Whether you call it ice, bling or just plain old jewelry, gold is worth a lot more nowadays than you think.

"The price of gold is moving up close to a thousand dollars and ounce," says A-Gordy's Midwest Fine Jewelry owner, Gordon Ottaviano. "So it's making people look around at all their gold jewelry and thinking twice now maybe it's time to sell."

And jewelry stores are buying from anyone that's willing to cash in. From 10 karat gold rings to 24 karat gold bracelets, people are turning old jewelry into new money.

"This ring I bought today, it's 7.2 grams at 16.50 a gram I paid 116 dollars for this ring today," says University Coin, Stamp and Jewelry owner, Dennis Lemke.

Just 3 years ago a ring, bracelet and necklace would have cost around 2 thousand dollars and now more than 3 years later it could cost more than doubled in value and is now work 43 hundred dollars and these are items you may have laying around in your home.

Jewelry buyers attribute the higher cost of gold to the cost of oil and the value of the dollar today. However, it's a market that keeps on changing, so if you have old gold jewelry laying around now is the best time to make a profit.