With gold at record prices, is now the time to raid the jewelry box for new treasures?
In the face of falling stock prices, gold is considered a safe haven.
The price of an ounce has soared past $1,700, marking a new record. So is now the time to mine your jewelery box and cash in on lost treasure?
The value of gold is at an all time high, and that's given a whole new meaning to the term gold rush. Keith Druckenmiller of Fast Eddy's says "we are seeing more people coming in and selling, especially with the economy not doing so well."
Margie Sneideman of Becker's Jewelers says "a year ago we might have had three or four locations. We now have eight."
Jewelers and others who buy gold say business is booming as people look to cash in on its skyrocketing value.
Margie says "the world's economic situation has really left an interesting place for gold to be. It's the highest, people feel good about it and trust it. So I think that's what's going on."
Keith says "we used to see a lot of people coming in, maybe selling things because they need to just get by for a month or so on bills. Now we're seeing people just selling because it's high and they just want to get the money instead."
And it's not just jewelry its also coins, anything made of gold or silver is going to be worth far more than its face value.
Andrea Gombosh from West Hartford says "this is the first time I'm ever selling any jewelry, so I'm hoping I'll have some luck."
Andrea Gombosh admits she had no idea what to expect when she brought a bit of old jewelry in for appraisal.
Andrea Gombosh says "I was just wondering how much I would be able to get for them, and that's why I'm here."
Turns out this little pile of gold was worth a nice little pile of cash, more than $100. And its just that kind of value that has more and more people mining their jewelry boxes for unexpected treasure.