Gold parties are new way to make money

HOUSTON It's all because of the high price of gold. One Houston jeweler has taken the idea of the Tupperware party, and ran with it, all the way to the bank.

It's Tuesday night, and a group of friends have gotten together for some wine, cheese and jewelry talk.

"We just all get together and warm up and talk about our days then everybody just started unloading the jewelry out of their purses," said Karen Bunch who attended the party.

But they're not here to buy jewelry. They're here to sell it!

"Nuggets and some of that stuff, class rings, high school memorabilia, old boyfriends, you'll never wear that again and you'll never pass that on," said Juliet Hubbell who was at the party.

"We actually organize with the host or hostess, come to their home, they get 10 or 15 people," said Mike Plummer who buys the gold. "We actually pay the host, it's about 10% of the buy, up to $400."

Plummer, who is a Houston jeweler brings his checkbook. Friends and neighbors are asked to bring their old gold.

"I got an email last week and it said to clean out your jewelry box and come make some cash on it," Hubbell said.

Plummer exams and weighs each piece to make sure it's real gold and then offers, what he says, is just under market value.

Hubbell received $749.

"I was real surprised," said Rachel Crochet who sold her gold. "Very surprised. I thought maybe a couple of hundred dollars, but I got $525 and then I'm gonna get some more in a minute. I'm gonna turn something else in."

Plummer wants the old gold to melt down and sell back to wholesalers as gold bars. Because the market price is so high right now, close to $900 an ounce, even a little of your gold can add up.

"I had two gold teeth that were out of my mother's mouth and her mother is still living that's what's bad," said Marty Beth Flaherty. "She just lost them last week and we were wondering what we were going to do with them!"

"With the prices so high, my little bit of gold is worth a lot of money," Plummer said. "I can go buy something, pay the electric bill, whatever they need to do."

It doesn't take a party to make money off your gold. Most reputable pawn shops will offer a fair price, but these women say they aren't always comfortable with that option.

Plummer's parties have become so popular, he's now traveling the country doing it.

More information on selling gold here.

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