From wedding rings to old family heirlooms, the variety of pieces Amy Myers comes across is never ending.

But almost all the pieces the Melbourne-based business owner buys will be melted down and turned into bullion.

Ms Myers set up her business temporarily on the second floor of the Golden City Hotel in Ballarat on Saturday.

She said gold prices were currently high, because of a global shortage.

Ballarat resident Maureen Nicholas headed to Midas Gold Traders on the weekend to see what some of her old and broken jewellery was worth.

"I just don't wear gold," she said.

"And I've got a ring that has lost its stones, and it's going to be expensive to have it replaced."

The Mining Exchange Gold Shop owner Cordell Kent said gold had been valued throughout history.

"It's always been a safe haven when times are troubled," he said.

However, Mr Kent said the current value of gold was not as high as it had been last year.

"We have seen in the last year, $1500 an ounce for gold," he said.

Mr Kent said Ballarat continued to be a good place to look for gold.

"(It's been) 158 years and the gold rush hasn't stopped," he said.

"(We're) seeing gold prospectors on a daily basis, bringing gold in."