Is your jewelry really worth its weight in gold?

NewsChannel 10

Amarillo, Texas - The value of gold and silver is through the roof, as both metals hit record highs today.

Gold has doubled in the last year, reaching over $1500 an ounce today, while silver hangs just below $50 an ounce. For local jewelers it's raising their prices, since any gold or silver they buy from wholesalers is much more expensive.

People are still buying jewelry however, some are just finding other alternatives. Paul Goodin of Goodin's Jewelry says, "It has forced us to change and go to alternate metals especially for men's wedding bands and such. They're all buying titanium or tungsten mostly. Very few gold bands are sold anymore as far as just a gold wedding band. They just don't buy them because they're too expensive. The tungsten and titanium are very durable so it's a good resource for not having to spend so much on a band and still get a good wedding band."

Goodin says people are also choosing to have old jewelry repaired instead of buying new. He expects gold and silver prices to continue to skyrocket. While there's no single reason to pinpoint the high prices on, many believe the declining value of greenbacks in the U.S. is to blame.