When and how to sell your silver and gold investment? If you are selling silver or gold, both bullion and coins, you want to get the highest price available, perhaps you have invested in valuable or precious metals for a long time and now you think it is the best time to sell some of your investment. Or maybe you have inherited gold or silver from a family member or just cleaning all your available jewelry collections.
Whatever your reasoning in offloading them, we have put together a guide to help people make sure that their transaction is going to be as smooth as possible. We will discuss the most important things you need to consider before you offload your gold or silver including:
Where to the best price available?
How and where to sell various kinds of bullions like bars or coins?
Where can you sell your silver or gold?
How and where to sell your bullions to or from a decent pawn shop?
Know more about online storage and selling.
Click here to have an idea on what drives the precious metal’s price
Whenever you decide the time is right to sell your precious metals, the three major factors you need to consider are convenience, safety and price. Let us take a look at the topics mentioned above as well as consider how these factors will play in your plans. Beginning with the most asked question of all:
What is the best price for your gold or silver?
The question in everyone’s mind when selling their collection is what price they will get. So, how can you find out how much your collection is worth? Listed below are some of the essential factors you need to determine in finding out how much you can receive when you sell your precious metal.
What type of bullion are you trying to sell?
There are precious or valuable metal products that are more valuable or have higher demand in the market at a given place or time. Whether it is silver or gold, a bar or a coin, private or government minted product, as well as the condition of the product, will play a significant role in its resale value.
To tell you the truth, bullion that asks for a higher premium upfront will get a higher price when sold, although it still depends on the demand at the time of the sale. One of the best ways to make sure that you will have strong resale ability is to buy a popular product where the demand is always strong.
Selling silver and gold coins
Silver and gold coins usually hold their value over time, even though resale. Because the government or sovereign coins are recognized as a legal tender all over the world, they can be resold without any delay. Because of its high liquidity, you will get a high resale value from your coins compared to what you will get from rounds.
Of course, there are some exceptions to this rule. Not only that, the retail market for valuable coins is more active compared to the retail market for jewelry or bars. It means that there will always buyers for gold or silver coins for sale no matter what the circumstances are.
Selling silver and gold bars
Silver or gold bullion bars have high resale value, especially bars that have been stored in professional vault storage. Bars produced by respectable refineries and mints have the sturdiest resale value among bullions. These kinds of bars are usually marked with a seal of the refinery or the mint where they are made; they also include a serial number for identification as well as for certification. Because of this, there are risks involved in selling or buying bullion bars.
Where can you sell your collection?
Once you have silver or gold to sell, you have to decide where to sell them. Honestly speaking, a lot of people sell their products to a bullion dealer or a pawn shop. Well respected dealers are sometimes far and few between in person, but a lot of them are trying to transition from physical stores to doing online business. It gives them whole new possibilities as well as high risks.
Selling your precious metals to a pawn shop
Although selling to a pawn shop is a lot more convenient to the seller because you do not have to ship your silver or gold, you need to keep in mind that pawn shops will offer you the lowest price possible for your product. They may not know what coin or bar you are selling and its actual worth. There is a room for negotiation, but you need to remember that you will always get a lower price compared to what a respectable bullion dealer can offer you.
Selling your precious metals online
Selling gold or silver online can be an excellent way to sell some of your collections. Bullion dealers that do their business online usually offer a better price compared to your local pawn shop because they have less operating expenses than a physical store. Some of your options when selling online are eBay, Amazon or precious metal online stores.
Isla