03/03/2009 11:50 am
Sheconomics
Forget Tupperware: Gold Parties Offer Fast Cash
Women are getting together to sell unwanted bling to pay household bills
© Shutterstock
Need to pay off your credit card balance? The cable bill? An upcoming mortgage payment? Many women are cleaning out their jewelry boxes and turning discarded rings, earrings and necklaces into cold, hard cash at so-called gold parties.
A twist on Tupperware and Mary Kay parties, gold parties bring together friends, neighbors and co-workers who are looking to cash in on the rising price of gold, but aren’t comfortable with the idea of a pawnshop. An average party of about a dozen guests will bring in between $3,000 and $5,000, according to fastcashgoldparties.com, a Florida-based gold party organizer. Plus, the hostess gets to pocket up to ten percent of the earnings.
"I started out slowly doing a few parties here and there with close friends and family, and things just took off," says Stacey Mikel of fastcashgoldparties.com. Today, the company has $2 million in capital on hand to buy gold, silver and platinum.
Other sites, like ExBoyfriendJewelry.com, encourage women to get rid of unwanted gifts from an ex.
Typically, these services melt the jewelry into gold blocks, which are then sold to banks at the going rate. Gold prices have risen by 13 percent over the past two months to a high of $1,000 per ounce, though prices dipped yesterday.
Despite the fun, industry experts caution gold partyers to make sure they’re dealing with a licensed appraiser.
To see what goes on at these parties for yourself, check out this CNN video.
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6 Reader Comments (so far…) Sign In or Register to comment
I am not comfortable with home parties of any kind especially not one selling my old jewelry or gold for cash. How do these women know they are getting the maximum amount they could receive or if the person collecting is being fair?
Some women might feel pushed into letting go of sentimental pieces for quick cash family that other family members might be willing to buy from them.
Another concern is that some places pay the same amount for 10 karat gold as they do for 24 karat. There is no guarentee that the scales used are accurately calibrated. Nothing has been said about the worth of gemstones in some jewelry. They might be worth more than the actual gold.
Funny how people are so quick to shoot down what they know little or nothing at all about. I have been to these parties and even held one of my own and was very satisfied with the money that I received and that my friends and family received.
Whats better: To be in debt and have tons of useless peices of gold, or to get rid of it and get money that i can actually do something with
Well, when you put it that way, it is so sad if you are in debt and have ‘tons of useless pieces of gold’.
Your next financial plan should include a budget and living within your means so you don’t have to rely on the gold parties as a source of income.