To Sell Silver

Silver for Sale!

As mentioned in previous articles, there will come a time in the future when you will want to sell some, or maybe even most or all of your silver.  The economic collapse will have occurred and the dollar will most likely not be the world’s reserve currency any longer.  A new monetary system probably based, at least partially, on gold (and possibly silver) will have stabilized the world economies. The stock market will have bottomed and will most likely begin its next (very long and very slow) ascent to new highs.  And your precious metals, your silver and gold will have multiplied in value many times over.  This is all conjecture, obviously, based on my own reading and research and my own gut instinct.  I could be very wrong, of course, but the ol’ gut is telling me I’m not. One thing to keep in mind: to sell silver when it comes time will be a scary proposition – just as scary as buying right now.

I’m not sure how bad things are going to get or what society will look like as we pass through the depths of… re… configuration.  What I do know is that I want to be prepared.  But how do you prepare for the unknown?  Well, plan for contingency.  As far as my silver holdings go, I plan to sell my silver at intervals along the way (that is if there are buyers around to buy silver…!).  If selling is not an option, then barter will be an alternative; perhaps preferable to selling.  Let’s assume that society will remain mostly intact and that government confiscation is not an option and there will be people and locations where I can sell my silver.  Or maybe you’ve got some silver right now that you want to unload.  If that’s the case please please please, if you don’t absolutely need the cash right now, wait a few months or a year or so.  Don’t run out to your local cash for silver joint.  Please wait, as higher prices are coming.

Where to sell silver

If you’ve read previous articles, specifically Silver Buyers…, you know where to buy some precious and you may have already made a purchase.  So where to sell silver?  Or better yet, how to sell silver?  Well, if you’ve made a purchase online, simply log back on to the website or give them a call and they will most likely be more than happy to buy it back from you.  Some firms claim that they won’t charge you a fee when selling if you made your original purchase from them, but I’ve never run into a dealer who even asked that question when it came time for me to sell some.   If you have a LCS (Little Coin Shop) nearby, you might want to head over there to unload some of your treasure, but you might want to call first to see what they’ll pay for it.  Remember, when determining your silver value, there are two prices to look at, the bid and the ask.  The bid is the lower number.  That’s what they’re going to pay you for your silver.  Incidentally, the amount of money between the bid and the ask is called the “spread.”  That’s where the dealer makes his money.  Let’s take a look at specific situations:

sell silver

Where to sell silver coins or silver bars

Pretty straight-forward here and almost thoroughly covered above.  You also might want to consider Ebay.  I’ve never worked with them, but they take a portion of that high premium that you would sell for there.  You might also think about selling your silver privately; placing an ad here or there, but there are definitely safety and security issues involved in this. I’ve never done this either, but it’s something that I’m considering when things get crazy.  You don’t want people you know aware that you have silver to sell because that means that you have silver to steal.  I’m not sure how a transaction like this might go down. Walking around with hundreds of ounces of silver and meeting some stranger somewhere might not be wise.  When the lines at the coin shops start to form, I thought about talking to people in the line and trying to deal that way.  I don’t want to think too much about it right now.  Where to sell silver bullion in the future will have to wait for the future.  It’s a good idea to start thinking about it though and coming up with a plan.

Where to sell sterling silver

We discussed sterling silver when we covered the silver ingot.  Remember sterling silver is 92.5% silver with the remaining 7.5% as other metal.  Consequently, you won’t receive as much as if you were selling fine 99.9% silver.  My advice to you, unless you need the money right now, is to wait.  Wait as long as you can, until we get a nice rise in the price.  We talk about selling strategy in the silver price forecast, but for now wait because the price will go up – probably a lot, and the 92.5% silver will be worth much more.  That said, if you have sterling silver to sell, shop around.  There are probably dozens of places near you who will purchase your silver.  Unfortunately, like with dealers of anything, they’re going to want to pay you as little as possible for it.  For that reason, you’ve got to shop around.  Make some calls, make some visits, check online.  Also, you might want to check with others who have made transactions like this already.  Check out Yelp and read some reviews.  Above all, if you’ve got silver to sell right now and you don’t need the cash – wait!  (Have I mentioned that already? It’s July 2013 and how much is silver worth? – $19)

As mentioned, there will be a time to sell silver.  You’re not going to want to, but you’re also not going to want to lose all those massive profits that you will be sitting on.  Be smart about it.  I’ll be around to help you out when that time comes.

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