Business is booming for scrap gold traders as consumers rush to take advantage of soaring gold prices to offload unloved or unwanted gold items.

With gold trading above $US1000 an ounce and the importance of cash highlighted by the deepest global recession in more than 60 years, Australians are trading in everything from old engagement rings and broken lockets to coins and mismatching earrings.

And with industry forecaster GFMS chairman Philip Klapwijk tipping scrap gold sales, including used jewellery, to rise 22 per cent this year to a record 1485 tonnes, traders are not only reporting booming sales but eyeing expansion plans.

Cash For Gold Australia, which also launched an online division in March, sales have grown 70 per cent in August and September to about 3000 transactions a month, chief executive and owner Michael Salib said.

Perth Mint sales and marketing director Ron Currie said gold and silver bullion sales were on par with levels in September last year and still 300 per cent up on the same month of 2007. He said bullion sales slowed heavily in June and July but has tipped a record profit in the year to June of more than $30 million, a significant increase on the $3.7 million posted in 2007-08.