5 Worst Mistakes When Selling Gold and How to Avoid Them

Selling Gold Offers Valuable Opportunities

According to the gold investment website, Gold Eagle, the price of gold soared 650% from 2001-2011, and many analysts believe it may go even higher. That’s why you might want to take a fresh look inside your jewelry box to reconsider selling your unwanted, broken or damaged gold jewelry. The key to selling gold is finding a gold buyer you can trust who will offer you the best possible price for your gold. Let’s take a look at 5 mistakes many gold sellers make and offer ways to sell your gold the right way.

Mistake #1.

You don’t sell your gold locally to a trusted gold buyer

Many gold head down to their local pawnshop, place an ad in the local paper or contact an online gold website. The problem with each of these selling methods is that you cannot tell if the seller’s appraised value is fair. Some web-based “Cash for Gold” companies, for example, have been exposed for paying as little as 5% of the item’s actual gold value. Pawnshops are notorious for ripping off consumers, and you can never tell if the stranger who answers your ad will offer you a fair price for your gold.


The gold buyer you select must have a solid reputation for buying and selling gold. Be sure and ask how long your buyer has been in business and what their background is in appraising jewelry, precious stones and metals. In addition, you should be able to read several positive reviews and testimonials from the gold buyer’s previous customers. Read the Cook County Gold Buyer’s Reviews here.


Mistake #2:

You give in to sales pressure

If you are in a gold selling scenario and feel the slightest bit of pressure to sell immediately, it’s time to trust your instincts and walk away. Remember, sales pressure only works on desperate gold sellers who need the money right away. Take your time and make sure the transaction “feels right” for both you and the gold buyer. Watch a video of the Cook County Gold Buyers’ selling process here.


Mistake #3:

You meet a gold buyer in an unsafe location

Unlike buying a car, you cannot walk into a large showroom or public place to sell your gold. The gold buying industry is largely unregulated so avoid meeting a stranger in a private location during non-business hours. Experienced gold buyers ask you to select the time and place, not the other way around. Public locations like a McDonald’s or Starbucks work best.


Mistake #4:

You don’t see your gold evaluated in your presence

A qualified gold buyer has nothing to hide, so if he or she does not weigh your item in your presence or walks behind a curtain or another room, you can bet that spells trouble. Your gold should be weighed in front of you, and you should watch as other tests are run on your gold items to determine its quality.


Mistake #5:

You accept a check or send your gold to a buyer before receiving payment

After you and the gold buyer agree on a price for your gold, you should receive cash or a certified cashier’s check on the spot. At Cook County Gold Buyers we offer our customers cash at the time of sale so the transaction is completed immediately. 

If you are ready to sell your unwanted gold, gold jewelry or gold watch, call Cook County Gold Buyers at (773) 490-9828. Owner, Michael Jacobson is known as Chicagoland’s trusted gold buyer and will offer 75% of your gold’s spot value.  Mike meets his customers in a safe, public location to give you an estimate. You can find us online by clicking here.