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March 20, 2009 |
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Commodity Online
WASHINGTON: Recession can make people act differently. That is evident now in the US, where people used to lead a luxurious life without bothering much about the situation in other parts of the world.
But, recession has been a wake-up call for millions of Americans and Europeans apart from the people in developing nations.
While people in developing nations acted normally to recession, because they are used to hardships earlier also, Americans found it very difficult to cope with the situation. Because, suddenly lakhs of Americans are on the streets looking for jobs, again many of them are out of their house s because they could not pay their housing loan instalments.
For Americans it is a scenario which is unheard of. So, they do different things to tide over the crisis. One thing all Americans are doing common to tackle the crisis is selling their unwanted, old, broken gold jewellery. The reason for this is gold prices are almost at all time high now. Gold is at above $900 per ounce now.
When people are desperate to sell off their old jewellery, there should be somebody who is ready to buy it. Yes, in America that is one venture everybody is rushing in now. In fact, jewellery shops have now started special schemes to buy your old gold.
One of these gold-buying services is gold parties. At gold parties, several mutually known people gather at one house and they sell their old gold items while engaged in friendly talks.
So, gold parties, in these times of economic hardship, have become increasingly popular around the US as people rush to find ways to raise money. At these parties, a professional gold buyer tests and appraises the guests’ jewellery and then pays them on the spot.
According to gold party guests, getting together with friends in somebody’s living room makes it a fun, social occasion, and they feels more respectable than hocking their rings, necklaces and brooches at seedy pawn shops or selling them back to jewelry stores.
It’s a bit intimidating to think about walking into a jewellery store, even though they may be heavily advertising it, and turning over your valuables to them some strangers.
Gold prices are close to their highest levels on record, hovering around $900 per ounce, up from $400 five years ago. Analysts say investors looking for a safe haven for their money while the stock market is in a meltdown could keep gold prices high for some time.
That — together with aggressive advertising by online scrap gold buyers, jewellery stores and gold party organisers — has led many people to clean out their jewelry boxes and dresser drawers.
The buyers are not interested in the jewellery itself. Instead, they sell the items to gold refiners to be melted down. The gold party host and gold buyer generally get a 10 per cent cut.
Several companies are mining the phenomenon, which first began to thrive in Michigan a couple of years ago amid the struggles of the auto industry. My Gold Party LLC now has at least 35 representatives running parties in 21 states and is looking for more.
At the party itself an expert will be there with a magnifying loupe to assess the gold, a digital meter to test whether it is real, and an electronic scale to weigh it.
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