It's become very popular to host a home gold party. You've probably seen some reports on the TV news about people hosting gold parties. While trading gold isn't really anything new, because pawn shops have been doing it for years, what is new is the way in which these parties generate so much excitement for the participants.

Gold parties are popping up everywhere, and can be attributed to current economic times. This makes a lot of sense. A lot of people have gold jewelry that they don't wear just sitting around in a jewelry box. And, because gold is a commodity that never really loses value, it can always be melted down and made into new gold items.

Instead of going to a pawn shop and standing at a counter while the buyer checks out your jewelry, attending a gold party is a lot more fun, and can make someone a significant amount of money, depending on the current marketplace value and quality of their gold.

So, what happens at these gold parties?

Typically, the host sends out invitations to friends to attend a gold party after contacting a local jeweler, or pawn shop owner, who buys scrap gold. The host makes all of the arrangements for the guests and jewelry buyer to meet at a specific location. On the day of the party, refreshments are served as each person eagerly awaits their turn to sit down and have their jewelry inspected by a professional.

There's also the option of buying a gold party kit and learning how to inspect the jewelry yourself. This is okay, as long as you follow proper procedures and give accurate quotes as to the value of each piece of jewelry.

After their jewelry has been appraised, the person is told the total amount that they will make and given an offer. They can either accept or refuse at that time. The average attendee can make between $200 to $600 from their old jewelry. If they agree to the price, then they are paid right on the spot, either in cash or by check. I always think that giving people a wad of cold, hard cash is always more exciting than a simple check.

The host of the party can usually make a 10% commission on all the money collected by the gold buyer. Plus, the host can sell their own jewelry and pocket even more. Hosting a home jewelry party (or attending one) is truly a fun way for anyone to make some quick extra cash.