As the price of gold hit a record price of USD$1,770 an ounce, some consumers are considering selling their old or unwanted jewelry.Precious metals dealer Michael Gupton says he is seeing more Winnipeggers wanting to trade gold for cash. (CBC)

But a survey of Winnipeg precious metal dealers shows consumers would be wise to shop around as prices paid for used gold vary widely. Michael Gupton of KMG Gold said there is no question high gold prices are prompting people to turn unwanted gold into cash. Gupton said he's even seeing people trying to sell the gold in the their mouths. "There's a lot of gold in people's mouths," said Gupton. "And it's worth a lot of money. Especially right now."

Indeed the London fixed price for gold reached an all time high Tuesday of USD$1770 per ounce, higher than the price of platinum.

But Gupton said it pays to conduct some research before unloading gold to the nearest buyer.

"You have to do your homework and find out who is going to pay you the most money for your gold. Don't go to the first guy, don't go to the guy with the flashy ad, who is waving a handfull of dollars promising the sun, moon and the stars."

CBC reporter Mychaylo Prystupa surveyed several local buyers of precious metals and found prices offered for a 10 karat gold ring varied widely ranging from $10 per gram to almost $20 per gram. That means for a typical 10k ring the local price consumers receive can vary anywhere from $50 to $100.