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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
 Posted - 11/26/2008 : 08:17:35
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wife told me that there is an outfit that hosts tupperware-like parties for bullion. ladies come with their old jewelry. apparently women accumulate gold jewelry that goes out of style, is broken, etc. - its not like you give your old stuff to goodwill or something.
anyway, the organizer weighs it and determines purity and writes them a check. host gets 10%. this bsiness model seems simple to replicate. Two questions.
1. How does one determine the purity of the gold? I know a carat is 1/24th purity, etc., but what if its not marked? How reliable are electronic testers, and how much do they cost?
2. How would someone doing this on their own and cutting out the middleman convert the scrap gold jewelry to cash? I'm not interested in setting up a backyard smelter. I mean, do you just find a reliable refiner or somthign in your area? what percentage of spot can you expect to receive, and does it vary by carat?
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Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 11/27/2008 : 09:27:43
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If you are going to use an eletronic tester you have to score/scratch the jewrely a little bit becuase if it is plated it will test positive. You have to get down deep enough to make sure it actually is gold and not just gold plated.
You can either sell the scrap to a place like mid west refineres or most dealers will buy it from you yoo.
I dont have much experience in doing this but I have done a little bit |
Copper Penny Investing
www.portlandmint.com |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 11/27/2008 : 10:38:32
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I've seen these parties all over TV and the internet. Still a scam if you ask me. But, if the seller and the "hostess" are happy with the outcome, then I guess it's okay....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 11/27/2008 : 19:48:30
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quote:
Originally posted by Kurr
In home gold and silver parties, GROUPS of people invited, IN HOME?
NO THANK YOU. A whole group of ladies getting together to sell gold and silver jewelry just seems like a huge security risk. Word gets around and THAT would be a reason for a home invasion/armed robbery scenario. I don't think my nerves could take it.
Great point man. Never thought about that. Damn....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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Nickelless
Administrator
USA
5580 Posts |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 11/29/2008 : 19:20:52
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How about hosting such an event at a hotel, preferably one with security cameras? Cameras would discourage the petty thieves while the pros would not even bother to rob you (too small a payoff for too big a risk.)
Check with the hotel and find out if dogs may be allowed for a short time (a german shepard or a doberman are good deterrents to robbers.)
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Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 11/29/2008 : 21:11:16
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Even worse in my particular view. You introduce too many variables. On private property you at least have the security of having neighborhood locals know if something looks odd, and nosy neighbors are a boon to security.
I mean which do you feel more secure in, walking to the curb from a front door or across the poorly lit parking lot/garage? From a ladies point of view.
From the robbers point of view: Which has more potential targets? Hotel/sidewalk/garage/lot away from the hotel in around lots of other folks making noise, or 50 ft from a private possibly well armed house, with friends saying goodbye? By going in that direction you use the divide and conquer strategy on yourself, and the thieves can compromise victims as they are separated off the group to go home.
A lot of guys here freak out about about people seeing them take $200 or so in pennies from the bank. Would you really want a bunch of ladies gossiping (sorry ladies) with their friends about your gold and silver parties? Even when the party is over you have to sleep and leave sometimes. I'd like to have the money to be the company, but would never allow them to host at my place. |
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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PreservingThePast
1000+ Penny Miser Member
USA
1572 Posts |
Posted - 11/30/2008 : 12:30:40
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I have heard of these parties. They might have gotten more money had they gone to a local coin dealer, etc., but perhaps they feel less "strange" selling their old jewelry amongst friends and acquaintances.
On a somewhat similar note, this past week while at our local hospital for my husband to finish up his P/T there were notices posted all over stating that on certain upcoming dates in December a group would be on hand to purchase gold, silver, etc. This type of notice seemed very unusual to me to be seen in a hospital.
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Tupperware-style parties for bullion
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