Our Experts Tell You How and When to Sell Silver for a Profit
If you wish to sell your silver coins or bars - and you want to turn a healthy profit. How much you get for your portfolio will depend on several factors.
When you purchased
If you bought your silver several years ago you can expect to get a good return for them now since the value of silver has risen by over 100 percent over the past 6-7 years.
What type of coins you are selling
If you are selling Morgan Silver dollars, for example, you will get a better price than for Mexican or Canadian silver dollars, or even the British silver sovereign, as the silver Morgan is rarer and considered more valuable over and above the silver content. Also, some dates are more rare than others - making them worth considerably more.
The current price of silver
Watch the markets. The current overall trend of silver is rising. The value of silver has continued to rise as the need for industry outweighs the production of silver. In fact, silver is not being mined very much at all and new silver is being obtained as a by-product of mining other minerals or metals.
How will you sell your silver coins
You can sell silver coins either through dealers or by auction. Each has their advantages and disadvantages.
Auctions, such as eBay, provide an avenue through which you can sell your coins, but it is worthwhile browsing the auction site first to see what people are buying, and how much they are paying. It is no good putting up silver coins for sale if noone is buying the type of coins you are selling.
Selling through an established precious metals firm is somewhat safer, but you will only get the current value less the dealers charge for markup and you will sometimes pay for shipping. Checking the dealers terms of service also is a very wise move.
You can sell silver coins rather easily provided you keep in mind the aforementioned guiding principles and do your homework.
Remember, “Take care of your money and your money will take care of you.”
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