How to Become a Gold Broker
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A gold broker is also known as a commodities broker. A commodities broker is licensed to sell gold as well as wheat, oil and grains, among other commodities. A commodities broker sells for others. On the other hand, a commodities trader may invest and sell for personal gain. A commodities broker must be self-motivated, be comfortable working on a commission basis and have the ability to successfully build relationships.
A commodities broker may begin a career in a broker training program, be promoted from an entry-level position or transfer from a different career in the financial industry. Whichever path the candidate considers, they must launch their career by passing the Series 3 Exam.
Prepare for a Commodities Broker Career
Prepare for the Series 3 Exam. Passage of the exam furnishes the candidate with a commodities contract license, giving authority to sell commodities and futures contracts. The Financial Industry Regulatory Authority (FIRA) administers the exam. The Series 3 exam covers several topics, including hedging, options and contracts, analysis and futures theory.
Obtain a license from the Financial Industry Regulatory Authority (FIRA) by passing the Series 3 Exam. This license given by the FIRA is required prior to selling gold or other securities, as it allows the holder to sell commodities.
Begin a career in an entry-level position. Entry-level positions lead to the broker joining a team specializing in a specific product or industry, such as gold. Usually college graduates fill the entry-level positions, especially those graduates who have majored in finance, business administration or economics.
Build a large client base by developing or displaying excellent interpersonal skills. Constantly building a network of clients through contacts developed over the course of years or through contacts made in prior careers is a requisite to success as a commodities broker. The broker is expected to work well within teams as well.
Based in Chicago, Riya Aarini started writing professionally in 1999. Her work as appeared in "Cricket Magazine" and she also writes for several nonprofits. Aarini has a Bachelor of Arts in English language and literature from Benedictine University.