Why you might want to sell your earring backs...
Britons have been told to search their drawers to take advantage of the price of gold.
"Gold has gone up to such a high level that, really, even so much as an earring back could be worth money," Jim Tannahill, director of Suttons and Robertsons, London's oldest pawnbrokers, told Money.
The price of gold has soared to record highs in the past year, buoyed by geopolitical uncertainty. It hit a record of $5,594.82 an ounce last week before suffering its steepest one-day fall since 1983 on Friday, but has rebounded since and is now around $5,050.
Despite the dip, the price is significantly higher than this time last year, with investors flocking to safe-haven assets.
That's pushed up the value of your gold at home, Tannahill said: "Tiny objects can really be worth quite a lot now, so do look in those drawers for things you never use."
If you find an 18-carat earring back weighing one gram, "that's 80 odd pound", he said.
How will your gold be valued?
If you've seen headlines about the price of gold soaring past $5,000, don't think that's what your items will be valued on.
First, that is the spot price for pure gold, so if you have a different carat, you need to take that into account.
Second, the trade price of gold is less than the spot price, usually by around 2% or 3% less, Tannahill said.
Lastly, it is all quoted in dollars, so the price in sterling can vary depending on how the dollar is performing.
Brokers will then factor in their margins, which can reduce it further.
"High street pawn brokers will be offering a loan of somewhere between 50% and 75% of the price of gold. We are at the higher end, so we do 70% or 75% of the spot price of gold," Tannahill added.
At the moment, that means an ounce of gold could allow you to borrow up to £2,750 or could be sold for around £3,350.
Tannahill has seen an uptick in people wanting to sell gold, buoyed by news of soaring prices.
"People start thinking about what's in the jewellery box, what's at the back of the drawer. All of a sudden, they've got a couple of sovereigns which are now worth £1,600 to £1,700," Tannahill said.
"We're definitely seeing an increase in inquiries."
The most popular items sold were necklaces and rings, he said, which had "much higher intrinsic value than they did have as little as six months ago".
Collectors will be looking for specific brands, so for watches, think Rolex or Patek Philippe and for jewellery, think Cartier, he said.
Pieces from the 1920s or including coloured gemstones were also very popular, he added.
Items that are easy to sell, or collectables, will be kept by the pawnbroker, he said, but others will be melted down.
Branded jewellery like Cartier, Tiffany and Van Cleef & Arpels would "definitely be polished and put in the window", he said.
"If it's unbranded jewellery, more often than not, that's going to find its way back into the melting pot."
So what should you do if you think you have something valuable?
The key is to research, according to Tannahill, who suggested taking an item to a few pawn brokers to compare prices.
You can work out a rough price by looking online and weighing your gold on the kitchen scales.
But, he warned, you shouldn't rely on the information too much.
"Not everything is always gold. Sometimes, links might have metal catches or there might be a component that is metal that might need to be factored in," he said.
"Do a little bit of research before you sell anything."