We get asked this question constantly. And because no one can really predict where the prices of precious metals will go in the next month or even week, it is difficult to give a “yes” or “no” answer.

We can reflect on the history of gold and silver prices and say that back in April 2011 when gold hit $1,500 an ounce it was a BIG deal. And now that it has hit over $1,600 an ounce it is a BIG deal. Learn more about refining precious metals at www.ArchEnterprises.com.

From Daily Finance, here are 5 tips about selling gold:

1) Measure your gold against a penny. If you don’t know how much gold you have, measure its weight against the penny. Ten U.S. one-cent coins are equal to an ounce. An ounce of pure gold is currently worth about $1,600 USD.

* Note that the price of gold changes daily. The price listed above may not be the current price of gold.

2) Every gram adds up. A collection of small pendants, lockets, or pins made from 14-karat gold (58% gold mixed with other metal alloys) can add up. A gold tooth or small pin might be made from five to seven grams of gold.

*Remember to take out any gems or non precious items that may be able to be sold separately. These items have not refining value.

3) Know what the market is doing. Gold investing is serious business and there are many specialty gold products that act as investing tools.

*We recommend checking the spot price of gold.

4) What’s your emotional attachment? Wedding rings from long-divorced exes may be good to throw into the melting pot, but grandpa’s pocket watch probably has more value as a keepsake or sell it to a private buyer as an estate piece.

*Remember that when you sell items such as watches or jewelry to a refiner, you are only selling the gold. If you sell to a private buyer or estate sale you are selling the piece in its entirety (as a watch).

5) Keep the gold plate. Anything made with gold-plate or gold-fill isn’t worth much to a refinery. Keep the costume jewelry. Wear or sell the rest.

*CORRECT! We cannot offer returned on gold plated material.

Here are the prices of Gold, Silver and Platinum today (they are down just a bit from yesterday) July 20, 2011. Please check http://money.cnn.com/data/commodities/index.html for the CURRENT precious metal prices.