GARWOOD - Prices on gold as a commodity are at an all-time high, and many in New Jersey are cashing in.

Gold is currently selling for over $1,600 an ounce as of Wednesday morning.

When customers sell gold, Phil Schwartz from Garwood Coins & Jewelry says that they don't get money based on the weight of their jewelry. "14 karat gold, which is what most people have, is 58 percent gold. That's the actual content. They mix it with other metal to strengthen it," Schwartz explained.

Some customers say they were pleasantly surprised at the shop. Megan Vannote, of Montclair, says she was expecting to make about $100 off of her jewelry and walked away with $400.

The high price in gold has actually been hurting some jewelry stores since their prices are much steeper. Sliver is also at historic highs of $41 an ounce.