It’s easy to sell silver bullion because many gold dealers are available to buy your investment irrespective of where it was initially obtained. And the good thing is that you can get very competitive rates. Some dealers will even go as far as buying products that are damaged or in bad condition. However, the price offered for such products will be lower. For instance, dented coins will fetch a lower price compared to coins still in pristine condition.
Typically, when you sell silver bullion, the dealer will repurchase it at around 95-97% of the spot price. It’s, therefore, your responsibility to look for a buyer who will offer the highest amount of money. Some dealers will display buy-back prices on their website, and this makes it easy for you to compare. You may also walk from shop to shop looking for the best deal. Even if a dealer has tested and verified your merchandise, you are not obligated to sell. But if the offer price is reasonable, you may accept it, and the dealer will pay instant cash for your product. For larger transactions payment is made by EFT into your bank account.
Negotiate the Price
If you want to sell silver bullion that you purchased from a particular dealer, the dealer can repurchase their own brand closer to the global spot price. But if you bought it elsewhere, the dealer may you less such as 96% of the spot price. Some dealers can also purchase scrap silver at a competitive price. Before you go to a dealer’s shop, you may call and discuss the selling price. During the negotiation, you will describe what silver items you have for sale, and the dealer will then make an offer based on your description.
Preparing a Sale Order
Traders who operate a website make it easier for people to sell silver bullion. When you visit the website, you will find a list of silver bars and coins accompanied by their prices. All you need to do is to match the weight that is displayed with the coins and bars that you wish to sell. The prices are indicated, and this means that there’s no need to bargain. However, branding my effect the price a little.
Selling from your Storage Vault
On top of that, we have dealers who also operate vaults for customers to keep their investments safe. They usually target market self managed superfunds. In the event you have your silver bullion in a vault, you don’t have to worry about packing and transporting your precious metal. However, check their buyback pricing as it may not be that competitive. So when the time comes to sell silver bullion from your vault and have found the right dealer, get the dealer to organise shipping the silver from your vault to their shop. You can then be paid by your chosen method from that dealer once the silver bullion arrives. Remember to carry your identification if you’re a first time customer or you want to sell silver bullion worth AUD 5,000 or more.