A new type of gold rush in Austin

AUSTIN (KXAN) - If it has any hint of gold on it, you could make more money than ever before.

People are selling their gold in record numbers, as the U.S. dollar weakens, and gold strengthens its position in the world markets.

The commodity traded at a record $1,200 per ounce Tuesday. That is up more than $360 per ounce in November 2008.

Tim Dolan, with If it's Gold, its Sold in North Austin said people are coming in his doors to trade gold for cash like never before.

"We've been very busy," said Dolan. "We're thinking we should probably be busy for the next month."

Michael Foster with James Lewis Gold Exchange said customers are not aware of the great prices they can get for gold.

"They're very excited when they bring their stuff in because their not expecting to receive as much as they're receiving," Foster said. "I think there's a lot of people out there that aren't taking advantage of this situation."

We decided to have a little fun when a young man from KXAN named Jim Swift had his gold tooth fall out. Swift had his gold tooth weighed to see the value.

"You have $45-worth of gold in that gold tooth right there," said Michael Foster of James Lewis Gold Exchange.

The bad news is, Swift's new crown will cost $1,500 to be replaced.

The American Society of Appraisers has some tips on how to sell your gold:

• The first step is to look for an appraiser or dealer who advertises that they buy gold.
• Then make sure they are licensed. States have licensing boards that regulate the industry.
• Shop around. Go to a few places and let them assess your gold; then ask them how much they’ll pay per gram. Twenty-four carat gold is worth the most and the price goes down from there as the carats do.
• Make sure that selling the gold by weight is the best option for the items you have. The safest bet is to sell gold jewelry that is broken or is an unmatched set. Then you can be sure that the pieces don’t have much value as jewelry. Be careful about selling antique pieces, pieces with gems embedded or pieces from a well-known designer. If you have a piece of Tiffany jewelry, for instance, it is probably worth more as is than it would be if it were melted down. Also, if you have pieces with gems or antique pieces and you are unsure of the value, it is best to go to an independent appraiser skilled in period jewelry and have them look it over first and advise you.
• People who have gold coins should also be wary of selling them by the gram. They may be worth more when sold as is to a collector.
• Beware of cold-call solicitations when you are considering selling your gold, and of mobile offices set up in temporary locations. Make sure you are dealing with a reputable outfit.