By Marla Diamond

NEW YORK (WCBS 880) — With the price of gold at an all-time high, consumers are cashing in on their unwanted jewelry.

LISTEN: WCBS 880’s Marla Diamond reports

Earlier this week, gold closed up nearly $30 finishing at $1,769 an ounce. It was the first time the price fo gold has ever broken the $1,700 mark.

Michael Toback, the president and owner of Myron Toback, Inc., says there could be a fortune sitting in your closet or on your dresser.

“It is a gold rush and the people who are cashing in now I think are getting the most for their gold,” said Toback.

Toback is a refiner in the Diamond District and says he’ll pay 98 percent of what the piece is worth. Others may take more of a profit and Toback says it pays to shop around for the best deal.

gold scams Diamond District Cashing In On High Price Of Gold

A sign in the Diamond District warning sellers about gold scams (credit: Marla Diamond/WCBS 880)

But sellers beware. There are signs up and down 47th Street in the Diamond District warning of scams.

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Are you taking advantage of the high price of gold? Let us know in our comments section below…

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