If you’ve been browsing Sell Gold HQ and have become excited at the prospect of selling your precious metals, you might have come to one unhappy realization: hey, wait: I don’t really have that much gold or silver. How can working with a precious metal broker even be worth the trouble?

Don’t shut yourself down so quickly. There are hordes of people who make a living off of the buying and selling of gold, and it’s not because they have a plethora of golden treasures just waiting around for them in the jewelry box. In fact, they are often adept at getting other people to cough up their gold, helping them to amass large amounts of gold for re-sale to an online metal broker.

One way of doing this is hosting a gold party. What’s a gold party? Quite simply, it’s like the first class seating to the Tupperware party’s version of coach. Gold parties invite people to bring their unwanted, old, or broken gold jewelry so that they can make some quick cash off of them.

How can you host a gold party – and not only that, but earn money off of it? Here’s a step-by-step guide to doing just that.

Step One: Know Your Gold

Before you even think about having a gold party, you’d better have some experience with gold, and you’d better have a place to take the gold that’s reliable. If you’re taking other peoples’ gold off of their hands, you’re going to have to put some money up front – and this is an investment in your own skill and knowledge.

Don’t worry – there are ways to do this. Some people simply melt down the gold themselves and then re-sell it, but for the novice, it might be a better idea to work with an online metal broker.

For example, try a “trial run” with a gold buyer first. Sell some of your own spare gold and see how much it fetches – depending on market fluctuations, this should give you a relatively good idea of the kind of price you can expect to fetch, especially with respect to the current gold prices (which you can always look up).

Know your gold’s weight and karat quality so you can determine exactly how much gold you have sent to the precious metal broker. Once you see the price, you’ll know how much this gold fetches. Hint: if “karat quality” is a little too advanced for you, you might want to do some more research before hosting your gold party.

Step Two: Invite Your Friends and Family

Hosting a gold party is a great way to kill two birds with one stone: not only do you get to enjoy the company of your favorite people, you get some gold out of it! Let them know that you can’t offer premium prices – you simply need to offer them enough for their gold that they’re willing to give you their scraps.

You, in turn, need to offer an amount reasonable enough that will consistently and predictably turn you a profit when you turn to a precious metal broker for re-sale. Let them know you can’t offer close to market value for their gold – many people will be pleased to get anything for their gold.

Step Three: Grab the Gold

Buy up all of the gold that you can, without putting yourself in a financial crunch. If this is your first gold party, especially, you’ll want to make sure that you don’t put too much of a financial risk on yourself. Simply invest a safe amount of money, and offer to pay everyone what is a reasonable amount of money – an amount that will yield a nice profit for yourself.

Once everyone’s gone, you should have more gold than you know what to do with. You’ll realize that acquiring and selling gold is simply a matter of thinking outside of the box, and taking action to find other peoples’ spare gold.

Step Four: Sell to Precious Metal Broker

With some experience with a precious metal broker under your belt (see step one), you’ll be ready to turn around and sell the gold you’ve already bought. You should have an idea of what the gold will fetch you, but you never quite know how gold prices will behave, so make sure that when you bought the gold from your friends and family that you left a margin for error.

Legitimate gold brokers will pay you a fair price for your gold, giving you a check in hand, and if you like what you see on the check, you simply keep it. That’s it! No bartering, no fuss. You’ve simply turned a nice little profit by leveraging your knowledge of gold and using it to your advantage.