Gold parties are taking off nationwide as Americans squeezed by the economy seek extra cash, Marketwatch reports. Partygoers bring along any unwanted gold jewelry they have lying around the house, sip wine and chat while it is appraised by experts, and leave with money in hand. Many go home with thousands of dollars in exchange for items they considered little better than junk.
Gold prices have dipped to the $700s from their $1,000 peak last spring but the gatherings are still on the rise. "People love the idea of coming to a party and making money," said one sales rep. Complaints about shady dealings are mounting as the parties spread, though, and the Better Business Bureau warns that partygoers should watch out for scams.