by Tricia
Gold Parties seem to be pretty popular in lower Michigan right now due to the price of gold hovering around $1,000/ounce. People are gathering their old/damaged jewelry and going to these parties to cash in. They are sort of like tupperware parties, but you aren’t spending money…you are making it.
“Patty Miller, 40, of Grand Blanc, said she went to a gold party a few weeks ago, taking some gold rings and necklaces that were “just sitting around” and didn’t expect much.
“I ended up making $320,” said Miller.
[Via The Flint Journal]
I have looked around my house for any gold pieces I could find. Unfortunately, I only have a couple of rings. I’ve never really been into jewelry and the stuff I did buy was the cheap imitation stuff. If you have gold jewelry laying around, it may be an option to sell some of your gold to have more money to use to payoff your debt.
But do your homework first, though. While some gold parties may be hosted by reputable jewelers, the sudden popularity of these parties may bring out some people buying gold that may undervalue your gold (intentionally or unintentionally).
“We are professional jewelers,” Fregoli said. “Now you have some incompetent people doing this business who don’t know the difference between gold and a brick.”
So sellers beware, they caution.
[Via The Macomb Daily]
As with many things, it may be worthwhile to get a few offers before you sell. We don’t have any gold parties near where we live, but I may bring along my gold jewelry next time we go shopping and are near some jewelers.
I guess it makes sense with the price of gold so high that the castoffs are now worth something. I would never have thought they existed.
Very interesting! Sort of like bringing the pawn shop to you. I probably don’t have much I could sell, but if I did this would certainly be an option to add to my debt snowball!
This sounds like something I’d like to get my wife involved with. She would love it!
Thanks 🙂
I would take my gold to a jewellers first to get a free valuation and then you would know what it was worth when taking it to the party.
One time some homeless guy off the street was trying to hustle me a ‘gold necklace’ for 20 or 25 dollars. I wanted to see if I could hustle back but I knew he just wanted money. I said 10 dollars because I had all but 10 dollars in my pocket. The man said yes and we exchanged. I went to my local mall a few days later and had various small and big name jewellers take a look at it. If I remember the numbers I think it was 2 out of 4 jewellers said it was fake. But then again I just gave it to the people behind the counter and did not ask for certified persons. I would not participate in anything of these parties unless you paid money to have someone certify it as real, amount and value of gold you may have.
I don’t have any gold jewelry! 🙂
This is just great.
Gold over $1,000 an ounce.
I wish I had been more of a gangster in my formative years. As it stands, I own no jewelry of any kind, and certainly no gold. I imagine some OGs are cashing in a tooth or two around now. Too funny, but I’ll bet it’s true.
I think that people should wait a little longer the the price of gold is directly related to the value of the dollar. When one goes up the other goes down. Sad to say this but the dollar has not seen the bottom yet.
I think the concept is great. These so called “experts” and “jewelers” hate the idea of the public having what could be a more profitable way to sell their gold. One expert in a blog on these parties said these untrained people buying wouldn’t know gold from a brick. ..they sure seem to be protesting a lot..lol ..in one of the articles they refered to goldkit.com and said people could just skip the middle man and sent to them. This site does not give a price. You have to mail the items in to get a price. There are plenty of sites for refineries the problem is most are selling small quantities and refineries aren’t paying top dollar for small quantities. Also, the reference to gold at 1000 an ounce and getting half of that, that won’t happen anywhere unless you have 24kt and most of us do not. If 14kt is approx 58% gold approx., refiners are going to buy under that 58% of spot gold price. I think with this economy and gold being as valuable as it is, this is a concept that I expect to catch on. I ordered my book today. I’ve been buying and selling gold for a while and already have the equipment. I would suggest buying the equipment online, google the product. The tester they sell is a really good one but can be purchased cheaper elsewhere. Just my two cents worth 🙂
How do I find out if there are any Gold parties in my area? I would like to host one in West
Palm Beach, Florida.
MYGOLDPARTY.COM
Check out the article on the company in this weeks issue of Time magazine. The principals were also on the Today show this past sunday.
http://www.time.com/time/magazine/article/0,9171,1731875,00.html
No doubt there are crooks doing some of these parties but the so called expert jewlers have been paying 25 – 50% for so long that the increased competetion is really costing them and they could not give two beans worth of care for the poor seller not getting top dollar… it is ALL about them not getting as many customers and having to pay a fairer price because when someone comes in off the street they do not know if they have been qouted 70 – 80% on there gold all ready.
So quit your so called care no one is buying it…
Midwest Gold Traders are licensed and registered precious metal and gem dealers. They are legal and they were also honest and professional.
They specialize in gold parties and not only did they pay us cash but as far as we could tell…they paid as much or more than any other company, including the local jewlers that we checked prior to the party. Some of my guests were sceptical at first too because of all the hype about gold parties. THEY ARE TOTALLY LEGAL and FUN!! We have the right to sell our gold and they have every right to buy it. I made a much needed $625 with the scrap jewelry I sold and commission for hosting my party…my family and I can now afford to go up north. I’m thrilled!!
If someone is offering you more than 50% of spot price for scrap gold they are cheating you on the weight or the kt. Refiners are only paying 89-94% plus refining fees. With a 10% margin there is no way it would be worth it! So beware! 40-50% of spot and weighed in pennyweight is a fair offer. Especially if they are coming to you!
ResKaren Miller responded:
Posted: April 8th, 2008 at 10:06 pm
How do I find out if there are any Gold parties in my area? I would like to host one in West
Palm Beach, Florida.
ponse to Karen Miller
Please email me. I have information on Gold Parties in Florida. I live in Melbourne.
I saw “My Gold Party” on Good Morning America today. While this sounds like a great way to make money with little investment, the one person who is really making the $$ is the author of the book they plug. If anyone is hosting parties I would really like to talk to you. Thanks….Linda
Just read your post and I am hosting a party on Saturday, Nov. 1st. I live in West Boca Raton, FL
I would love to host a gold party. Does anyone know of a reputable company that would do a party in the Orlando area.
I am a buyer for Gold Does Good (also known as Golden Girls)and I live in Melbourne. The company is totally ethical and test and weigh the gold in front of the customer. I personnaly know the owners and they are very professional. I would love to do the party with you. Email me at ka3077@msn.com. They also donate 2.5% of sales to a charity of the hostess’ choice after the party.
Their website is www.golddoesgood.com
WOULD LIKE TO KNOW IF THERE ARE ANY THING LIKE THIS IN KANSAS CITY , MO . IF SO WHAT ARE THE WEB SITES ETC
What do they do with the gems – diamonds and the like – in the gold they weigh? Do they remove them? Get them as a free “ad-on”?
I’m curious because I’m going to a gold party and have a couple of rings that have diamonds in them. I have had them valued already, so know the worth of the pieces for insurance purposes, but I want to know what is done with the stones. I don’t want to lose money on those. Or are diamonds not worth much anymore…?
Thanks.
I am a professional jewler with many years experience. At our Gold partys we will remove your stones and diamonds on the spot, and give them back to you . To answer your question about diamonds and their worth. Diamonds are diamonds if you have a great diamond it will always be great. Hold on to it unless you are selling it to a liscensed jewler only. Alot of these home parties are not professional jewlers ,they just buy a testing kit online. Becareful
Wow, weird to see Patty Miller’s name, she stole well over $15,000 from me. I wonder how much of that gold that was “just lying around” came from her theft. I suppose this is a form of criminal recycling, in a sense.