The value of recycling silver

It might surprise you to learn silver was not regarded as a precious metal until the middle of the 20th century. Back then the price of silver was very low. According to data from the Silver Institute, silver was sold for less than $1 an ounce in the 1950s. This low price explains the ubiquitous use of the in-plating. Silver began to rise from single-digit prices to double digits. In 1999, the price of silver was $10 and since then, it has inched its way to $20-$30. Silver is no longer as cheap as it used to be and it is regarded as one of the best precious metals in the world. Everyone needs silver. This metal is practically used to make things that have become crucial to our daily lives like cellphones and televisions. This is why there has been a shift in focus over what is precious and what isn’t.

There is plenty of information that has been shared about gold and how to get the best deal. There is little that has been said about selling silver. If there is a time to cash in on your investment, it is important to know what you are doing and the risk you have to take on. You can find “Cash-for-gold” stores almost everywhere in Melbourne but these really never give you the exact value of bullion and they usually gloss over silver. They concentrate a lot on the price of gold jewellery. If you have gold bullion that you would like to sell, take your time learning about the process of

selling gold. Be realistic and take your time. You can make sure that you are selling your bullion at a fair price, you should follow a couple of steps:

  1. Determine the Value of your silver.

You need to be realistic about your expectations. Know your silver. Know its purity, its weight, and the condition it is in. It is also a good idea to know whether you have bullion coins or collectible numismatic coins. When you sell silver bullion Melbourne you need to know the current spot price. The spot-price is the cost of delivering the physical metal, which is usually two days from the trading date, it changes daily. Some collectible coins can fetch a higher price than bullion coins. Remember that dealers lower their price offers and subtract a couple of percentages to make up the profit.

Research the value of what you have. Take your silver bullion to an actual precious metal dealer. There are various places that buy silver like pawnshops and cash-for-gold stores but a store that deals specifically with precious metals will be able to give you a more accurate estimate. Keep this evaluation as a base for your negotiations when you sell silver bullion Melbourne.

Shop Around.

Do not sell your silver to the first dealer that makes an offer. Try comparing quotes from physical stores as well as online dealers to find out who offers the best price. You may find that online dealers offer higher prices. They do this because overhead or other operational costs do not affect their bottom line as much as they affect brick-and-mortar stores.

Tread carefully around Cash-for-Gold

These days it would seem that everyone wants to buy your silver or gold. They are everywhere, and they promise quick cash for your gold. They will try to use different tricks to get you to sell your precious metals like not giving you the right spot price. Not all of these buyers are good but you can avoid being duped by educating yourself about silver and gold and what it is really worth.


You may also like...