One of the main effects of the current UK recession is that people are looking for alternative ways to invest money and with the recent hike in the price of gold, sales of gold bars, coins and bullion are on the increase. In order to cash-in on the great prices gold is currently fetching, people are hosting their own gold parties.
Stephen Pearson is Ounces to Pounds Head of UK Operations. "We have trained Party Represenatives" he explains, "who come along to the party and weigh the gold. Everyone is paid by check." Dozens of Pure Gold parties have already taken place and the company plans to expand into France and Spain shortly. "The aim is also to work alongside charities," say Stephen, "and to help charities organize their own fund-raising parties."
The idea is to invite your friends to a gathering, provide some drinks and nibbles and ask them to bring along their unwanted gold, including broken pieces of jewelry. Ounces To Pounds launched in the UK three months ago and is a company organizing just such events across the UK. The host is paid a small fee (£35) towards the cost of entertaining and then receives 10% of the total payout and 3% of any further parties booked.
So far 7 party representatives have been employed by the company and over 45 parties have been held. The aim is to host 20 parties a month. After a holding period, all the precious metals are then melted down. The ideal number of guests is between 10-20 and prices paid vary according to the latest precious metal prices in the commodity market.