Gold Party Frequently Asked Questions
How should I pay for my gold at my gold party?
When you’re buying scrap gold jewelry from family and friends it shouldn’t be a problem to pay them by check. (Remember, it’s a good idea to open a checking account specifically for your business so you can easily track all your business related expenses.) When making scrap gold purchases from friends of friends and strangers it’s more difficult to pay for your gold party purchases by check. If they insist, pay with cash. But make every effort to avoid this. There can be security issues. WE discuss several different strategies for handling this issue in our Scrap Gold Business and Gold Party Start Up Guide.
How much do I pay my gold party guests for their scrap gold jewelry?
Think long term! The more you pay your gold party guests for their scrap gold jewelry the more likely they are to refer their friends and family to your scrap gold business. Your scrap gold strategy requires balance. We cover this topic in detail in our Scrap Gold Business and Gold Party Start Up Manual.
How do I handle any small stones like diamonds or rubies in the piece I’m buying?
99.9% of the time, the small stones present in a scrap gold or silver piece you’re purchasing have zero value. Typically, the weight of these stones is of little consequence. With just a little experience you’ll learn to make a small deduction in the weight of the scrap jewelry piece you’re about to buy. Advise your gold party customers ahead of time that you don’t have time to remove these stones. We often provide a few basic tools like needle-nose pliers for our gold party guests to use to remove their stones themselves. These stones are usually held in place by small prongs.
How can I be certain the scrap gold piece is really gold?
First, study our Scrap Gold Business and Gold Party Start Up Guide. Second, PRACTICE. Use the testers, the acids, the magnet and other strategies we discuss. After you employ all the techniques we teach you, on the rare occasion you’re still uncertain whether the scrap gold piece is really gold, silver, or platinum – Just Pass. Don’t buy the piece! Protect your cash!
Scrap gold business and watches – Do I buy them?
The short answer is no. Now don’t misunderstand. There is great profit potential in watches. However, you’ll need to become an expert to exploit this niche.
Where do I find a trustworthy Refiner?
Read our Scrap Gold Business and Gold Party Start Up Guide! We list specific Refiners we use. Get our Newsletter to access updates to this list. We typically receive 92.5% at a minimum for our scrap gold shipments. You must avoid the “Cash 4 Gold” type mail in businesses to maximize your profits and build a real, scrap gold business with recurring income for life.
Do I need a license to operate a scrap gold business or to conduct gold parties?
GENERALLY, No. However, we are not compliance experts in all states and provinces! So… perform your own due-diligence. We’ve discovered that buying scrap gold from the public and having a fixed, physical location often requires a second-hand dealer’s license, a precious metals dealer’s license or something similar. When buying scrap gold jewelry at gold parties, especially in private residences, a license is rarely required.
You have two options for deciding if you need a license to buy scrap gold jewelry:
- It’s better to ask forgiveness than for permission
- Visit your local city hall, police department, Secretary of State, Department of Corporations…
On the rare occasions we’ve been required to get a scrap gold jewelry buying license, the most we’ve paid is $85 per year. Also, in a few locales, the local police department has requested we gather identification from each seller. We offer a very simple way to do this in our Scrap Gold Business and Gold Party Start Up Guide.
Is a Gold Party Legal? Do I Need a Gold Party License?
Yes, gold parties are perfectly legal and safe when you follow the strategies we outline in our guide, “How to Start a Gold Party Business & Create a Life-Time Income.”
When you invite family, friends, and acquaintances to your gold party it’s much like a garage sale. It’s a private and social event and you’re the gold party host. Your gold party guests have the option to sell their scrap gold and leave with cash or check.
Now, when you rent a hotel room and advertise for scrap gold sellers, under certain circumstances you may need a license. Again, this is thoroughly discussed in our guide, “How to Start a Gold Party Business & Create a Life-Time Income.”
Host a Gold Party
How to host a gold party? Easy! But rather than simply host a gold party and earn a couple of hundred dollars, why not learn how to build a gold party business? A scrap gold business you can work at when you want. A gold party business that results in a constant flow of revenue? A gold buying and selling business that will enable you to quit your existing full time job and enjoy life on your terms?
There’s just a few steps you need to take to achieve the goal of building a scrap gold business.
- Learn how to test scrap gold. This is not rocket science. Our 87 page “Scrap Gold & Gold Party Business Guide” will walk you through the process of testing scrap gold. Follow our step-by-step discussion, practice the simple techniques we teach you and will succeed.
- Learn how to market and advertise your new scrap gold business. Again, this is thoroughly taught in our “Scrap Gold Business Guide.”
- Build a network of consumers who will market your scrap gold buying service in return for a commission. We recommend you pay commissions, on a sliding scale, 3-tiers deep. Again, this strategy is thoroughly taught in our Gold Guide.
- Discover how to sell your scrap gold purchases directly to a refiner enabling you to cut-out the middleman. DO NOT sell your scrap gold purchases to any of these cash for gold outfits. Instead, with our Scrap Gold Guide list of resources, you’ll go directly to the refiner and be paid 90% or more of the current scrap gold price.
All these topics, and many more, thoroughly discussed in our “Scrap Gold & Gold Party Business Guide.” (For a complete list of each chapter, go here: “Buy the Book.”
Secondhand Precious Metal Dealers and Pawnbrokers Program
A Secondhand Precious Metals Dealers License is generally required to buy scrap gold in more than a few states. Some state regulators administer the scrap gold licensing programs. In other locales you will have to contact your local police department or city hall.
There is some question as to whether you need a license of any kind to conduct scrap gold parties. When conducted in private homes, our experience is that a license is seldom required. When we rent hotel rooms and buy from the public we’ve often been told a second hand precious metals dealers license is required.
To be safe, if you’re concerned about scrap gold licensing, visit your local city hall and ask. Additionally, visit your local police department and discuss your scrap gold business model with them.
Regarding any state licensing, visit Google.com and perform a search for scrap gold party license or scarp gold party licensing. Also, try second hand precious metals dealer license.
We tried this search: “Maryland precious metals dealer license” and wound up here: http://www.dllr.state.md.us/pq/ very nice! Notice the link, 2nd from the bottom on the right hand side: Secondhand Precious Metals Objects Dealers and Pawnbrokers
How to Find a Gold Party – a Tip
Gold Parties – Want to find a local gold party to sell your old, scrap gold? Here’s a tip; go to CraigsList.org and click on the appropriate “Country”, “State” and “City.”
Next, in the “Search” box type in “gold party.”
Then, select “Event” in the drop down box. You may need to search in additional categories as well. “Gigs”, “All Services Wanted”, etc.
For security reasons perform appropriate due-diligence! Do not simply show up at a strange location attended by strange people with all your scrap gold.
Don’t Flip Burgers Have a Scrap Gold Party
Want to make some serious money but you don’t want to flip burgers, work in a cubicle, or try to find a second or third job? Have a scrap gold party. If you have no money to actually purchase old scrap gold necklaces, earings and class eings simply invite a local jeweler or pawn shop owner to the gold party. Let them handle the scrap gold testing and weighing. They’ll be more than happy to pay you a 10% commission on all their scrap gold purchases.
For example, you might invite 10 friends and family members to your scrap gold party. We find the average scrap gold “buy” is $300. So you will earn 10% of the total $3000 purchased at your gold party. That’s $300 in your pocket!
Now, if your smart, you’ll invest this $300 into your own scrap gold business. With a little hard work on your part, you can eventually be able to make your own scrap gold buys without using the pawnshop’s money. Then, you can simply deliver or mail your scrap gold purchases directly to a Refiner.The Refiners we list in our Gold Party Profits Manual pay 90% to 95% of the crap value of gold.
So, let’s say you host a gold party and make scrap gold purchases at 60% of scrap gold value and you purchase $5000 of scrap gold. Your payout to your gold party attendees is $3000. If the Refiner you choose to use pays 95% you pocket $1750 for hosting a single gold party.
Be aware! a 60% payout to your gold party attendees is very high. Cash4Gold typically only pays 30% – 35%. So… this is the method we recommend in our Gold Party Profits Manual to buils a fantastic money machine for yourself.
This works! It’s not rocket science. Learn how to test scrap gold. Invest in yourself. Put your profits back into your business. And overcome your fear.
If it feels uncomfortable it means YOU MUST DO IT!
Do You Need a License to Sell Gold
| In Connecticut, A license is not required to make purchases from a wholesaler and/or retailer for the purpose of resale. However, purchases made from a personal owner requires a license. Chapter 414 (Purchasers of Precious Metals and Stones), Secs 21-101 to 21-110 of the Connecticut General Statutes governs licensing. Sec. 21-100. License required. Fee. Record of transactions. (a) No person may engage in or carry on the business of purchasing gold or gold-plated ware, silver or silver-plated ware, platinum ware, watches, jewelry, precious stones or coins unless such person is licensed by the chief of police or, if there is no chief of police, the first selectman of the municipality in which such person intends to carry on such business; except that the provisions of this subsection shall not apply to the purchase of such items from a wholesaler by a manufacturer or retail seller whose primary place of business is located in this state. Such person shall pay an annual fee of ten dollars for such license. The license may be revocable for cause, which shall include, but not be limited to, failure to comply with any requirements for licensure specified by the licensing authority at the time of issuance. A chief of police or first selectman shall refuse to issue a license under this subsection to a person who has been convicted of a felony. A chief of police or first selectman may require any applicant for a license to submit to state and national criminal history records checks. If the chief of police or first selectman requires such criminal history records checks, such checks shall be conducted in accordance with section 29-17a. For the purposes of this subsection “wholesaler” means a person in the business of selling tangible personal property to be resold at retail or raw materials to be manufactured into suitable forms for use by consumers. (b) Each such licensed person shall keep a record in which he shall note at the time of each transaction a description of the goods purchased and the price paid for them, the name and address of the person selling the goods and the date and hour any such goods were received. Each such licensed person shall demand positive identification from the person selling the article and the type or form of identification received shall be noted in the record. Any state police officer or municipal police officer shall have access to the record required to be kept under this section and may inspect the place where the business is carried on as well as any goods purchased or received. (c) No such licensed person may purchase any goods from a minor unless such minor is accompanied by a parent or guardian. Each such licensed person may only pay for goods received by check, draft or money order and no cash shall be transferred to either party in the course of a transaction subject to the provisions of this section. (d) At the time of making any purchase each licensed person shall deliver to the person selling goods a receipt containing the information required to be recorded in subsection (b) of this section, the amount paid for any goods sold and the name and address of the purchaser. (e) Upon request of the licensing authority each such licensed person shall make a weekly sworn statement, describing the goods received and setting forth the name and address of each person from whom goods were purchased, to the chief of police or first selectman of each municipality in which he transacted business that week. Such sworn statement shall not be deemed public records for the purposes of the Freedom of Information Act, as defined in section 1-200. (f) Any person who violates any provision of this section shall be fined not more than one thousand dollars. Retailers need to obtain a sales and use tax certificate by filing form REG-1 with the Connecticut Department of Revenue Services and be familiar with the reseller’s certificate. Contact the agency: 1-800-382-9463 (Connecticut only), (860) 297-5962 or drs@po.state.ct.us. |
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How to Buy Gold
Gold coin buyers are overpaying!
Gold investors are typically paying much more for gold coins than the actual value based on gold content.
Certain gold coins are selling at premiums approaching 50% over the true gold content of the coin. Of course a small premium is to be expected. However, recently the U.S. Mint was selling “Ultra-High Relief Gold Double Eagles,” a one ounce gold coin, for $1539.00. Meanwhile, some gold coin investors are paying as much as $3000 to more than a few gold coin dealers.
The best deals as of this writing is the smaller denomination gold coins such as lower quality $20 gold coins bought as close to the gold content value as possible.
Entrepreneurs contemplating entry into a new business niche will certainly want to consider the scrap gold buying and selling industry. There is tremendous interest by consumers and businesses in this highly profitable space.
Mobile Scrap Jewelry Gold Buying Business
Demand by consumers for a easy service to sell their scrap gold jewelry has created the need for mobile gold buying services. Yep, just like mobile pet cleaning services and mobile notaries, scrap jewelry gold buying has gone mobile.
Our clients have built highly lucrative scrap gold buying businesses and now they’re adding the “mobile twist to their product offerings. That’s right, house calls for gold buying are now the order of the day.
How does a scrap jewelry gold seller make the most of these mobile gold buying services? They simply schedule an appointment, allow the mobile gold buyer to test and weigh the scrap gold in the convenience of the gold seller’s home or office, accept the offer and receive payment. No hassles, no fuss, no muss…
To learn more about building a real business buying and selling scrap gold jewelry, simply invest in our “Scrap Gold Business Guide” and you’re on your way to dumping your JOB and working for yourself.
Gold Party-Gold Parties-Start a Gold Party Business
2009 House Bill 5448 (Impose “gold party” license mandate )
Introduced by Rep. Richard LeBlanc (D) on September 22, 2009, to impose “gem and (precious) metal dealer” licensure mandates on a business or individual who holds an invitation-only “gold party” selling jewelry in a residence.
This is NUTS! Doesn’t LeBlanc have more important issues to deal with? Jeez!!!!!!!
September 22, 2009, Introduced by Rep. LeBlanc and referred to the Committee on Appropriations.
A bill to amend 2003 PA 152, entitled
“A bill to amend 1949 PA 300, entitled “An act to provide for the
registration, titling, sale, transfer, and regulation of certain
vehicles operated upon the public highways of this state or any
other place open to the general public or generally accessible to
motor vehicles and distressed vehicles; to provide for the
licensing of dealers; to provide for the examination, licensing,
and control of operators and chauffeurs; to provide for the giving
of proof of financial responsibility and security by owners and
operators of vehicles; to provide for the imposition, levy, and
collection of specific taxes on vehicles, and the levy and
collection of sales and use taxes, license fees, and permit fees;
to provide for the regulation and use of streets and highways; to
create certain funds; to provide penalties and sanctions for a
violation of this act; to provide for civil liability of owners and
operators of vehicles and service of process on residents and
nonresidents; to provide for the levy of certain assessments; to
provide for the enforcement of this act; to provide for the
creation of and to prescribe the powers and duties of certain state
and local agencies; to impose liability upon the state or local
agencies; to provide appropriations for certain purposes; to repeal
all other acts or parts of acts inconsistent with this act or
contrary to this act; and to repeal certain parts of this act on a
specific date,” by amending sections…
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