I just had to write a blog post about this! I was invited to a few gold parties this past spring. I've heard about gold parties and selling your scrap or unwanted gold to make some money. I just figured it was a scam and blah, blah, blah. But I went through my jewelry box and found 5 unmatched earrings. I found a chain necklace that had a gazzillion little knots in it (I was not going to try to get them all out). And I found a braclet that I wasn't going to wear. So I brought them to a gold party - not even knowing the gold count of them or anything. Do you know how much I got for them? $173!!! Besides the bracelet, this was pretty much just trash to me. I was so impressed and knew that I had a few other friends who might want to get in on this. So I'm hosting one here the beginning of August. The people were so professional and I was very happy with the amount of money they offered me for my junk. If you ever get invited to one, you should consider going through your jewelry box - you might have hidden money in there!
On the flip side, my husband lost his wedding ring a few weeks ago. So we've been looking at new ones. He likes basic stuff. We found the same exact one he had - for a whopping $179! Now I know that we didn't spend that much on just a basic gold band. So we did some snooping and I was right - we spent only $79 on his in 2001. So I wondered "how in the world did basic gold bands go up so much in just 8 years?" So I went off to Google - and yep. Gold was about $350 per ounce in 2001. Now? Over $900. No wonder the basic gold band is more than twice as much!
So moral of the story? If you bought/received any gold jewelry that is now broken or you don't wear, consider turning it in at a Gold Party or Jewelers to make some spare cash. Even if you don't get the "market value" for it (obviously the people buying it have to make some profit!) - you are definitely making more than what you probably paid for it back in the day!