The increasing number of people trading in gold has resulted in banks opening special gold accounts that they can use in related trading. This has made trading in gold very easy because both buyers and sellers can use a method that is legally accepted. If you are one of the many gold buyers in busy cities like NYC and have many accounts, it is advisable that you open a gold account for easier operations.
Personal and professional details
Opening a gold account is considered as another form of reserve account where the trader can be carefully and legally identified. Because you will be dealing with gold buyers you have to provide all your personal and professional details. Remember that your identity in this case goes beyond the personal account because of the rising cases of cash for gold scams. It is critical that you provide more information about yourself and a profile of gold trading that is offered to your clients. None of the gold buyers will want to purchase gold from a stranger with no reputation or background.
Certification that you trade in gold
Because banks want to maintain a good image in the market, they prefer opening gold accounts to traders who are certified by the respective authorities; this emphasis due to the rising number of scammers whose sole intention is stealing money from gold buyers in queens. It is advisable to get the licensure and all related operational authorization that shows you are a legit trader.
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Often, the banks will also require you to have a certified evaluator who would ascertain that you are trading in gold. Though this requirement has remained controversial and some banks have even considered scrapping it off, it is meant to reduce chances of buying wrong metals as gold. Check with your bank whether this is one of the mandatory requirements.
Minimum deposits for gold trading
Trading in precious metals is lucrative and requires traders to have a lot of money. Banks consequently require traders to deposit large sums of money into their accounts which they use for business. In other banks, you will be required to deposit certain quantities of gold that you will use for trade. For example, most banks require gold traders to deposit about 1000 ounces which is valued and then traded in precious metals business. In other instances, the banks like we have here in NYC will handle the transactions and even transfers of the gold from traders to gold buyers. It is advisable that you only buy gold from people who have the right gold accounts to avoid scammers.
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