gold parties start in australia

"It is the Tupperware party of the post-recession 21st century.

Instead of taking cash to buy plastic kitchenware, guests are asked to bring jewellery from a failed relationship and get money in return. Australia's first ''gold party'' will be held on August 19 at Bondi Icebergs, hosted by Gold Converters, a subsidiary of the Diamond Certification Laboratory of Australia.

The cash-for-gold parties are inspired by the success of similar ventures in the US and Britain.

Gold Converters director Roy Cohen said he and fellow director Dan Novick expected a mix of guests, who would have their pieces appraised and be paid by cheque on the spot...

The company will refine all the gold it buys.

Gold parties took off in the US last year. Gold scrapping in general has boomed, with the largest online buyer, Cash4Gold.com, reportedly recording an average 25,000 transactions a month..."

Full article at http://www.smh.com.au/lifestyle/shopping/love-was-a-splendoured-thing-now-flog-the-ring-20090808-ediu.html

My comments:

Whoever are behind gold parties, whether it is the Federal Reserve in the USA or businessman here, what the organisers of these "parties" don't tell us are:

1. The physical gold market is very tight.

2. This is an opportunity to purchase the gold from ordinary people, who may be in distressed circumstances, particularly in the USA - and probably get the at a large discount to its current market price.

3. Expectations are for a substantial rise in the price of gold.