LAS VEGAS -- What used to be a popular jewelry to buy is now an all-time high, record-breaking item to sell. The price of gold reached a fresh high of $1,607.97 an ounce on Monday, driven by concerns over mounting debt.
But where should you sell your gold? Most people go to a jeweler or a pawn shop. One of the longest running jewelers and manufacturers in Las Vegas says going to a jeweler is the best option.
"After we buy the gold, we refine it and then we're able to make jewelry with it. So consequently, we own our jewelry for a lot less because we make it ourselves and then when we put it up for sale," said Jack Weinstein, owner of Tower of Jewels.
Weinstein has owned Tower of Jewels 45 years. Whether it's European or rare fine estate jewelry, he says actual jewelers or manufacturers have experts who can explain what you own and the value of it.
Weinstein says this is the prime time to sell gold and in some cases, it's possible to get more the original price. For example, he just purchased a gold-plated Rolex from a customer for $4,000 that was originally $3,500.
Pawn shops are another hot place and because prices vary, you should shop around. No one was willing to give an exact price on what they would pay for your gold.
"That's the trick, 'How much will you give me for this? I'm shopping it around, just so you know, I'm going to go to other places. If you're the best price, I'm going to come back,'" said Rick Harrison with the Gold and Silver Pawn Shop.
Harrison, from the hit TV show Pawn Stars, says no matter where you go, you have to shop around like you would for a house or car. If your gold has diamonds or color stones, he says to demand more money.
