When you sell silver Melbourne, you want to get the best price for it. You might have been investing in this precious metal for a while now and you now think it’s time to sell some or all of it. You might have been lucky enough to have inherited some silver from a family member or received it as a gift. Whatever the case maybe you need to know exactly what you need to do.
What should you consider before selling your silver:
- What is a fair price
- How to sell different kinds of silver
- Where to sell your silver
You know that you want to sell silver but how much can you expect to get?
What’s a Fair Price For Silver?
Anyone trying to sell silver Melbourne will want to know what their silver is worth. How do you know what your silver is worth? There are some factors that can help you determine how much you stand to make by selling your silver.
The Kind of Silver Bullion You Are Selling?
Some silver products have more value than others. They may also be in great demand. Factors like whether it’s a bullion coin or bullion bar, a sovereign (government) mint or private mint product and the condition of the silver product plays an important part in the product’s resale value.
Generally speaking, silver products with a high premium demand higher resale prices. This may depend on the demand at that particular time. One way to endure that you will have great resale potential is to buy products that are in high demand, to begin with.
Silver Coins
Silver bullion coins generally hold their value. Government minted coins are recognized everywhere and they are usually resold easily and for a good price. The market for silver bullion coins is also more active. There will always be a buyer for your silver bullion coins.
Silver Bars
Like silver bullion coins silver bullion bars produced by reputable sovereign mints have a strong resale value. Silver bullion bars made by refineries like Engelhardt and PAMP Suisse are in high demand. There are fewer Engelhardt silver bullion bars and because of this, they have a higher resale value. Investment-grade silver bullion bars have a seal marked with the refinery’s brand, the weight, the purity, and a serial number for easy authentication.
How Much Silver Do You Have Sell?
An easy way to determine the value of your silver is to simply multiply the weight of your silver with the current spot price. This should give you an idea of what you are most likely to get.
Bullion dealers will typically offer 95% of the silver spot price, however, this will vary according to the market conditions. If you have a lot of silver to sell to a dealer who is in short supply, he might make you a good offer for the lot.
Once you have collected the silver bullion you want to sell and assessed what the price is likely to be, you might want to take it to a precious metal dealer who likes silver. You can find one in your area by doing a simple web search.