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How To Sell Silver

Before selling any silver, an investor should make certain that he knows exactly what he holds. Weigh the bullion or rounds before visiting a dealer’s premises: it’s not unknown for unscrupulous dealers to fix their scales in their favor.

If selling scrap silver, conduct research into the items you consider to be scrap to ascertain that they only have a melt value, and no value as the items themselves. Always remove stones from silver jewelry you are scrapping (after you’ve done your research, of course).

When selling silver coins, the investor faces other difficulties. Because the value of a silver coin is more dependent on its rarity, condition, and history, rather than silver content, the investor should conduct in depth research, perhaps discovering the prices paid for similar items recently. Specialist coin dealers will often give better prices, and such specialists often specialize in coins of a certain age, or from a certain mint. It’s worth a trip to the local numismatic society to find out who are the best and most trusted dealers in the area.

Jewelry, and coins, can also be sold at general or specialist auctions, or to high street dealers. Internet auction sites, such as eBay, are becoming increasingly popular and can attract huge numbers of potential buyers.

Silver bars and rounds can also be sold to precious metal dealers, or via the internet to registered metals dealers or brokers.

Silver ETF holdings, or shares of publicly quoted platinum mining companies can be sold on a stock exchange at readily available prices.

Research and Negotiate

The best prices when selling are achieved by those that are fully aware of the current silver price and the value of what is being sold. Remember, however, that when selling bullion, it is most likely that you will need to accept a small discount to the cash price of silver: the buyer will want to make money on his purchase. The skill when selling bullion and rounds is to negotiate a price as close to the cash price as possible.

There’s always a Cost When Selling

Sales of silver company shares or ETF’s will incur brokerage fees. Selling silver on the high street will incur transportation costs, and selling via auction will incur commission and fees. If selling on line, then you need to consider postage costs.

And, as if all this isn’t enough, then there are the tax issues to take into account. You may be liable to capital gains tax, for example.

Getting the bets price for your silver isn’t just a question of the highest price paid on the day. Knowing the right price, keeping costs down to a minimum, and paying as little tax as possible is all part of the deal.

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Silver Investing | Buying Silver | Selling Silver | Silver Bullion and Coins | Junk Silver | Scrap Silver | Silver ETFs

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