Anybody been to one of those home gold parties?

[vard28]

I've got a friend that is going to have one and wants a bunch of us to go. She swears we'll all leave with cash in hand. There are several companies out there that are doing this. Is there one better than the others? I want to talk to someone who has actually GONE to one.

[Shell Beau]

1. A friend of mine went to one. I am not sure how much money she

walked out with though.

[vard28]

2. Thanks

I have several old, broken chains, necklaces, earrings, and bracelts I don't wear anymore. I figure that they are just sitting in the jewelry box, might as well see what they'll give me for them. I would think that any money is better than leaving them there and getting nothing. I just wondered if someone who had gone had gotten a fair deal or what they thought was a fair deal.

One company even says they copy everyone's ID and call the local police department to report what is sold. I understand the theory behind that, making sure you aren't selling stolen stuff, but I'm not that excited about giving someone my ID. I'll have to see what company is doing this friend's party and read the fine print.

[Lost in CT]

3. Thanks I should go... I have so much gold lying around I'm constantly

tripping over it , the cats get into it... My girl ahas been telling me to rent out one of those dumpsters but these gold parties sound like just the ticket.

[sammythecat]

5. I hear ya

I recently had to move it all to the basement when I discovered several floor joists beginning to twist and sag.

[Arugula Latte]

4. Is that the latest euphamism for sex toys?

;)

[vard28]

8. I've been to those parties too

If you come away from one with cash, I think that would be more like a bachelor party or how 'bout a hooker party? :evilgrin:

[rcrush]

6. What?

A party where everyone brings their jewelry and trades it? I dont know but this sounds like a scam to me.

[vard28]

7. You bring your old gold, silver and platinum

They weigh it and give you CASH. I've been lookin' online and I see that there are quite a few companies that do this. The party rep gives you cash, then they turn it in to their companies that melt it and resell it, recycle it, whatever.

It's just done like a tupperware party, basket party, blah, blah.

[rcrush]

10. I dunno

That sounds...scam like. I mean jewelry hawking parties? Doesnt smell right.

[trof]

12. I'd check the spot price online before I went.

And I wouldn't take much less.
I'll spot them a little rake off for the convenience factor.

[cloudbase]

9. Bring your game,

fool!

[Pacifist Patriot]

11. Never heard of them.

[demmiblue]

13. I have heard that they were scams

Yes you will make money, but not nearly what your goods are worth.

You may want to try a jeweler for advice.

[PassingFair]

14. A woman at work had one, and I went there just to see what the scam was....

I checked the current price of gold (make sure
that you get the values for 10, 14 and 24K...
make sure you calculate to the GRAM.

14K gold was valued at about $950/ounce at
the time, and the buyers were buying for
almost exactly HALF that amount.

Lots of this woman's relatives were selling
old junky jewelry that they haven't worn since
the 80's and were happy about the transaction.

I didn't sell anything.

The woman hosting the party pocketed $500.00.

The gold people had two women there, so they
had to have gotten a cut.

A pawn shop I work with buys for about the same
price, but you can bargain them to about 70% of
value rate if you hang tough.

If you don't want to deal with pawn brokers,
I guess it can be a fun way to spend an evening,
but you could do better profit wise to sell elsewhere.

No receipts were given out, by the way. I don't
know if that's good or bad.

[vard28]

15. Thanks very much

This is what I was hopin' to hear about. Someone who had actually been to one. I really appreciate the info! :hi:

[Tangerine LaBamba]

16. I've never been to one, but

I read a long thread here on DU about the people who advertise on TV to get you to send you their gold and they'll send you a check.

Total rip-off, someone who had worked for one of those outfits.

Legitimate gold buyers don't do home parties - my guess is that you're looking at a minor scam. But, hey, if you have some junk around that means nothing to you, you might as well get any kind of cash for it.

Let us know what happens, please, and have fun!

[pinniped]

17. It sounds like instead of ripping you off by mail, they rip you off in person.

I found this:

http://njdiamonds.wordpress.com/2008/04/29/the-gold-party-scams-how-they-do-it/

[vard28]

18. Another good link

Thank you for posting it. I know people hosting the party get a cut and obviously the company would get something out of it as well. I think I'll hang on to my stuff and try a couple jewelers and see who will give me the most for it.

[Jamastiene]

19. Around my neck of the woods, we have penny parties.

:hide: