With the spot price of silver at an all-time high, now is the best time to sell silver coins that you have stashed for a rainy day. Consider that barely five years ago the spot price of silver was in the $15 per ounce level. By mid-2011, it had peaked at $48 per ounce and while it has trended back down to $30-$32 by late 2011, there is no indication that it will not trend up again. As such, anyone can sell silver bullion today and be confident that the normal fluctuation of the market would yield a considerable profit.
This is the trend that has been exhibited by silver, gold and other precious metals. If anything, the instability in the economy has only led to an emphasis on and prioritization of the precious metals industry in the minds of many, which is why investments in this segment are fast becoming attractive hedge options for investors.
Your best bet when selling silver coins is to do business directly with reputable silver bullion or silver coin dealers. These dealerships should be known in the community as excellent businesspeople who will help you realize the profit that you expect from your previous silver investments.
When selling silver coins to create a bulwark against economic uncertainty or to provide yourself with some much needed wiggle room in your finances, you should consider the following pointers:
1. As with many tradable commodities, certain marks are the visible guarantee of a product’s quality and reputation with connoisseurs. With regards to silver bars, two of the more recognizable brands or marks are Engelhard and Johnson and Matthey. These makers have a distinct reputation for creating bullion bars which are high in quality and guaranteed content. This is important to remember because the price of a silver bullion bar, while inherently related to the current, or “spot”, price of silver, is also influenced by its maker. Bullion bars made by less reputable makers carry more risk because there may be some questions about their provenance, and consequently, their quality.
2. Silver bullion can also exist in the form of coins. It does not follow that the term “bullion” is automatically used to refer to bars. In industry parlance, bullion is used to describe precious metals of high purity in bulk. Silver coins, for example, that are made from 99% silver are also classified as pure silver bullion, and are equally as attractive as bullion from both a buyer’s and seller’s perspective.
3. When purchasing tangible investment instruments such as silver bullion coins, it doesn’t do any harm to do some comparison shopping. Looking for the best price for your investment, whether you sell or buy silver coins, is a common sense step to take with your money. While it may be tempting to go to the nearest coin dealer and be done with the whole transaction, you may very well find that a dealer in a different location can provide you a better deal, even if they might be on the other side of the country. Silver coin dealers who conduct some of their business via the internet will usually take the additional costs of shipping and handling into account when appraising your silver bullion, sometimes offering free appraisals or a reimbursement of the shipping cost should you decide to conduct business with them.
4. Though the price of individual silver bullion bars and silver coins is decidedly substantial, in order to gain the most profit from a venture like this, one should consider how frequently one is able to buy and sell the investment instruments themselves. Being able to do so with some frequency implies a better ability to take advantage of fluctuations in price for silver, whatever the magnitude.
The world of silver investments, particularly when considering the option to sell silver coins, is an attractive opportunity for investors who are looking for an alternative method of investing their money. See for yourself why many have realized profit doing business through trading precious metals, especially silver.
Author: Glen PhillipsThis author has published 2 articles so far.