How to Become A Gold Trader In South Africa

A gold trader is someone that deals in gold; be it selling, buying, or both. They might be a small pawnbroker, or a specialised, professional bullion dealer like Bullion By Post.

Do you need a Licence to sell gold?

A general business license is often required. The same may be true of metal dealers. They might sell to the general public, but most likely they will sell to professional traders in precious metals.

How can I sell my gold bars?

Our top recommendation for selling gold bars or coins is Abe Mor, who offer the best customer experience and value for your bullion. Selling with a reputable online dealer like Abe Mor is the best way to get close to market value, and turn your gold bullion into cash without any undue hassle.

Can you sell gold bars easily?

The Gold Bullion Co. make selling gold bars easy, whether you originally purchased the gold from us or not. As one of the UK’s leading precious metal dealers, we’re able to offer extremely competitive rates based on the current spot price.

Below is How to Become A Gold Trader In South Africa

Decide what kind of gold to buy.

You may decide to purchase scrap gold, jewelry or coins

Research the competition.

Check out the competition both in your geographic area and on online auction sites. Your will want to look for what the competition isn’t offering so that you can provide your customers with unique value.

Develop a business plan.[2]

Write an executive summary for your business. This is a concise statement of the business’s purpose.

Include a more detailed description of the business, including marketing plans, competition assessment, operating procedures, personnel, and an insurance summary.

Compile your financial data. If you have no business history, create statements to project your revenue.

Assemble all supporting documents. This includes a copy of your lease if you plan to use a storefront, your tax returns, your licenses and legal documents, and the resumes of your personnel.

Obtain financing for your business if needed.

Talk to a loan officer from your local bank or credit union about your loan options, and bring your business plan with you.

Below are just some of the reasons why you should use Bullion ByPost as your gold trader:

We use the live spot price (or LBMA fix for large orders) to ensure that our prices are as accurate as possible when you come to sell. These can be viewed via our live price charts. This transparency helps our customers get the best deal.

All our gold is LBMA-approved, meaning you can be confident that it is of the quality and weight stated.

Both our customer services team and our vault team are experienced, knowledgeable professionals. Their expertise helps speed up our gold trading process.

Over 20,000 customers have left us positive reviews on the independent site eKomi, giving you the peace of mind that BullionByPost is a gold trader that can and should be trusted.

Do you need a license to buy and sell gold in South Africa?

If you want to conduct precious metal operations you need to obtain a mining permit from The South African Diamond & Precious Metals Regulator (SADPMR).

How much gold do you need to become a trader in South Africa ?

Pay in the cinematic or pay later on, the price will cost you 15 Gold Bars to start up either way, assuming Rockstar aren’t doing a discount or you have some kind of bonus (they’ve dropped the price to 10 Gold Bars in the past).

Do you need a Licence to sell gold in South Africa ?

A general business license is often required. The same may be true of metal dealers. They might sell to the general public, but most likely they will sell to professional traders in precious metals.

How can I sell my gold bars?

Our top recommendation for selling gold bars or coins is Abe Mor, who offer the best customer experience and value for your bullion. Selling with a reputable online dealer like Abe Mor is the best way to get close to market value, and turn your gold bullion into cash without any undue hassle.

Is it better to sell gold at a pawn shop or jewelry store in South Africa ?

The best way to sell your gold is online through a reputable buyer, as you’ll get a better price than you would selling through a local pawn shop or jewelry store. They’ll almost always offer the best price for your gold, with a fast, friendly process that’s free of any hard-sell sales tactics

Can you sell gold bars easily?

The Gold Bullion Co. make selling gold bars easy, whether you originally purchased the gold from us or not. As one of the UK’s leading precious metal dealers, we’re able to offer extremely competitive rates based on the current spot price.

Is gold easy to sell in South Africa ?

It’s easy to sell gold back to the dealer that the investor bought it from, but there’s a spread. Buying prices are always less, since the dealer needs to make a profit, so investors who sell back their gold must do it at a discount. Spreads vary based on the type of bullion and the dealer.

Is it legal to buy gold in South Africa?

The South African Reserve Bank considers Krugerrands, Natura, Protea coins as being legal tender. There are private mints that also make gold coins such as Rand Refinery and Gold Reef City Mint, however, it is advisable that you only purchase gold coins made by the government mint.

How much is a gram of gold in South Africa?

The current price per gram of gold is R815. 80. An ounce is 28,35 grams.