12/22/09 Alexandria, Virginia – Cash4Gold.com seems to have been the first out-of-nowhere mega business success at extracting gold from the general public. Well… to the extent that running a Super Bowl commercial and its associated hype is some bizarre measure of success. The competition was destined to follow… and the new trend is now in at-home gold parties, with the theme of discretely selling gold jewelry for dollars.
According to the Wall Street Journal:
“Worries about inflation have pushed gold prices above $1,110 an ounce, up 50% from a year ago. And many people stung by the weak economy are looking for discreet ways to raise extra cash without sneaking down to the pawnshop.
“As a result, gold parties are booming, creating opportunities for aspiring entrepreneurs—and a new worry for regulators. Typically, small companies promote the parties through word of mouth or by advertising in communities likely to produce plenty of sellers. The companies provide a specialist to value sellers’ items, and pay the host a cut of about 10% of proceeds.”
Even a former Goldman Sachs employee has jumped on the opportunity, founding her own firm and naming it “Gold Mine Party LLC.” You can read more about her and the gold party business in the Wall Street Journal’s coverage of your invitation to the newest type of gold party.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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