Sell Your Gold Jewelry

July 9th, 2010 | Posted in Debt Relief

Avoiding the gold party scam should be your top priority if you are going to get the most cash when selling gold jewelry. These popular gold parties do offer a method for selling your gold to get some needed extra money in your pocket, but are they the best method to exchange your gold for cash? But how do the really work.

So how do these gold parties really work and is there really a scam here? The truth may get under your skin.

Okay, here is how they work. One of your friends or family members will ask you over to their home for a casual and friendly party for food and drinks. But at this so call family gathering, there will also be a person there from a gold party company. They are there hoping that you will be willing to sell your unwanted gold items.

This person will evaluate your gold for its quality, test and weigh your jewelry, and make you an offer, usually in the form of a check. There are no obligations and you can turn down or accept their offer and walk away with extra money in your pocket. Sounds simple doesn’t it? Now let’s dig a little bit deeper into the process.

So how am I getting scammed at this party? Sounds like a pretty reasonable and simple process, doesn’t it?

Okay, who is really making the most money in the transaction. It’s probably not you. Everybody in the process is cutting into your profits. If the total payout at the party is $5000, guess who gets a check for $500 dollars? The host does. That’s right, the host gets 10% of the total payout. That sounds like you didn’t get offered as much as you should because the host gets such a big cut. So it’s in the best interest for the host to invite the most people as possible.

So now what happens when the party is over? Where does all of that gold go? The gold party representative sends all of that gold to the company. The company then ships the gold to a refinery to have it melted.

The representative most likely has paid out of pocket to all of the people at the party, so the party company sends a check back to them to compensate them. There are just too many steps in the process that cut into your profits. That is the simple basis of the gold party scam.

Go to Cash for Gold and find out how to make the most cash for your unwanted items.