Scared of recession? Learn a few lessons from urban housewives on how to cash in on recession! Once restricted to the drawing rooms of urban America. The new recession-buster gold parties have become a global phenomenon now. Housewives are trading in cash for gold and making a profit during these tough economic times.
For the past one year, America’s urban housewives have been cashing in on the rising gold prices to sell their old gold and make a killing at small parties organized by jewellery shops at urban homes.
The trend has now caught on with other countries like Ireland, India and England.
There are reports from various parts of the country that several housewives are now using the opportunity to sell their old gold at a premium price due to the soaring rates of gold in the global market.
Several websites are also mushrooming advertising on the golden opportunity to beat recession by selling old gold.
The concept is simple. Guests at the party hosted by one house wife flog their unwanted gold in a discrete, relaxed environment.
With gold prices at an all time high, it’s a good time to think about trading scrap pieces of jewellery for hard cash.
The price of gold has rocketed in recent times and is now trading at about 660 an ounce for pure 24-carat gold.
Generally, the price for pure melted gold should be reduced by 10 pc to cover the cost of melting and any losses that result. So if the gold is trading at 660 per ounce, scrap gold would be worth about 594 per ounce.
To calculate the price for 18-carat gold, simple multiply the price for 24-carat by .75. So if the price for pure gold is 19, then the price for 18-carat is 14.32.
Most jewellers who buy gold are prepared to give a rough price at the outset. Most will quote in price per gram of 9-carat gold.