Perhaps the most difficult part of collecting precious metals and coins is determining the correct time to cash out. You have been patient, watching and waiting while values and markets ebb and flow. But it is very difficult to accurately predict what the price of silver will be in the future. Whether you have been acquiring silver for many years or just at the beginning stages, the ultimate payoff is the actual payoff. If you are holding onto your sterling silver flatware, jewelry, coins or even a silver watch, you know trying to figure out when to buy and when to sell can be the most frustrating part of owning precious metal. And while many people choose to own physical silver for security reasons – your silver can also give you instant liquid value now, should you need it. One of the most reasonable factors to sell your silver is because you need the money it is valued at and you don’t want to hold onto the silver any longer.
What is my Silver Worth?
Second, only to gold, silver has been valued as a precious metal for thousands of years. Historians believe people began separating silver from lead as early as 4000 B.C. Over the years, it has been used as ornamentation, formed into utensils, currency, jewelry and much more being used in manufacturing as well as practically as a very effective conductor of electricity. Silver is still extremely valuable today, but its price is in constant fluctuation. Silver is traded on a variety of financial markets and if you are thinking about selling your silver now, you are probably most interested in the current price of silver, which is known as the spot price. The spot price of silver is the price that silver can currently be bought and sold right now. You can find the current spot price at the bottom of our homepage. Silver, as opposed to gold, is much more affordable and thus allows you to acquire much more of the metal for the same amount of money. The downside to silver is that it is not very portable and premiums above the spot price make it difficult to just break even.
For example, a “Monster Box” of Silver American Eagles (500 coins, 500 troy ounces) weighs forty-two pounds and carries a retail value of around $8500. Though it would be nice to have, imagine the physical burden of $25,000 worth of silver – the difficulty to move in a hurry in comparison to gold where $100,000 worth could be carried in your pockets. The premium over the posted price for silver is also significantly higher than the premiums for gold. Depending on the type and size of gold you are acquiring, a 1-4 percent premium over the spot price is to be expected. Silver, however, is a different story. Right now, the silver spot is around $15.45 and the average price for a 1-ounce Silver American Eagles ranges from $17-$18 US dollars. Mint wholesalers typically charge anywhere from $2-$2.50 per ounce when selling to dealers. These dealers then add a small percentage on top when selling to the public. So, with spot silver currently at $15, and Silver Eagles fetching around $17.50, wholesalers are approximately levying an 18 percent premium on silver sellers. In order for you to recover that premium, silver would have to have a decent value rise. Of course, there are other silver products such as bars and rounds that do not carry such a high premium but compared to gold, it’s fairly high. You can find our list of payout pricing catalog for silver coins and bars here.
Where Can I Sell My Silver?
If you are wondering if it is the right time to sell your silver, the last thing you want to do now is endure the headache of knowing which place is the best to work with, haggle with a difficult buyer, or worse yet, settling for a surprisingly low, sub-par payout. That’s where the United States Gold Bureau comes into the fold. Since our founding in 2003, the United States Gold Bureau has been successfully buying and selling gold coins, silver bullion, precious metal bars and a variety of other pieces containing precious metal. Not only do we pride ourselves in maintaining a long-standing history and positive reputation within the market, but we also celebrate a growing roster of satisfied clients, many of whom return to work with us time and time again. Our purchase price is related to the current spot price of the metal, as determined by the Commodities Exchange.
The United States Golf Bureau generally buys at or near the current spot price, depending on the exact item and market demand. Ultimately, the right time to sell your silver depends on several factors: the current state of the precious metals market, the value of your specific piece/pieces, and perhaps most importantly, your own financial plans, goals and ambitions. If you have dedicated countless hours researching the right coins, bars and precious metal pieces, you deserve to get a proper payout from a reputable buyer such as The United States Gold Bureau.