When it comes to investing in silver, many people get confused about what pure silver is and what sterling silver is. Sterling silver is quite common. It is the silver that is used to make tableware, ornaments, and jewelry. Sterling silver is made up of 92.5% silver and 7.5% copper. Silver bullion on the other hand is made up of 99.9% silver. The reason why sterling silver is popular is that pure silver is soft and gets easily damaged, sterling silver is alloyed with copper to make it harder and more durable. Sterling silver is more practical. Pure silver or fine silver is used mainly to make investment-grade silver bullion.
People have been investing in silver for years. Of all the precious metals silver is the cheapest and easiest metal to invest in. However, when you invest in silver bullion, it is important to know where to sell it and when.
There are several ways to offload silver bullion when you need to. You can sell it to gold dealers, coin shops, pawnshops, and private refineries.
You can sell silver bullion to Precious metal dealers who have attractive buy-back rates This means that they are happy for you to sell silver bullion back to them as they sold it to you in the first place. This doesn’t mean they won’t buy silver bullion that you bought elsewhere, but a buy-back policy makes things easier.
People sell directly to refineries in an effort to “skip” the middleman. Refineries deal with bulk purchases and they tend to prefer silver bullion. Skipping the middleman might sound like the smart thing to do, but they don’t give you a lot of wiggle room to negotiate a better price. They also tend to buy silver at prices that are way below spot.
When should you sell silver bullion?
To make a profit from your silver investment, you need to know what is happening in the market and to track the price. Silver is very volatile so; you want to sell as soon as the prices go up because things could change in a matter of hours. Silver is very liquid which means that you can get cash quickly by selling it when you need to. When is the best time to sell silver? Whenever you need cash.
It doesn’t have to be for emergencies. You could cash in your silver investment to pay for a long-overdue vacation.
You could sell your silver bullion if you feel that you can no longer store your silver securely. Maybe there’s something that makes you feel unsettled and you want to reduce the risk. It’s better to sell and get cash for your silver than have it stolen.
You may be planning your Estate and need to set your precious metal holdings to a specific amount.
There are a plethora of reasons for why you would want to sell silver, you still would want to sell your silver when the price has gone up. Keep your eyes on the spot price. It surges in a short time or drops without warning.