The global economic recession has driven gold commodity prices through the roof. The price of gold has reached an all time high as recently as Oct. 6, 2010, when it hit $1,351 per ounce [source: Wycoff]. So it's a perfect time to unload old or broken gold jewelry that you don't have any use for. But keep in mind that the ultimate price you get for the gold won't hit the $1,351 per ounce mark. That price is for pure, 24 karat gold and doesn't take into account the markup that the person buying your gold will make before reselling it. Gold below 24 karats is less pure and will bring in less.
A scrap gold buyer, the type that advertises on TV, will pay considerably less than a jeweler. If you have an attractive antique piece of jewelry, a jeweler may be a better bet. But for scrap or broken gold, you might want to use one of those scrap gold buyers. In today's market, you can get from $12 to $50 per pennyweight of scrap gold. (There are 18.229 pennyweights in an ounce). Your gold will be worth more to those buyers the more karats it has, and the more of it you have. When using a mail-in buyer, check its ratings with the Better Business Bureau to make sure is hasn't received complaints. Also, never send gold in the mail unless the envelope is insured.