Price of gold at a record high

PHILADELPHIA - August 10, 2011

But before you think of selling some of that seldom-worn jewelry, there are things you should know.

Cash for Gold! Something people are hearing a lot of lately, and right now, people can certainly get a lot of cash for their gold.

A one ounce gold coin is worth roughly $1,800.

"Being in the business for 23 years, I've never seen anything like this in my life," said Michael Honigman.

But Michael Honigman says you won't find a gold rush on Jewelers Row on Sansom Street.

Vendors say most people cashed in their gold when prices hit $1,400 an ounce last spring.

"I think people couldn't believe it was going to go that high," said Honigman. "I think 90% of the business came down here at that time."

Corey Sullivan decided to profit on the record price, bringing in a white gold necklace.

"We got lucky today, and we are taking advantage today," said Corey.

Honigman warns people looking to profit need to be careful and to know their jewelry. It will be tested.

And remember Gold buyers are looking to profit too.

In an Action News undercover report, Nydia Han found large discrepancies in the price paid for gold; sometimes upwards of a thousand dollars.

"Be careful when you go," said Honigmann. "Compare prices. Realistically you don't want to get ripped off."

So what should you do, wait for prices to go up? Opinions vary.

But more than several people who deal in gold say that now is a good time to cash in if that's what you are looking to do.

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