Tips for selling your gold

Tampa, Florida -- Gold is trading at an all-time high again. The price is up about 25 percent this year and that has some folks considering cashing in, just in time for the holiday shopping season.

David Sapp is taking advantage of a record high price of gold. "Price is a bonus, but I would probably be selling it at any rate," he said.

Not since the '80s has gold fever been so rampant. Customers were lined up at Belleair Coins in Largo to take advantage of the record price.

"People see that in the paper and they figure, 'I always wanted to get rid of this,' so they cash it in," said Art Arbutine, owner of Belleair Coins.

You should know what you have and what it's worth before you ever walk through a door. The first step is to look for a licensed appraiser or dealer who buys gold. Your best bet is to sell jewelry that is broken or in an unmatched set because it produces a more accurate weight.

"You're talking troy-ounces, your diet scale at home or your regular scale will produce ounces that are 10 percent lighter than troy ounces," Arbutine said.

When you go to cash in your jewelry, you will usually get less than the retail price that you paid for it.

"If it's marked 14-carot, 18-carrot, it would be worth a percentage than what the actual ounce of gold is worth," said Bob Mauro of Stadium Jewelry and Pawn in Tampa.

A simple test with a magnet will measure whether or not an item is gold. "If you put the magnet to it and it jumps right up on the magnet, then it can't be gold," Arbutine said.

Also remember to sell your gold on the day it's appraised due to fluctuating prices.

Another piece of advice is to not accept the first offer; shop around to get the best deal.