You’ve chosen to make a silver investment in physical silver bullion. The spot price of silver is at an all time high and you’ve decided to “cash out”, so to speak. You want to sell your silver bars or coins but don’t know how to do it. You can either sell it in person to a local dealer or online. Selling online has its advantages and can be simpler than negotiating in person.
The Process of Selling Silver Online
Having decided to sell your silver online, you’ll want to know how to go about it properly. First, browse the sites of different retailers. Many companies that sell silver will also buy silver, at or around spot price. Depending on market conditions, you may receive slightly below spot, or you may receive a premium above spot.
If you can afford to and are not in a rush, take the time to do some research and find the company that offers you the best rate. These are usually not negotiable, and are fixed premiums relative to the current spot price of silver. As the spot price fluctuates, so does the buying price of the company. If the current market is doing well, make sure to lock in your silver so you receive the best price.
Companies will list the types of silver bars and coins they recognize as well as the current buying price that they are willing to offer for them. Some companies also accept ‘junk’ or ‘scrap’ coins, which are not standard recognized collector’s coins but are accepted anyway for their silver content.
A list of the prices they are willing to offer will also be displayed for easy reference. Once you’ve agreed to a company and the price they offer, you cannot renege on the deal. Your credit card information is locked in on file so that if you decide for whatever reason not to go through with the sale, you will be billed for the market difference. So, you should make sure you are ready and willing to sell your silver before you lock in the price.
You then enter the quantity and type of silver bullion you have; for example, 10 10 oz bars of Engelhard bullion. After the company has received your credit card information, you receive shipping directions and well as any other paperwork from the company. You are then responsible for shipping the silver to the retailer safely.
Once the shipment has been received, you are paid for your silver. Depending on whether the retailer you chose is domestic or international, you can be paid by either bank wire transfer or a check in the mail. There will be a time delay between when you send the silver and when you get paid, due to shipping time. However, you can generally expect to receive payment within a week.
Advantages of Selling Silver Online
Though the price you are offered may be less than spot price, you still stand to make a lot if you sell at a price higher than what you bought the silver for. Online retailers typically quote the best prices. If you’re selling silver in bulk, you can get a tidy sum of money. Online is also the best place to sell in bulk, as the company will always have enough money to meet the buying price they’re offering.
The companies that you sell to online are reputable and trustworthy. Though you may feel uneasy only receiving the money for your silver after it has left your hands, you don’t need to worry. Online retailers have conducted similar transactions thousands of times before and your transaction will be safe and guaranteed.