So you are thinking of selling silver at these prices? Me too. It is tempting to take some profits. We are all in different life situations and have varying strategies, so please take my words with a grain of salt.
First thing to realize...
Silver's Inflation Adjusted All Time High $135 or $402 per oz?
"Based on inflation... the 1980 silver price peak would be $135 per troy ounce, based on not-seasonally-adjusted-CPI-adjusted dollars, and would be $402 per troy ounce in terms of SGS-Alternate-CPI-adjusted dollars."
- John Williams of shadowstats.com, analyzer of government statistics
If you need some cash immediately, then yes it is time to convert your silver to paper money. Please scroll down below to make sure you are getting a fair deal and to discover the best places to sell silver.
Hoping to Sell/Spend/Trade At The Peak?
If you are looking to sell or trade at the peak of this bull market, (a market with increasing investor confidence and rising prices) and are comfortable riding out the volatility ahead, then let's ponder some basic questions to see if we have reached that peak.
This is a key point. Depending on the condition of the currency in use where you live, you may not want to sell sterling silver or be selling silver coins in exchange for the questionable paper. Trade or barter could be a better option.
It may be time to think of the value of your silver in ounces or grams, not paper money.
Selling Silver? Why Not Trade It For A House?
Some precious metals investors such as Mike Maloney believe that sometime between now and 2015 it may be possible to spend or trade 200-500 ounces of silver for the average american sized home.
200-500 oz Silver to Buy a House? Mike Maloney on Gold and Silver Vs. Real Estate
Spending Your Stash
By: Peter Schiff
While gold and silver coins are nice to look at, and there's a certain sense of independence one gets from owning them, most purchasers buy physical precious metals with the goal of eventually spending them.
As they say, you can't take it with you.
Unfortunately, many purchasers buy without ever knowing how to spend, and that can cause problems down the road. The reason I say "spend silver" instead of "sell silver" is that selling silver coins for dollars (or euros, yen, etc.) is only one way to spend them. The other is to barter directly for goods and services. Whichever method you choose, it's important to know all your options. Continue reading.
How To Go About Selling Silver?
Note, the following is in regards to the melt value or bullion coin values of selling silver. I am not taking into account the artistic or rarity aspects of any silver pieces you have.
Before selling silver to anyone, ensure you know the value of your silver. This means understanding the purity (.80, .925, .999 or .9999) and mass (1 troy ounce = 31.1 grams) of what you are selling.
It is possible to sell silver at or slightly above the spot price. Especially as silver supply shortages worsen, we will begin to see a disconnect between the spot price and what price people are selling physical silver for.
Do not sell silver at any less than 90% of the spot price. You can do better.
For example, you are selling a Canadian Silver Maple which is .9999 and 1 troy ounce.
The spot price is $50 and the dealer offers you 90% of spot.
50 x 0.9 = 45
You would not sell your coin for any less than $45.
If you want to sell sterling silver, remember its purity is .925.
Example 2, you have a bag of sterling silver candlesticks you wish to sell. They weigh 30 ounces combined. The spot price on the day of your sale is $50.
The spot price represents the value of .9999 silver so you have some calculations to do.
30 ounces x .925 purity x $50 = $1387.50
Where To Sell Silver?
- Your local coin shop/dealer. Nice to do business face to face. Remember, if he/she does not offer at least 90% of the spot price, you can do better!
Widely used and respected. People often receive higher than spot prices for their silver here. Ebay does however take a 9% commission on your final sale so take that into account.
eBay's top 10 selling tips.
- J&M Coin & Jewellery Ltd. (bullioncoinsandbars) based in Vancouver, British Columbia. They will buy back the same products that they sell. Many friends and myself have been very happy with J&M.
This website was launched in April, 2011. The goal of Spotmex is to save you time and money. They hope to create a place where people can buy and sell their gold and silver at the spot price, avoiding premiums and commissions. Looks like it will be a great community. I am a registered user. Explore Spotmex.
I wish you all the best in selling your silver and hope this page has helped you.