Many people are taking advantage of high gold prices to turn unwanted jewelry into cash, but others wonder whether cashing in their old gold is an idea whose time has not yet come.

According to Kiplinger.com, gold hit a record high of $1,033 per ounce in March and after a correction stood at almost $950 in mid April. Some experts call the metal still relatively cheap. In inflation-adjusted terms, the previous high of $850 an ounce in 1980 translates to about $2,200 today.

However, Kiplinger doesn’t anticipate this price anytime soon, and because gold has almost no industrial use, they expect it to trade in the $850-to-$1,000 range for the foreseeable future.

That being said, everything from your grandfather’s watch to those broken chains and lone earrings in the bottom of your drawer are worth their weight. And because prices move opposite to the value of the dollar, Kiplinger says gold is considered a good hedge against inflation.

This could be the time to cash in your unwanted pieces, with the price of gold unlikely to continue spiking. Or if you simply don’t want the jewelry, you can sell it and use the proceeds to buy a gold exchange-traded fund, such as streetTracks Gold Shares (symbol GLD), they say.

When cashing in unwanted jewelry, find out how much it’s worth then shop around for the best offer. Kiplinger says gold is not the only metal that you can sell - silver and platinum have also gone up in value as well.

The price you see in the newspaper for gold is based on pure, 24-karat gold. But most gold jewelry in the U.S. is less pure, at 10 to 18 karats. That means if you sell an 18-karat-gold necklace, you’ll get 75% of the pure-gold price per ounce. A 14-karat piece drops to 58%, and so on. Plus, a cut goes for the buyer’s profit and refiner costs, Kiplinger says.

If you’re selling heirloom pieces, check with an appraiser, who will usually charge between $50 and $200 an hour.

When looking for a buyer, get a few quotes by visiting a pawnshop or jewelry store, or check out buyers online, such as Circajewels.com, USGoldbuyers.com, Goldkit.com or Cash4Gold.com.  In many cases, you simply mail the buyer your jewelry for an estimate; it mails you a check if you accept the offer or sends your items back if you decline.

Whether you go local or online, check with the Better Business Bureau and your area’s department of consumer affairs. Go with a gold buyer that’s been in business for a while and has few, if any, unresolved complaints with the BBB. If you decide to do your business online, make sure the buyer offers free insured shipping and that you keep a detailed record of the box’s contents, Kiplinger says.