How to Sell Gold at a Gold Party
There was a time when you would slip off to the local pawn shop if you wanted to get some quick cash for your old gold jewelry . Today everything is out in the open. Today people are throwing home parties where guests sip cheap wine while they sell their old gold jewelry.
Selling your gold jewelry at a home gold party may seem like a fun way to socialize and come home with pockets full of cash, but selling gold at a gold party may or may not be the best way for you to unload your unused or unwanted gold items.
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Instructions
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How to Sell Gold at a Gold Party
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Ask the host up-front how much they will be paying per ounce for your old gold before going to the party. Once you are at the party asking questions or refusing to sell may be socially difficult. Get a price up-front that is based on a percentage of the spot price for 24 karat gold. What you need is something along the lines of "We're paying 80% of today's spot price for 24 karat gold." It may be very difficult to get your host to give you this information before-hand, but stick to your guns--or simply pass on the party.
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Compare how much you can get for your gold at the gold party with how much you can get locally at a pawn shop, coin shop, or gold bullion dealer or how much you can get from one of the many internet buyers of gold. Ask your local gold buyers or Internet buyer what percentage of the price of spot gold they are paying. In this way you can easily compare the prices from various buyers. The buyer paying the highest percentage of today's spot price for gold is your best bet.
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Weigh your gold yourself. Gold is priced per ounce, so it is a good idea to weigh your gold yourself on an accurate scale just so you have some idea of how much you have before making any deal at a gold party.
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Determine the purity of each gold piece before hand. Most gold jewelry is stamped somewhere with a karat rating. 24 karat gold is pure gold. 14 karat gold is what is known as "filled" gold; it is 14 parts gold and 10 parts some other cheaper metal. 10 ounces of 14 karat gold only has 5.833 ounces of actual gold.
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Go to the party and have a good time. If you have decided that the price that is being paid at the party is acceptable to you and you have a good idea of how much pure gold you actually have, then by all means enjoy yourself and come back home with more cash in your pockets than you had when you left.
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Tips & Warnings
Don't be the first one in line to sell your gold. Watch at least one other transaction and make sure that there are not a lot of hidden fees on top of the discount.
The price of gold changes from day to day and even from hour to hour. Look in the business section of your local paper for "Today's Spot Gold Price" so you have some idea of what to expect for the items you are selling.
