Student gold rush

From Richard Branson to Mark Zuckerberg, students have often shown their entrepreneurial flair while still at university.  Even those that have failed to build million-dollar businesses like Virgin and Facebook have found creative ways to earn good money while studying.

One idea that has captured the interest of a web-savvy generation is gold selling, via sites like monsterpriceforgold.com.

The cash for gold process is simple and quick. Sellers complete their name and address on the site. They then receive a padded envelope through the post, which includes a pre-paid Royal Mail Special Delivery return address. They put their gold (or silver or coinage or jewellery – they are all accepted) into the envelope and sign a declaration stating what’s included. After taking it to their local post office, which registers the package and validates the insurance protection on the items, its sent off for valuation. Within 24 hours sellers receive an offer for the items.

“I made around £600 last year selling gold,” says Sam, a third year student in Sheffield. “Which is good income. It equates to a lot of time that I might have spent working in a burger bar or call centre.

“It started when I went back home at Christmas and started digging around the house for old things to sell. I used to be quite into ebay trading, but I was really looking to step up and make a bit more cash. It’s also more hassle selling on ebay as you have to take photos and answer questions.

“Mum let me have an old box of bracelets and earrings that she hadn’t worn for years and didn’t think were particularly valuable. I sent them off and got a cheque back for over £100. I was made up. That inspired me to find more. It’s now become something of a hobby. While many of my friends are in bed with serious hangovers on a Sunday morning, I’m usually out trawling the boot sales. Albeit with a hangover as well!”