Reverse indicator for gold?
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Posted 03 March 2009 - 09:52 PM
"Gold parties happen in other states but, in California, Erin Stevenson's company has about 11 reps who organise up to three parties a week. Erin has never known it as busy.
At the home of hostess Stephanie West, who recently retired early from the airline industry, Erin and her team of buyers test guests' trinkets for quality and weight.
Stephanie herself has a bag full of gold jewellery she has had for years, presents from old boyfriends that she will never wear again. Many others clutch the same: once valued, now unwanted gifts.
Erin pays about 60% of the market price, and then sells the gold in bulk to a refinery for about 95% of the going rate.
So the refinery pays below market rates, Erin makes a profit and, at more than $900 (£640) an ounce, the guests feel like they are getting money for nothing. "
There is symmetry in most things. In the markets, the greed on the way up is equal to the fear on the way down.
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