of dollars! Our research reveals there are alternatives and we’ll discuss them here.

Scrap gold acid test kits work just fine. They offer virtually no potential for accidents or health problems. However, you do have to use a bit of common sense. (See the “Gold Testing with Acids” Video).

With that said, again we must admit we do like electronic gold testers. We’ve tried virtually all of them and recommend the Tri Electronics Gold Tester GT-3000.

The Tri Electronics Gold Tester GT-3000  is very easy to operate and it won’t break the bank. An additional advantage of the Tri Electronics Gold Tester GT-3000 is that your scrap gold sellers, whether at a scrap gold jewelry party, in your gold buying store, at your scrap gold sellers home, or in your office, will perceive you to be more professional and accurate. This can be a huge positive for your scrap gold buying business.

The Tri Electronics GT 3000 retails for around $200.  We have found the very best source for purchasing electronic gold testers is Amazon; safe, reliable, guaranteed and very easy. We’ve communicated directly with Tri Electronics only to be told we must purchase through their distributor; even for large quantities.  Other than at Amazon, you typically find the Tri Electronics GT 3000 Gold Tester selling for $215 to as much as $279.95.

Our “Starting a Scrap Gold Business Manual” goes into GREAT DETAIL describing how to use a simple scrap gold test kit and an electronic gold tester. With just a little bit of practice you can become an expert testing gold. The very basic approach to testing gold with the Tri Electronic GT 3000 is as follows:

Simply insert the gel pen in the capsule,  attach the clip to the clip board, and the 2 wires to the Tri Electronics GT 3000 console. Then just attach your gold piece to the clip board to complete the circuit. Press “Test” on the console and match the number you see to the table provided to determine the karat of your jewelry. Simple and clean!

We’ve tested several other electronic gold testers including the Mizar M24 Gold Tester but we keep coming back to the Tri Electronics GT 3000 for accuracy, ease of use and price.