Skip to comments.How Gold Parties Rip People Off
Posted on 11/13/2009 9:35:28 AM PST by FromLori
If you want to cash in on gold, this is the worst way to go about it
Ahh the Gold Party, a unique and recent phenomenon whereby friends and acquaintances gather to share drinks, food, laughter... and sell their gold. It's like a Tupperware party, except 'everyone walks away with money'. Great.
Problem is, most guests are getting skinned in the process and don't even realize it.
Gold party companies make enormous profits by offering horrible prices to their unsuspecting party goers.
There's a whole collection of little tricks used to hide this fact underneath the 'fun' of a party, don't be fooled...
How Gold Parties Rip People Off >>>
(Excerpt) Read more at businessinsider.com ...
People are really doing this?
How stupid can they be?
Without the tricks a middle man will take a profit, plain and simple.
Find out the spot, weigh your gold and go to a decent dealer.
They sure are the twin cities news stations had pieces about this last night.
almost as dumb as the “put your gold in an envelope and mail it to us and we promise to send you money” ads...
I took in 2 gold nugget rings from a previous life, to one of these dealers. I know for a fact that the rings themselves were 14K gold, and the nuggets were 22K. The dealer “tested” them and said that they were 10K and offered me the pennyweight price. I was offered less than $200 for about $1500 worth of gold.
They go to ebay now.
I was invited to one—was suspicious about the concept—just like tupperware and baskets, etc. I had wanted to go just to see what they would give for a stray earring, etc, but had a conflict with the date.; this confirms my initial reaction.
Jeez, why can’t people just get together and play bridge anymore?
If you gave every adult in the USA a million bucks I would guess the majority would be broke within three years or less.
my favorite is “put your gold into an envelope and mail it to us, we’ll send you cash” scam
And if you fall for that, you probably could be found waiting in a line to get some of “Obama’s stash.”
I’ve always said in 5 years the rich would be rich again and the poor would be poor again, but same concept.
I’ll sell them my Eagles and Krugers at spot plus 50.00 bucks. As far as the jewelry hustle, that’s just what it is.