ALBANY, GA (Raycom News Network) – The price of gold is at an all-time high.
On Wednesday, gold traded at $1,245 an ounce before dropping slightly.
Those high prices are leading more south Georgians to sell their gold for some extra cash.
Steve Allen keeps up with the changing prices. Recently, his jewelry business has been buying more scrap gold.
"People are wanting to exchange old gold and trade it for new merchandise we've seen a lot of that especially this week," said Steve Allen, Allen's Jewelers. "Probably got some grills in there, some teeth."
As people race to invest in and buy gold, others will use the high prices to get the most for jewelry they no longer use. "You've got people that can't pay their mortgage, can't buy food, and they've got things like this sitting in boxes in drawers they don't wear anymore," Allen said. "Somebody come in and get $300 for a bracelet, it puts food on the table."
Gold was down to $400 an ounce just a few years ago.
One analyst predicts it could go as high as $2,300 in the next five years.