If you are looking for a bullion dealer to sell your silver to you want one that can give you the best price for what you have. You might have been investing in silver for a while and now think the time is right to offload your holdings. Or you could have recently inherited some silver and would like to liquidate it. Whatever your case might be there are some important things that you need to consider to make the process of selling your silver run as smoot
A question most people who are trying to sell silver bullion Melbourne always ask is how much they should get for their silver. The price you will get for your silver bullion will depend on the following factors:
What kind of silver bullion do you have?
Silver is a precious metal that is always in demand. It is used a lot in industrial applications, as investment assets as well as other important sectors. Silver investors buy silver in the form of bullion bars or bullion coins. Bullion that demands a high premium upfront usually fetches higher prices when they are resold. Silver bullion coins have a high premium and sell well. Most bullion coins minted by government mints have legal tender which makes them more liquid than gold and easier to sell. The retail market for silver coins is also very active than for silver bars. There is always someone looking to buy silver coins.
Silver bullion bars also sell well, especially if they are in good condition and have been stored in a professional vault. Bullion bars that have been made by popular mints and refineries are easier to sell. These bars will have stamps and serial numbers that make them easy to identify. Remember that silver bars sell better when they have certification. So, make sure to keep yours safe, and if they have been inherited track down their original documentation.
How much silver bullion do you have to sell?
The amount of silver or its weight plays an important part when you sell. Whilst most silver dealers offer set prices for particular bullion products or coins, you can get an idea of the price that will be deemed fair by doing a simple calculation. Take the weight of your silver and multiply that with the current spot price. This will give you an idea.
Most dealers will offer about 80-95% of the spot price of silver bullion. This can vary depending on the demand and supply. Not all bullion dealers are looking for your particular silver product. They also need to factor in the market conditions and make decisions based on whether they can sell the silver they buy from you for a profit or if they may end up sitting with silver they can’t move.
Who to sell your silver to?
Once you have decided to sell silver bullion Melbourne you should figure out where to sell it. There are a lot of businesses that buy and sell silver bullion other than bullion dealers. Whilst you can find a number of brick-and-mortar bullion dealers in Melbourne, some businesses operate online. This makes it more convenient for sellers but the internet has its own risks.
And then there are the neighbourhood pawnshops. They also buy silver but they tend to offer lower prices. You can always negotiate the price with the pawnbroker but you have to at least know what the market price for your silver bullion coin or bar actually is.
Remember, silver is a very volatile asset and you should keep an eye on what the market is doing in order to know the most opportune time to sell. It might take days or weeks or even months for the price of silver to go up so with that being said, if you need to raise cash quickly and can’t afford to wait, then now is the best time as any to sell silver bullion in Melbourne.