Gold Rush Hits US House Parties
Guests arrive with jewelry, leave with cash
Last updated on: November 14, 2011 7:00 PM
Even as world financial markets fluctuate, interest in gold holds fast. Over the years, more investors have put their assets in this precious metal. As interest in buying gold has spread, so has the popularity of gold parties, where participants sell their golden treasures and walk away with cash.
“I have a gold tester so I just clip it here, and I test it," says Cisca Uribe, a "My Gold Party" representative. "And it will tell me what the karat is.”
Selling gold harkens back to a time when economies were more elemental. Uribe buys gold for a company called “My Gold Party.” While others might hoard it, the women at the party have come for the specific purpose of selling their gold. Gold parties are festive events where people enjoy wine and conversation. But it is business too.
“I brought some old earrings that were given to me when I was younger, from my parents and some jewelry from old boyfriends,” says Susan Johnson, a party guest.
Johnson is pleased when her 14-karat items weigh in at five grams, bringing her a total of $243.96 from Uribe.
Since the 2008 economic recession, investors have bought gold to shield their assets. As gold prices soar, so do the profits of “My Gold Party.”
“With the gold party, it’s kind of a win-win," Uribe says. "You get to leave with money instead of spending money.”
Justina Buckles brought earrings and a couple of necklaces to sell. She will walk away with $109. “I am pretty excited about it because the jewelry wasn’t worth anything to me. It was things I wasn't wearing. Things that were broken or missing parts.”
While some made money on one side of the room, several guests examined silver jewelry on sale across the room, where Uribe's colleague hosted a silver party.
But Ana Shyburgh was unable to sell a pair of earrings an ex-boyfriend gave her.
“They are not gold. I have to throw them away," she says, adding the jewelry turned out to be as fake as the relationship.
Her golden treasure turned out to be just trash.