After rising about 40% this year, silver is at a two-year high. Percentage wise, silver has actually gone up more than gold! So, if you have silver, you may be wondering: Is now the time to sell?
When is the right time to sell silver?
The answer depends on the current state of the silver market, the value of your specific piece(s), and most importantly, your own financial plans.
Whether you have sterling silver flatware, jewelry, coins, or even a silver watch, this post will help you decide if, when, and how to sell your silver for the best possible price.
Understanding How Silver Is Valued
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, utensils, currency, and more.
So what makes silver so valuable even today? Silver is rare and extremely useful for a variety of applications.
A few facts about silver:
- Silver is a very effective conductor of electricity (more than copper!).
- Silver is used in the manufacture of photovoltaic panels and solar cells.
- Silver salts were used in the Middle Ages for yellow and orange colors in stained glass.
- Silver is often used in water purifiers to prevent the buildup of bacteria and algae.
Practical uses aside, silver is just plain beautiful!
The Silver Market
You can see why silver has been considered valuable all around the world for so many years. But what about today? Is silver still valuable now that’s no longer widely used as currency?
Silver is still extremely valuable today, but its price is in constant fluctuation. Silver is traded on a variety of financial markets. If you’re thinking about selling silver now, you’re probably most interested in the current price of silver, which is known as the spot price.
The price of silver can fluctuate significantly from day to day or hour to hour due to economic factors like:
- Inflation or deflation
- Changes in supply and demand
- People’s economic expectations
It’s very difficult to accurately predict what the price of silver will be in the future. Many people claim to have foolproof methods for predicting the price of precious metals like gold and silver. Unfortunately, these methods often fail, causing the people who trusted them to lose money — sometimes a lot of money.
When Should You Sell Your Silver?
We’ve been buying and selling silver for nearly 100 years here at Samuelson’s Buyers. We’ve seen prices go up and down and we know the silver market inside out.
Here’s our advice:
- The most important reasons to sell your silver are that you either need cash or don’t want the silver anymore.
- If you have silver you’ve been holding onto, there’s no reason to wait.
Why? No one can accurately predict the silver market, and prices right now are at a two-year high. Selling now to a trusted buyer guarantees you’ll get a great price for your silver.
Think about it this way: If you own silver you’re not using, it may have intrinsic value, but you’re not benefiting from that value. What’s more, that value is subject to the ups and downs of the market. You don’t benefit from the value of your silver until you actually sell it.
Plus, keeping silver you’re not using actually deprives you of an opportunity to make money through better investments. If you sold your silver right now, you would get cash today — cash you could spend or invest elsewhere for a potentially higher return.
Think about all the things you could do with that cash:
- Invest in the stock market
- Save for a new car
- Put it toward a new home or a kid’s college tuition
- Start (or add to) your retirement account
- Pay off bills
- Take a vacation
How to Sell Your Silver
If you’re ready to sell your silver, the next step is deciding where to sell it. It might seem like the easiest option is to head to your local pawn shop. Pawn shops are great for selling some items, but not valuables like silver, gold, or diamonds. Many pawn shop owners will offer you a lower price because they know you want cash quickly. Also, most pawn shop owners rely on fast turnover. That means, the longer they think it will take to sell your item, the less it is worth to them.
Source : Samuelson Buyers