Are you one of those people who noticed that you get 5 cents for every aluminum Coca Cola can you turn into a scrap year near you?
Scrap yards are all around us, in fact, you may be within just a few miles of these plants. The scrap plants typically buy and re-sell these metals for construction and manufacturing.
Yes, your recycled aluminum can be remade into something more productive!
Want to Find Metal Scrap Yards Near You? Try This App!
The app called iScrap will actually find local prices and scrap yards near you simple: Using your location on the app and finding the availability of scrapping each metal you’d like!
Available on both iOS and Android, you’ll be able to post prices if you are an actual Scrap Yard yourself, or begin your own side hustle by selling scrap yourself easily.
Most Common Metals Found…
Copper is one of the more common metals found, and if you happen to partner up with a construction company, you’d find out many homes have this metal already inside them. Because many homes and building require complete gutting and re-construction, Copper can be a constant metal you could build profit on.
Steel is also found in most homes and building but in this case you’ll find them inside appliances and wiring. Because appliances break often, you could also turn a business into appliance breakdown and scrapping!
For more information on beginning your Scrap Business take a look at this neat video…
Why About Precious Metals?
If you own one or more Krugerrand gold coins, such as the ones you can purchase here https://www.moneymetals.com/guides/krugerrand, you can consider yourself as a precious metal investor. By acquiring gold coins, you have added them as part your assets and have essentially become an investor in precious metals.
There are many advantages in investing in gold and other precious metals like silver, platinum, palladium, and rhodium. Apart from providing diversity to your investment portfolio, precious metals, such as gold in particular, also serve as protection for you in case of inflation, stock market crashes and political upheavals. While these factors cause the paper currency to lose its value and purchasing power, they rarely affect the price of precious metals.
Precious metals like gold are “real assets” in that they have an intrinsic value that, unlike paper currency, is almost immune to inflation. During an inflationary environment, the price of precious metals tend to increase as more investors try to buy them as a hedge against inflation. The increased demand for precious metals like gold causes its price to rise. Other examples of real assets include oil and real estate. What precious metals has compared to other real assets is that they are more liquid and are easier to barter with or convert to cash.
If you own and have physical gold in your possession, you have what some refer to as “pure asset,” as opposed to “paper assets.” Paper assets are paper documents that represent ownership of an asset. They have no inherent value, it is difficult to exchange them for cash and, in cases where the financial system backing them collapses, paper assets usually go down with it. Gold and other precious metals in your possession are simply assets, their value remains constant, and you do not run the risk of defaulting on them.
How Investors Make Money with Precious Metals
If you choose to invest in precious metals, such as gold, you have already profited in some way, especially if you did so by acquiring physical gold. By converting some of your liquid assets into precious metals, you gained some form of insulation from financial system instability, default and bankruptcy. Owning and holding on to physical precious metals serves as an insurance and protection during uncertain times.
Similar to stocks and bonds, the easiest way for you to make extra cash with precious metals is to hold on them for a span of time. Since the desirability of precious metals does not diminish, you’ll only need to wait for the inevitable price appreciation of the metals in a few months or years. You may then decide whether to sell some of your metal assets and then wait for the right time and price to once again replenish your precious metal assets.
Regardless of the route that you choose, keep in mind that the demand for gold and other metals will be constant. This means that they will always have value and perform well as assets and as tools to protect and increase your wealth.