If you have scrap gold jewelry, old coins, or some bullion lying around, now could be a good time to turn it into cash. Gold prices are soaring with prices passing $1,200 per ounce and rising. This report from CNBC covers just how far prices could potentially go.

What You Need To Know When You’re Selling Gold

If you’re selling scrap, you’ll likely only get a portion of the scrap value, not market value for gold. The reason is buyers melt gold, they aren’t buying art or jewelry.

Also, like the value of a diamond, gold comes in various forms of quality and purity. Pure gold is considered 24 karat (24k). So if you have a 10 karat gold necklace, it’s less than half the gold of a necklace with an ounce of 24k gold.

Get Cash For Gold: Current Prices

If you’re looking to trade in your scrap gold, knowing the current trading price for gold per ounce is a good starting point. Bullion Vault tracks the market in real time and you can gauge when the best time to start getting a quote on your gold is.