Why you should be selling silver now

Silver like gold and platinum is a precious metal and for the last couple of months, its value has been hovering above $20 an ounce and even touching the $30 mark. This precious metal is used in a variety of industries from jewellery manufacturing to electronics and medical industries. Silver has most notably been in greater demand because of its usefulness in the renewable energy sector.

Because of its conductivity, silver is widely used in electronics like cellphones, computers, laptops, and television. Although a small amount of silver goes into these products it still makes up for a great deal of silver that gets traded and actually used in industry. Silver is very rare and finite which is why recycling is an important part of the silver-trade value chain. Technology has been changing faster over the last couple of years and because of this, the production number of these electronic products has gone up. It is because of this growing demand that manufacturers and traders have stopped relying only on the silver that is mined but also on silver that gets recycled. This is one of the main reasons why there have been so many dealers who sell silver Melbourne.

If you own silver bullion and you are thinking of cashing in, you should know the correct way of selling it and the risks that are in your way. Not everyone who claims to offer the best money for your bullion actually has the best intentions at heart. When the time to sell silver comes, you should do your research. Do not be in a rush and have realistic expectations.

To ensure that you are getting the best price for your silver, follow these simple steps:

  • Determine what your silver is worth

Before you can even start thinking about what you stand to gain when selling silver, you should know what you have. Do you have silver bullion coins, bars or ingots/ If you have coins are they bullion coins or numismatic coins? Know the purity and the weight. If you are trying to sell silver Melbourne you should check the condition of the silver you have. The purity, weight, history and condition of your silver will determine what your silver is really worth.

  • Research the markets

Do your research into what the current going rate for silver is. Silver bullion coins are made from the finest silver and are legal tender in the country of their origin. Certain numismatic or collector’s coins with a significant history can fetch a substantial price, well beyond the melt value. When selling, you should check the spot price of silver. This is the cost of delivery of the physical metal. The price is measured in troy ounces which is equal to 31.104. Bullion dealers usually offer amounts that are far less than the spot price so that they can make a profit. If you don’t know how to research the prices take tour silvers to different dealers and other precious metal dealers. This way you will an average price for your silver. This should be regarded as a price you can base your expectations on.

  • Shop Around

Gold dealers also exist online. Online buyers can offer better rates than physical stores. They do not have to tack in operating costs or overheads. If you decide to sell silver online to go the online route, it is important to take all the necessary information, check the dealer’s reputation. Choose a dealer that offers above-market prices and of course, the convenience of being able to do sell silver Melbourne without needing to leave your home.

  • Understand the terms of the transaction

Read the fine print, especially if you have decided on an online buyer. Some sites offer free shipping but gouge the shipping rates so they can make money or recoup their own losses as a result of a failed transaction. Understand exactly what shipping means. Check the online’s return policy and look out for the cost of cancelling a transaction.

Last but not least, ask for credentials to prove that they are licensed to operate in the street. Most silver bullion dealers will insist on you providing ID. This is a precaution to dissuade the sale of stolen property and prevent money laundering.