Liquidating Physical Silver Bullion

Though the actual dollar value of silver is not as high compared to that of gold or platinum, the metal is quite valuable because of its constant demand. Silver is being included in IRA investment portfolios specifically for this reason- as it is expected to perform well in the long term. As a long term investment, you don’t expect to have to unload your asset and liquidate short term.

Fortunately, should you wish to unload your silver, physical silver is an especially easy investment to liquidate. You have it in hand and can access it easily, which is not the case with a paper silver investment. The best time to sell is usually when the spot price of silver is at a peak, or when it is high enough that you make a worthwhile return on your investment.

Sometimes, adverse incidents do happen and you may need to sell quickly, irrespective of the return you’ll receive. Whatever your situation may be, you have two options for selling silver bullion- either selling locally or selling online.

Selling Silver Bullion Locally

If you choose to sell your silver locally, you can negotiate and get rid of your silver quickly. You will also receive the cash in your hand faster, as the transaction is conducted on the spot. Engaging a local dealer will also help you maintain a relationship with someone knowledgeable in silver. You can consult or conduct business with them if you decide to buy or sell more silver in the future.

The downside to selling silver locally is that you’ll have to physically transport the silver for inspection. Before agreeing to buy, the local dealer will have to verify and inspect your silver for nicks and scratches, to protect their interests.

Lugging your silver all around town can be a hassle and not to mention, indiscrete. If you’re seen visiting numerous known precious metals dealers, you can become a target for theft. The condition of the bullion will also affect the quote you’re given. If you’re selling in bulk or have noticeably secondhand coins to sell, this may not be the avenue for you.

Also, most local dealers are smaller outfits that likely do not have more than a few thousand dollars on hand at any given time. If you are looking to move tens or hundreds of thousands of dollars of silver, you will likely have to look at online options.

Selling Silver Bullion Online

The process of selling silver bullion online is simple and straightforward. Each retailer will list the prices they offer for specific bullion bars and coins on their website, so you can look the prices up online and compare and contrast different companies.

These prices include fixed premiums and fluctuate daily, mirroring the changing spot prices of silver in the market. After you’ve selected a company, you enter your credit card information (not charged, only to lock in your price), the quantity and type of bullion you have to sell, and wait for shipping instructions. Having shipped your silver, you then receive payment by wire or check after the company confirms receipt.

The advantage of this is that online dealers offer competitive prices and have enough cash on hand that if you want to liquidate large amounts of bullion, they’ll be able to provide you with the cash instantly. If you are hard-pressed for cash, this may not be ideal for you, as there will be a delay of a few days while the silver is in transit.