<p>My sister in NC just hosted a gold buying party. It seemed to be well received and she received a decent amount of money as the hostess. they paid up to fifty dollars for the food, plus ten percent of stuff they bought, plus one hundred dollars bonus since more than five people sold gold items.
I generally hate these party events but this seems like people might actually want to come especially when money is tight. I’m in a different party of the country and haven’t heard of them around here or been invited so I would have to research and find out if there is someone around here doing this. What do the CC ladies think? Hate this idea or if one was in your area you would attend?</p>
<p>I prefer doing precious metals transactions in a private and secure place.</p>
<p>You are giving out implicit financial information to other people in a group setting.</p>
<p>I haven’t heard about these either. Most of what I’ve heard and seen are brokers or jewelry stores. I assume that people are selling jewelry and not bullion coins, rounds or bars which are a lot easier to buy and sell as you know what you’re getting. With jewelry, you’d have to ensure that it isn’t fake and you’d need more knowledge about stones.</p>
<p>This is jewelry only. They take each person in a separate room, tell you the price per gram, weigh, etc. If the jewelry has stones they remove the stones and give them back if you like. It is melted down after the sale and mostly stuff that is broken, or unused. For instance, my sister said she sold some earring backs, someone else sold a high school ring, etc. The person who comes to the party sets the price and the guests can say ya or nay on each piece…I’m still thinking about this.</p>
<p>It sounds like you need to balance the buyers and sellers on prices or provide an idea as to what will be for sale. If you have $1,000+ items and people expecting to pay $100 per item, then it might not be that successful. I imagine that there are individual and group dynamics involved which a successful host would manage well.</p>
<p>It sounds like you bring in an outside person to actually buy the gold, and he just gives you a cut. I suppose the price he pays might be reasonable, since he doesn’t have to pay rent for a store. But how would you know?</p>
<p>Gold buying parties? The froth from gold is bubbling,lol…i would bet good money the dollars received from the ‘purchaser’ is less then what you would get from a jeweler with a brick and mortar business…about 3 months ago, i took an old HS ring to one of those strip mall gold buying places that are all over the place…the value was about 15% less then what a jeweler eventaully paid me…buyer beware</p>
<p>As i was leaving the store front gold buying place, i was told if i sold it now, he would give me a 5% bonus,lol…still 10 % less then i got…</p>
<p>Yes, you bring in an outside party to buy. They give you the rate based on the market that day. I took some stuff to a brick and mortar jeweler in my area myself about a year ago. That is another thought I had…I might see if I could get the brick and mortar person to come to my house.</p>
<p>these parties are illegal in some states. Maryland is one of them. The law is that the vendors are only allowed to purchase the gold in their establishment/ place of business. </p>
<p>Not that it stops all of the parties. But something to consider.</p>
<p>It seems like a way to do under-the-table transactions too.</p>
<p>Thanks for the information. I think I may just skip the whole idea. I didn’t consider that it might not be legal in all states.</p>
<p>Starbright, you are not buying anything, you are selling YOUR gold</p>
<p>^ thanks! I deleted it because it makes me look so silly!</p>
<p>I’m not fond of ANYONE coming to our house unless they are a close friend or family member, especially these days. Am even careful about whom we hire to work on our home, as there are sometimes a rash of burglaries after people have work done on their homes.</p>
<p>Would be uncomfortable getting a commission on what people sell at my home and also concerned about legality, if its an issue. Seems far better to me that folks who want to sell gold or other precious things do so based on their own homework, so they feel they got a fair price and don’t feel I got some of the money that should have gone to them. I’m sure it’s good for the gold buyer but not as sure how good it is for others involved.</p>