7 Tips for selling silver

Do you need cash quickly? How much of a silver stash do you have? Is it substantial enough to get the cash you need? Here are tips to help you to sell silver bullion you have for the best price.

#1. Know what your silver is worth

Before you take your silver to a dealer, try and find out the fair price for your gold. The price of silver depends on a couple of factors:

  • The weight of the silver product
  • The purity of level
  • The market demand

#2. Find out what the fair market value is for items that are similar to your own

Most buyers will offer you fair market value if your silver bullion has a famous hallmark or is made by a refinery that is on the LBMA good delivery list.

#3. Get a professional appraisal

Do not sell silver bullion to the first dealer that makes you an offer. Get quotes from at least three separate dealers to get a ballpark figure for your silver.

#4. Pursue more than one way of selling

Explore different selling channels. Different dealers put a value on other features before the weight and fineness. You won’t know unless you try other ways of selling your silver. Consider the different options in your area. Bullion dealers and coin shops are always looking for silver bullion. Pawnshops might also buy your silver but they may not offer you fair market value.

#5. You need to come to an agreement on the price

Dealers will want to give you a price that ensures that they get a good profit for your silver.

#6. You have to be patient

Sometimes you have to watch the markets before you sell. If silver is on the rise, it could be worth your while to wait a bit before choosing a dealer to sell your silver to. You may be able to get a better deal if you are willing to wait for a buyer who is willing to offer a good price for your silver bullion.

#7. Be willing to decline an offer

You may need to sharpen your negotiating skills so you get the best deal for your silver. Everyone wants to get the best out of a deal. The person you are selling your silver to is looking to make a great profit so, he might offer you less than what he really should. If you approach a silver dealer but you don’t do your due diligence or show that you at least have a clue about how much your silver is worth, a savvy dealer will be able to pick up on that and use it to his advantage.

Do your research, negotiate and be ready to say no to a low-balled offer. Silver is a precious metal that is always in demand. Silver is an excellent investment in the long term, there’ll always be a buyer willing to pay good money for your silver.

The bottom line

Whether you are selling silver bullion in the form of bars or coins there is always someone who’ll be willing to buy. There are various types of buyers out there. Do some research on the ones that are near you. Ask questions, compare different quotes and choose the best deal for you.