Party time?

[cyberdan]

Last Saturday I asked my usual questions at each sale. "do you have any old coins or jewelry or broken gold?" and a lady told me she had just gone to a "gold party" a few weeks earlier.

Now, I have heard of tupperwear & naughty underwear parties. (never been to either) but not gold parties.

Anyone ever been to one? I know you all know the value of your metals but just checking to see if anyone went undercover to check them out.

Can you describe them?

My precious metals buying/selling is doing pretty good and I am thinking of different ways to buy. I need to step up my business, my daughter starts Cal Poly in the Fall and already getting emails from them about payment schedules.

[jim4silver]

These types of parties are starting to get popular. Normally, a coin dealer or merchant advertises them to the local populace. Basically, a person holds a party at their house and invites a bunch of people to bring any unwanted gold jewelry, etc. and silver, and the coin dealer comes to the party and buys it up. They actually bring their scales and weigh it right in front of the partygoer.

The person who hosts the party gets a payment from the coin dealer based upon how much gold and silver the dealer bought at the party.

Jim

[jewelerdave]

Most often the dealer or premoter/backer pays something low like 40%-60% of the scrap value and graciously gives a %5 to %10 commision to the one who did all the work to round up there friends and tell them what a great deal they were getting by selling there gold via this method. Then these premoters feel they are getting a great deal being offered something along the lines of 90% by some of the bigger premoters.

Or...they could call me and get 95% straight up or %98 after refining

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