Mining Gold in Your Living Room

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There’s a new type of event on the social scene: Gold parties.

Interested in throwing a party, but worried about costs? If a host wants to make money instead of spending it, a gold party allows them to convert unworn and unfashionable jewelry and knick-knacks into cool cash.

USA Today explains, “Rather than wait for bold gold to come back in fashion — a return to the ’80s, anyone? — women are scrapping their unwanted gewgaws for cash or checks at wine-and-cheese Ëœgold parties’ … Think Tupperware parties, but instead of buying plastic, guests bring gold (coins, watches, necklaces, teeth) to be assayed (tested) for carat content and weighed. Depending on the ounce-cost of gold that day, guests can walk away with hundreds or even thousands of dollars. The party host pays them with cash or a check, then ships the gold to a refinery, where it is melted down and recycled.”

NBC Nightly News also covered this new phenomenon on a recent broadcast, listing the site My Gold Party as an excellent place to mine for more information about these social gatherings.

With current debate about whether or not to sell gold stocks this month, this could be a good time to try your hand at a gold get-together. The price of gold is constantly changing — it can even change several times per day — but it’s still considered the “safe haven” commodity. Even if you would rather sell scrap metal on your own time, a gold party could always be an excuse to see old friends, have some fun, and laugh at those bold gold bangles of yesteryear.

–Amy Edwards

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