Gold buying parties all the rage in tough economy

Independents

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Gold buying parties all the rage in tough economy

March 24, 2009

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New York--Tough economic times, in combination with high metal prices, have people nationwide gathering in groups to sell their old gold jewelry, according to various news sources.

Touted in the media as the recession-era equivalent of Tupperware parties, the gold-buying gatherings result in cash for participants, who are choosing to clean out their jewelry boxes as the price of gold ticks above $900 an ounce.

According to news reports, the parties begin with guests bringing unwanted jewelry, watches and coins to a host's house.

The host, with the help of companies that are mining the trend like MyGoldParty.com, the Gold Refinery and Nassau Buyers, then tests the gold content and weighs the items, and pays out a certain percentage to guests based on the price of gold that day.

A percentage also goes to the party host, the party representative and the refinery that eventually ends up with the gold and melts it down, according to news reports.

In addition to much-needed money, the parties also provide a safe haven, and a social outlet, for consumers looking to cash in on high gold prices but unsure about entering a jewelry store.

According to an Associated Press report of a gold-buying party held in Granby, Conn., one participant said, "It's terrific because it's a little bit intimidating to think about walking into the jewelry store, even though they may be heavily advertising it, and, you know, to someone that you don't know and turning over your valuables to them."

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