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Tips for Selling Silver

Silver has been that grumpy relative that everyone invites to the family dinner, but he doesn’t cooperate or get along with the spirit, instead of being the character that fouled up the punch. While all the other precious metals have skyrocketed up, silver has wallowed in the lower values for a number of years, only recently picking up a pace a bit in Fall 2020. However, like many grumpy relatives, silver is a complicated pest. While it doesn’t necessarily score big price points like its yellow cousin, gold, silver has the ability to produce some very interesting returns regardless. Much of it has to do with how silver fluctuates so much, even at lower values.

What Sells?

Just about anything that is solid silver is salable. Specifically, silver bullion coins and bars are some of the most high-demand types of silver at any given time, and solid silver jewellery does well too. Clearly, the best silver to have for sale will be the high purity grade of 99.9 percent. Sterling silver labels are a giveaway for this standard, especially in silverware for dining settings.

What Makes a Good Sale in Silver?

Timing, timing, and timing make a good sale. The silver metal does not follow and has not followed a predictable arc of appreciation. Instead, its pricing runs up and down like a fidgety monkey, going up and down a tree 50 times in a day. Because of the very nature of how silver fluctuates in price, that means there are lots of opportunities to catch a good price point for a sale, and a lot of risky moments to make a mistake. And that same frequency makes it hard for an occasional buyer to be able to do anything with silver as an investment. Gold tends to be a general appreciation upward over the years, or at least has been, so an argument can be made to hold on for five or seven years and get a return. Silver could actually be lower in five years if one just fixates on a date. Instead, silver is far more suited to someone who watches the metal regularly and sees an opportunity this week but it goes away next week, the metal’s price is literally that volatile.

The other big factor in a good silver sale tends to be where one sells silver. There are a lot of rabbit holes one can fall into with silver selling, and many won’t return a good price, even when the spot price for silver has climbed considerably. Instead, one needs to seek out a good buyer resource who provides as fair a silver recycling price as possible and close to the spot price. Too often people get enamored with the spot price and then get shocked when they show up at a dealer who refuses to pay anything close. They then freeze and accept whatever’s offered. That’s a mistake. A bit of research and understanding what silver buyers are available in New Zealand can make a world of difference.

Pay Attention to the Fluctuations

Silver has bull runs and then drops, even though it seems overall in a big chart to be in a trough at times, day to day it’s up and down. Spending some time watching this behavior is a useful tip and can help spot a building high point as well as a good time to sell. This is a bit of timing a price, but because silver bubbles so much, there are plenty of more opportunities if the first one is missed. And it provides plenty of opportunities to practice monitoring to get price-watching right. Try this tip, you’ll be surprised by how much silver moves day to day, week to week.

Pay Attention to the Fluctuations

Don’t Get Greedy

If you’re winning learn to call it with a respectable gain and back off. There’s an old saying in investment that pigs get slaughtered, and it’s very true. People who wait too long just wanting to see the price go a bit higher are oftentimes disappointed. Instead, those who consistently make profits selling silver do so with smaller gains. Think about it. Making a 10 to 20 percent profit 50 times is worth a lot more than one big gain of 50 percent and then a lot of losses right after. These folks don’t get enamored with big figures. They build profit incrementally, one small gain at a time and then adding up the aggregate. And don’t worry, because there tends to be plenty who have overbought, when silver drops there’s plenty of fire sales to take advantage of if you want to get back into silver again with your portfolio.

Don’t Sell When Things Drop Because of Panic

Silver is going to drop, you can bet on it. And for many, silver tends to drop in price right after they just bought it, which can be alarming. However, the biggest mistake you can make with timing silver for a sale is to sell in panic. Don’t fall for the pressure. The beautiful thing about silver is that as fast as it drops, it runs right back up again. So, the loss factor is minimized. Be patient, wait for your time, and then sell when the opportunity presents itself properly. Your patience will pay off handsomely. Experienced silver sellers know this and simply sit back and catch a drink when there’s a drop. They might even use it as a buying opportunity to score a bigger sale a few days later.

Gold Smart Gives You the Silver Sale Advantage

You could time your silver sale incredibly well, follow all silver selling tips, but the gain can be entirely wasted if you sell to the wrong dealer. Remember, a lot of precious metal buyers have no interest in providing an objective recycle price. Taking time to find a good buyer can be a big part of maintaining a solid gain when it is time to sell your silver, providing you the best resale price possible for the precious metal.

Gold Smart can help you as one of New Zealand’s most respected precious metal buyers. Because Gold Smart is both a buyer and consolidator, we are able to regularly price silver at some of the most objective levels versus spot price. That means for sellers some of the best gains possible versus other options for selling silver. Don’t give away the product of your patience unnecessarily. Work with Gold Smart regularly and your research and temperance will pay off with great silver prices and sales.