ATLANTA -- Ten female friends gathered around the kitchen island comparing their small plastic bags of gold chains, charms and chunky rings. Small trinkets from long forgotten college boyfriends. A lapel pin passed down from a great-grandmother. Herringbone necklaces and so called noodle bracelets from the 1980s that they wouldn't be caught dead wearing now.
They're taking part in a gold party.
The guest of honor is Robert Oberth of the Gold and Coin Exchange who, based on what he finds, is willing to pay just under the going rate for gold, take the jewelry and cut checks on the spot.
"There's been an explosion of gold parties across the nation and here in Georgia. With the economy the way it is and the price of gold so high, many think it's the perfect time to clean out those dresser drawers and make some money', said Oberth.
We're not talking petty cash.
JoAnne Jones brought, among other things, a chunky gold bracelet she found in an Atlanta restaurant parking lot nearly 20 years ago.
"I remember the night I found it. My husband and I went back into the restaurant to ask around. I even placed an ad in the newspaper to try to find the owner. No one ever came forward so I put it in my jewelry box. I completely forgot I had it", said Jones.
That forgotten piece of lost and found netted Jones more than 400 dollars.
At each party, Oberth sits down with each partygoer one on one. He separates the gold by what carat it is, weighs it and performs a few tests to make sure it's the real stuff.
He usually offers about 80 percent of the current price per ounce and gives the hostess of the gold party an automatic 10 percent of what he makes. After all, he says, it's the hostess who makes his job a little easier.
"You figure all these people would have to drive to our store with their jewelry. This way they're all in one spot and we can do 10 to 15 transactions in half the time", said Oberth.
That's not to say everything gets sold and bought. Oberth told one partygoer she was better off keeping an antique ring from a relative because it had little gold in it, but the piece and the stone in it would go for a lot more in its original form.
Most walked away with more than 400 dollars in cash and some netted over a thousand dollars.
Consider it as fun as a Tupperware party, expect instead of paying as you leave there's a freshly cut check in your hand.
