(BPT) - How many people do you have on your holiday shopping list? And how much are you planning – or able – to spend on gifts?

The average American will spend slightly more than $700 on holiday gifts this year, ABC World News with Diane Sawyer reports. Some people plan ahead and save up during the year for holiday gifts, but for many others, the holiday shopping season can be a huge drain on savings.

If you’re ready to start your holiday shopping, you may be surprised to learn that you have cash just lying around your house in your jewelry box or the back of your drawer. Selling your old or unused gold and silver items can provide you with some, or even all, of the funding you may need to check everyone off your shopping list.