AP

As gold prices have skyrocketed (26% over the last two years), many Americans have been looking for a way to capitalize on the boom by converting anything gold they can find into cash.

You’ve probably seen that tacky commercial for Cash4Gold, the company that offers you money for your gold – you know, the one with Pat Boone? Wedding bands, jewelry, even gold teeth have become commodities unto themselves in this new gold rush – and that’s where the idea of the gold party comes in.

The modern-day incarnation of the Tupperware parties made famous in the 1950s, gold parties are picking up steam as a way for people to turn their golden possessions into fast cash.

Guests bring their gold items, weigh them on a scale and then the host decides what they want to keep and pays the guests accordingly. The new owner of the gold sends it all to a refinery and is paid a higher price for the items. It seems like a win-win for all involved.

But unless you’re flush with funds to pay your guests, hosting a gold party might not be for you. There are, however, companies that buy and sell gold that often look for hosts to open up their homes for parties. Typically, these companies manage the process and you get 10% of the proceeds.

Popular web sites like MyGoldParty.com offer starter kits for $500 or more than include a scale, a magnifying glass and other tools to get the party started.

But there’s always a way to party for less. By just spending a few minutes on eBay you can find all the items included in the started kit and save yourself around $300.

Have you hosted or been to a gold party of your own? Use the tip box below to send us your story.

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