Inside a conference room at a Kendall hotel, Maria Noguera and her mother sit in front of a jeweler from Twery's Estate Buyers. As a large lamp shines down on their glittering rings, necklaces, watches and earrings, the jeweler meticulously counts, separates and tests the 30 pieces of gold they brought to sell.

About 30 minutes later, the West Palm Beach-based jeweler makes an offer: more than $10,000. As the two women leave with their check in hand, Noguera's mother screams out to the jeweler, ``I love you.''

The story of Noguera, 47, and her mother is being repeated all over South Florida, where gold ``fairs'' are attracting those interested in cashing in on the high price of gold.

Gold futures jumped to a record Friday, topping $1,100 an ounce, on mounting speculation that low U.S. borrowing costs will drive down the dollar, boosting the appeal of the precious metal as an alternative investment. The metal reached $1,101.90 on the New York Mercantile Exchange, raising expectations of higher prices for those with old gold on their hands.

From Worth Avenue in Palm Beach to Las Olas Boulevard in Fort Lauderdale to the jewelry centers in the Seybold and DuPont buildings in downtown Miami, jewelers are doing a brisk business in buying old gold.

`DRAMATIC INCREASE'

``Gold prices rose as other economic indicators fell a few years back. We have seen a dramatic increase in the numbers of people selling old gold and unworn jewelry in the past six or eight months especially,'' said Inez Heery, manager at Betteridge, Greenleaf and Crosby Jewelers on Worth Avenue in Palm Beach.

``When gold is high like right now, it creates a stir, so there is plenty of activity,'' said Seth Eber, a Twery's jeweler based in Lake Worth.

Over the past couple years, Twery's has made weekly treks to the Kendall Hotel and Suites, 9100 Kendall Dr., and to other South Florida locations where customers bring in their unwanted and unused gold. Jewelers say much of the gold they see is not worth very much.

``Everything is mostly scraps -- stuff people have in safety deposit boxes and in drawers, stuff that they aren't using,'' said Moe Haghighi, owner of Dover Jewelry in the Alfred I. DuPont Building in downtown Miami. ``People need the money and are selling what they find.''

Jewelry appraisers say sellers should consult several jewelers -- at least three -- before accepting an offer. Sometimes vendors quote low prices; sometimes customers have an inflated sense of what their jewelry is worth.

``A lot of people bring in stuff that they believe is real and it isn't. I see a lot of stainless steel plated with gold and stamped 18 karat,'' said Mickey Gallander, owner of Cash Dome, a pawn shop in South Dade.

Vendors say they take into account several factors when making an offer, including the quantity of gold, gold content and the price that gold is selling for that day. Although some vendors, such as National Pawn & Jewelry in downtown Fort Lauderdale, display the price of gold at their businesses, customers should be aware what gold is going for on the day of the sale.

TESTS

Vendors generally follow a process that involves a couple of tests, including a scratch test and acid test. They involve scratching the gold piece on a stone then placing a solution on the scratch to determine karat content.

``These tests are intricate,'' said Vadim Shersher, owner of More Cash for Gold in North Miami Beach. ``The tests can determine the gold pretty well at about 97 percent accuracy.''

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