GILLETTE -- All that glitters may not be gold, but in this economy rings and chains may be worth selling for big bucks.

Gold now sells for record prices in the global economy, and many people are rushing to make money on the precious metal.

Bruce Marshall, owner of Marshall's Jewelry, has been buying scrap gold and silver for years. He recently has had as many as three offers a day to buy gold. Many of the sellers had heard or seen ads on high prices for gold jewelry and coins.

Gold has been on a slow upswing since 2001 and has reached record prices. It's gone from less than $300 an ounce in 2001 to more than $1,080 an ounce in today's market.

Silver also has increased in value. It now sells for more than $17 an ounce, compared to less than $8 an ounce in 2001.

Gold and silver coins, jewelry, nuggets, pitchers, saucers and even tooth fillings and caps have made their way to the jewelry store.

"We get a little bit of everything," Marshall said.

Marshall keeps track of the gold market. Before he ships his gold to a refiner, he ensures the time is right to recoup his initial costs and get more for the scrap.

It takes a watchful eye.

Bags of jewelry can come in from a single source, but perhaps only two pieces actually are gold, he said.

Marshall can usually spot brass or gold-plated items that discolor. For other items, it usually boils down to an acid test.

There are four acid solutions that give different readings for different grades of gold, such as 10, 14, 18 and 24 carat.

The carat classifies the purity of the gold and usually is stamped onto finished products.

Sometimes the stamps aren't correct, but a proper acid test will give the correct grade.

For the seller, Marshall suggests becoming familiar with the methods of testing the metal grades and watching the potential buyer to ensure the tests are done correctly.

Not all of his scrap gold goes to the refiner. A few times each year, he melts down some of his gold and makes "broom straw" pendants.

The process involves pouring molten gold onto bound bristles of a broom to create a unique design. It is then polished and turned into a custom gold pendant.

"One-of-a-kinds can be fun, but they're very time consuming," he said.

The high gold and silver prices are good for the sellers, but not necessarily for the buyers.

Many chain stores do not buy on consignment or scrap gold from local customers. Most of their business comes from selling and maintaining jewelry, said Jeff Hadlock, jeweler and goldsmith.

Still, the high gold prices can affect their inventory.

When prices are high, the store doesn't buy as many pieces from the manufacturer.

The cost increase at the manufacturers' level eventually increases the cost of items in the showcase.

To keep customers interested, and prices affordable, the store stocks specific items at different price ranges that its customers would be interested in buying.

"We target what our clients are looking for," Hadlock said.

While jewelry has become less of a priority in current economic climate, customers still are buying special-occasion items. They're just downsizing to smaller and less-expensive items, Hadlock said.

"Where they might have bought an engagement ring that cost $2,000 before, now they're buying one for $1,000," he said.

Jewelry store customers also are seeking cheaper metals, Marshall said.

Since the economic downturn, the store has sold more in alternative metals, such as titanium.

The down side of buying jewelry made of harder metal is that it can't be bought back for scrap. It doesn't hold up as an investment.

Titanium is not malleable enough to be resized and can be hard to resell on the secondary market. Even new display items usually must be specially ordered for the correct sizes, Marshall said.

While most people have heard or seen advertisements for gold, Marshall cautions people to be wary of scams that will pay only a fraction of what their gold is worth.

He recommends shopping around to see which buyer will pay the best price instead of just taking it to one source.

There is less risk in dealing with someone face to face and watching him test the metal than there is in sending it through the mail, he said. Besides the obvious prospect of the metal getting lost, some companies immediately scrap the gold before the seller is even paid, he said.

While more people take notice of the markets, he expects the amount of business for buying gold to keep growing and the prices to keep going up.

"You never know what's going to come in," he said, holding up a small handful of pint-sized gold nuggets.