How To Obtain The Licenses Required To Purchase Scrap Gold

If you will be purchasing scrap gold, you are required to obtain a license first. However, you cannot do this without obtaining a general business license first. The good news is that obtaining these various licenses is not that difficult and doesn't take very long. 

How To Obtain a Business License

You should obtain a business license in the location where you would like to start your business. You will need to find the right type of business code for the business you want to start. By looking up the type of business you are starting, you will then be able to find out all of the licenses and registrations you will need to be able to buy scrap gold.

How To Get a Precious Metals License

Begin by finding out if you need a precious metals license. For example, if you have a pawnbroker license or you work for a coin dealer or a jeweler, you probably will not need a precious metals license. You will usually need experience working with precious metals, and you will also need to be considered a person of good character. There might also be minimum network requirements.

There are various forms you will need to fill out that you can obtain from the local city hall. Fill out all of the information requested on the forms. Then, you will need to obtain the specific license that is required to be able to buy and sell scrap gold. 

How To Purchase the Scrap Gold

You do not have to open a storefront to purchase scrap gold. You can instead choose to purchase it from private parties and clients. However, you will need to learn how to test the value of the scrap gold you are purchasing and will need to purchase gold testing equipment. 

One approach is to have a scrap gold buying party. You can invite friends, family members, and other people you know to sell unwanted gold.

How To Test Scrap Gold

You will first need to purchase a scale. The gold needs to be weighed by the ounce. You will also need a professional gold testing kit that will allow you to distinguish between real and fake gold. Then, you will want to frequently research the price of gold so that you can make sure the price you offer the scrap gold seller is based on the value of the gold at the time.