Gold prices at record highs

CINCINNATI, OH (FOX19) - It's been a shaky week for the United States economy, but the gold business has been booming and thousands are turning their gold into big bucks.

"There is a bad situation in the economy, but here is something good about it, lets use this to our advantage and let's pursue something we couldn't before," said Jon Saylor, owner of JS Gold and Coin.

Everything from gold coins, necklaces and graduation class rings have been traded in for cash.

"Gold has spiked and it's an excellent time to take advantage of it," said Saylor. "A lot of people have items that ordinarily seem like there not worth a whole lot, then all of a sudden it has turned into an investment they can use."

On Tuesday, gold prices reached more than $1,700 per ounce.

"It's shocking that these little pieces of miss-match gold that I've had in the jewelry box for years, all of a sudden you have this wealth of money you don't even realize," said Patty Elliott.

Experts say they expect gold prices to eventually go down, so it's best to sell now.