The economy is down and everyone is looking for money making ideas to tide them over until things get better. Whenever the economy tanks or there is visible trouble on the horizon, gold seems to go up. Gold is thought by many to be sort of an insurance policy for when times get tough and there is no doubt, times ARE tough right now.
As I write this, gold is well over $1,700 an ounce and reasonably close to an all time high. This has prompted something I have never heard of before: gold parties. We all know what Tupperware parties and candle parties are but gold parties are new and they are a sign of the times with so many people wanting to exchange their gold for money.
Gold parties are often organized or initiated by a gold buyer (jeweler) as a way of getting more business for themselves. They work like this:
1) The jeweler finds someone they know who would be willing to host the “party” and invite people they know who want to sell their gold. Lots of women have gold jewelry tucked away at the back of their drawers that with the high prices of gold today, be turned into decent money. In exchange for organizing the party the host might receive 5% or 10% of the money exchanged and so he/she is quite happy.
2) The jeweler would pay out less than the going rate on gold but enough to make people happy and make sure he gets a profit as the middle man.
3) And of course the people invited to the party get to go home with some easy money in their hands for giving up their gold that they weren’t using anyway. All in all, everyone has fun and feels like they make a profit.
It sure doesn’t look like the economy is going to be getting much better anytime soon. 2012 is an election year and things are going to get super nasty in the Presidential race. I think this means that we will see more and more of these gold parties popping up all over the place. People need to have a little fun in their lives and if they can raid their drawers and come home with some extra money from their unused gold, these parties are going to increase in popularity.