Scam Alert: My Gold Party Just a Middleman for Gold Refiners!
March 19, 2009 | Gold Digger | Gold Buying Reviews 17 Comments
It appears the tupperware parties of the 70s and 80s have been replaced with the gold selling parties of 2009. The economy is so bad the Associated Press reported yesterday that people are hosting house parties where guests come to sell their old gold jewelry! People have been desperate to find ways to earn some extra cash and getting rid of their old gold watches, rings, chains and necklaces seems to be the quick and easy way to do it. Especially now since the value of gold is at an all time high.
Here’s how these “My Gold Party” parties work: someone will contact a gold appraiser, or a local jewelry expert, to set up a deal where they visit the hosts’ house. They then invite all their friends over and ask them to bring all kinds of old gold jewerly to sell. Everyone has a fun time talking about the stories associated with their old gold jewelry, but the appraiser doesn’t care about the jewelry. He just gives you a price and buys your gold right there on the spot.
The Scam They Don’t Want You to Know About:
One woman went home with $286 from selling her old gold jewelry … sounds good right? Now here’s the scam – allegedly the gold appraiser and party host each get 10% of the take, and then get this – according to the Associated Press article the gold appraiser just sells the gold to a refiner, which could be anyone … even Empire Gold!! Why not cut out the middleman and that 20% markup and sell your gold directly to Empire Gold?
They offer a free gold refiner’s mailing kit on their website. That’s right – free! All you have to do is click here and give them your name and address and they’ll mail you one right away. Then just put your gold in it and ship it back to them all postage free – in days they’ll get back to you with a jewelry appraisal quote. If you like it, great, you’ve just sold your gold! If not, and you think you can get a better price somewhere, just let them know and they’ll ship it back.
Please also read: The Gold Party Scams How They Do It
Tags: cash4gold, gold appraisal, gold parties, gold refiner, gold selling, my gold party
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- Selling your Old Gold Jewelry to Cash4Gold.com
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Comments
17 Responses to “Scam Alert: My Gold Party Just a Middleman for Gold Refiners!”
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How can you call that a scam? if someone goes into a shop and buys a Gold ring for $69 then another shop down the road is selling the exact ring for $39 does that make the first shop a scam artist? There is a lot of middle men out there and yes you can go to a refiners direct, But truth is most consumers don’t want to. It is not a scam to take advantage of a niche market. Is a scrap man a scam artist because he offers his customers a lower price than he sells to a scrap yard for a higher price? NO Its called business.
It’s not a Scam…Sounds like someone is a little upset that the Gold Parties are cutting into their biz…
My Gold Party is a scam because you can do it yourself and not spend the money. Just use the online appraisal tool right on this site! http://www.usellgold.net/free-online-gold-appraisal-and-jewelry-appraisal/
We did the research before having a gold party. We chose gotgoldevents.com because they paid the most. Of the 3 pawn shops and jewelry shops that we checked, gotgoldevents.com paid between 20% and 354% more. The choice was easy. There are a lot of companies that buy gold, and it paid to do the research!
It will varies when the second one is duplicate and he told you that it is same as that company where you have seen before.It is called a fraud business.
As long as you do your research, you shouldnt have any problems. You should choose a cash4gold type company that has been around for a while before sending your gold in. If you want to have a gold party, well, thats entirely up to you, but just know that the person who coordinated it all is going to take their small share, whether thats 5 or 10 percent. Dont be afraid to do the legwork yourself if you want to get 100% of the profit from selling your gold.
Todd is right. Research is the key. An extra half an hour can make you extra hundreds of dollars
Gene@new york glass´s last blog ..New York Glass Works
I am going to a gold party today. I don’t have a lot of highly valuable stuff. If I did, I would take Todd’s advice and find a gold party that paid the most and do it myself. Since I don’t have that much, I’m content to attend the party I’ve been invited to.
The article from the AP states: “The gold-buying services typically are not interested in the jewelry itself. Instead, they sell the items to gold refiners to be melted down.”
This is a general comment regarding gold-buying services. It doesn’t state that My Gold Party sells to a refiner. To set the record straight – My Gold Party is not a middleman. I am the founder of the company and was the person interviewed in this article.
Here is the link to the actual article (for those of you who would like to read the entire article)
http://www.mygoldparty.com/News-9-Associated-Press-Economy-Fuels-Gold-Rush.html
Any questions for me? I’d be more than happy to answer them!
I had a horrible experience at a partyofgold.com party. I brought over 3 rings and an 18k gold necklace. I was under the impression that the buyer would take a look at each piece and then let me know what she thought it would fetch and let me decide if I wanted to sell it, but there was no discussion at all. She was a half an hour late. Did not introduce herself or say anything about the process. She just sat down and started going through people’s stuff. When it got to be my turn, she just popped the stones out of their settings with no discussion. Before I knew it, I had a pile of destroyed jewelry and she was writing me a check. My grand total? $137. I left baffled, but frankly too shocked to say anything, and feeling hesitant to “spoil the party” by complaining right then and there, but I did complain to the company. To their credit, the owner called me back dismayed and said she normally would’ve had the woman offer us all a $50 credit just for the tardiness. I told her I wanted a receipt so at least I could try to make sense of the transaction. She said that might be hard to do since she gets in so much gold, but I described each item in detail and encouraged her to follow through with that. I also wrote to the Better Business Bureau. We’ll see how it turns out, but I would say unless you’re sure you want something destroyed and want to be handed a check for just – whatever – you don’t even care – don’t go to one of these gold parties. I am sorry I ever did.
Update on the partyofgold resolution. Party of gold founder Lisa Rosenthal has emailed me agreeing to give back all my jewelry and tells me even to keep the check. I am very surprised because it was a total change of tune. I’m planning to meet with my Congressman today on an unrelated matter and told her I was planning on bringing her flyer so maybe that is what sparked the change. Whatever it was, she copied her lawyer on it. I will hang on to the check until I get the jewelry, and at this point I’ll probably go ahead and cash it then because it seems she undercut the true value by hundreds – and this whole thing has cost me time and distress. I urge anyone who feels they have been unfairly treated at one of these parties to seek justice. If it’s a reputable company, they should make things right.
HI,
people often find those places where they can get the best price for their gold product, so here is the solution. This place is all about for buying and selling the gold products. Anyways keep it up and keep continue.
thanks for the heads up on the “my gold party” scam, I know you can just sell your gold to “gold empire” but what about cash 4 gold – they seem like a pretty legit business…yes, no?
sarah@Florida dui attorney´s last blog ..All About Florida Ignition Interlock Devices
I recently attended a gold party. I weighed my items on a postal scale which reports, pounds, ounces, and grams. This scale is accurate as I have verified it with the post office weight and with a local jewelry store scale. I weighed my items before going to the gold party so I knew what I had and I checked the price of gold that day. Funny, when I got to the party and it was my turn, I asked what the price of gold was that day and the lady said she did not know as she did not check it. WHAT?????? Shes buying gold and not going by the current days market? Their scale was 6 grams lower than mine. I refused their offer. So be aware, its not all its cracked up to be.
Just wanted to share some information with the group…
I have done a few gold parties with different companies, and I have to say that I’ve had some good experiences… They were fun, and my friends made some good money… But a recently I came across one company which advertises some outrageous claims and I feel that I simply must comment on…
This outfit goes by the name of PremierGoldParties.com and are headquartered out of NY. If you do a google search for ‘gold parties’ they come up at the too of the list most of the time, in the ‘pay per click’ section at the top. Look at their site and you’ll read that “a host averages up to $2,500- in 2 hours! ” So first of all, based on a 10% commission, that means the party would need to generate $25,000- in sales!!! (and in 2 hours? ) Absolutely impossible. Most parties average from $3K – $5K in sales, earning the host $300 – $500. Secondly, most parties have one appraiser, and if they’re working pretty quickly they can usually ‘accurately’ assay ‘at most’ about $2000 an hour in gold. So even if you had 2 appraisers working, it would take them 6 hours to buy $25K worth, from at least 50 of your friends! These guys have been reported to the FTC for violating the ‘truth in advertising’ laws. Interestingly enough, they have a link on their webpage for ‘Our Attorneys’… and if you click on their “Legal Disclaimers” they state: “The information contained in this site has been provided for informational purposes only…with no guarantee of completeness, *accuracy*, timeliness or *correctness*…”
Can you believe it!!??? In this writers opinion, what ever you do- STAY AWAY FROM: PREMIERGOLDPARTIES.COM !
I was once ripped off buy one of those “cash for gold” companies you see advertizing on TV and Online, so I put up a website to warn others, it’s at:www.Cash-For-Gold-Scam.com
Let’s accept it, the times are tough! In the downswing of American economics folk your seeing alot less of Mary Kay and spoiled Chef parties and more gold parties. But perhaps your not sure what they are. Since the gold jewelry you purchased ten years back have tripled in worth folk are turning around and making a profit and they are doing so through gold parties.