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Selling Gold at a Gold Party - What to Know Before You Go to a Gold Party.

Updated on October 14, 2014
Cash for gold at  a gold party.
Cash for gold at a gold party.

You've been invited to a gold party to sell your gold for cash. Is it legit or a scam? What do you need to know before going?

These tips will walk you through what to expect at a gold party and offer helpful tips for selling your gold jewelry for cash.

What is a Gold Party?

Companies specialize in gold parties so that people can buy and sell gold in the comfort of a private home. It's sort of like a Tupperware party, fashion collection party, or any other private party. Expect to be invited to a gold party by a friend, coworker, or other acquaintance. It's unlikely that a stranger would invite you to a gold party, but if someone did - don't go.

At the gold party, you can mingle with the other guests. At some point, you'll be expected to produce the jewelry that you brought to sell. A buyer who works for the company throwing the party will evaluate your jewelry and make an offer.

The host of the party earns a commission off every piece of gold jewelry that is sold that night, so it's in his or her interest to invite a lot of people.

I've Heard Warnings About Gold Parties

Most of the warnings that you have heard about gold parties are true unfortunately.

Companies buying the gold are often less reputable than other options for selling old gold. They usually do not publish their prices but say they will give "amazing deals" or "highest prices." So they'll quote you a price and you may think you're getting an awesome deal. In reality, these buyers oftentimes lowball you and hope that you will be suckered into letting go of the jewelry at a low price.

Often, companies will also trick you on the weight and karat value of your jewelry. If a so-called gold expert is telling you that your item weighs a certain amount and has a certain karat value, who are you to disagree?

Finally, the companies are often factoring a huge cut for them into the price. So they may only pay you something like 50 percent of what the gold jewelry is worth. If you have the time to shop around, you will be able to make more money by selling your old gold to a jewelry buyer, antiques dealer or other buyer. These do's and don'ts for selling gold will help you avoid getting scammed.

Bottom Line

Don't get scammed into selling your old gold at a gold party. These parties are a scam, and the host is scamming you by inviting you. He or she makes money off of anything you sell. Even if you need fast cash, you would be better off taking that piece of gold jewelry to a pawn shop and getting paid. Learn more about how to safely sell old gold with this book.

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