How much money should you have to start investing in gold?

I was just wondering how much you should have before trying to make some profit off of it. Like say I wanted to make around a 1k a month profit from gold trading, how much money would I need?

I am going to be making this thread in the other sub categories also, as I would really like to compare the three and do not want to go off topic in any of these

Could a mod change the title to say gold and not zgold please?

 

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Oh well that's kind of a disappointment. Although maybe starting an online shop wouldn't cost as much. (less costs for a domain than a storefront in a city)

 

With a storefront you would have high overhead, and be limited to the are you are located in, unless you use an online shop in collaboration with the brick and mortar shop. Having a storefront you immediately appear to people once you open up, but that doesn't mean people will use you. Having a storefront would increase the trust level people would have, rather than using the internet, but not sure if the costs of a store would outweigh the income. You would have to be doing some hefty amounts of trading.

 

yeah, what i should do is this: open a store in a big city, and make a website.

i can help you building backlinks so the site will rise in the SERPS

 

Yeah you're gonna need a lot of capital to generate profits from gold. For example those recent cash4gold and goldpaq businesses usually buy gold at cheap prices, which they then melt the jewelry down into bars to sell to mints and other refiners.

 

You are going to need a somewhat large amount of capital, especially with the current price of gold. You will have to have enough money to be able to maintain your premises (websites, storefronts) and you are going to need to have a selection and ample amount of gold products.

 

Yeah, you will need a large sum of money to begin in first place.

 

Yes and many times people do not trust online stores for stuff like this. I think you need to be well known first.

 

you should gain their trust and make a name first to gain their trust

 

Gold is really high right now, probably at all time high. Experts will tell you that it can't go much higher, especially given the signs of economic recovery.

 

It depends...If you have a large sum of money right now, Get a store! If you don't, but still want to invest, gold coins or bars.

 

I'm pretty sure it will go much higher. I know for a fact you do too, which is why gold buyers like yourself (nice ad ) are trying to buy as much as they can now. When the prices do hit an all-time high, the Gold buyers will have a very valuable lot of it.

 

It'll still rise, so really, any amount you can afford to invest (Assuming we're not talking like under 100$) will be worth it. Can't be sure HOW MUCH it will rise, but it will. I'm going to sell mine soon, in hopes of it falling....

 

The bigger the amount of bullion you buy, the less will be the markup which you need to pay. If you invest in 1gram or two gram coins/ bars, then the markup can be quite high. But I wouldn't recommend investing in 10 Oz Bars either. I think a balanced way in between will be to invest in 1 Oz coins or bars.

 

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Gold is expensive and starting a business in the gold industry is risky, but that goes for any other business in the US or any country. You'll be competing with not only people around your local area, but worldwide. If you want to make money with gold then I suggest you do some research on how to market yourself and not just how much you need. I would say over $10,000 plus money to help support yourself while you're in the gold business.

 

Sell your silver and buy gold in small quantities. Do it over and over while monitoring the value fluctuations thru your local refiner.

 

Do you have a reason to sell silver right now? I agree with you that Gold prices are at historical peak right now. But silver is also giving very good returns lately. I would rather invest in a wide variety of metals including Gold, Silver, Platinum and Palladium to reduce the risk. And I can't predict what will happen to the metal market after the 2012 elections.