People love buying silver or gold bullion and loved to talk about the many different ways of getting it. And the main purpose why people like you buy silver is to make money once you sell the bullion. Unfortunately, a lot of people end up selling their bullion at loss for a number of reasons. Some are probably hoping that their silver will skyrocket in the foreseeable future but will frantically sell
it once the price dips.
In reality, many gold and silver bullion investors make money by selling the items once it appreciates in value. For example, you bought the silver and it appreciated by 30% in just two or three months. That’s a modest gain and good enough to cash in. The next step is to find the best place to sell your silver bullion. You currently have three options which are:
Selling to an individual
We all know the dangers of dealing with strangers especially when dealing with money transactions. Selling a very substantial number of bullion to an individual is a risky enterprise at best, will you get paid?. However, selling to an individual you can fetch the highest returns as often they are happy to pay you slightly over market rates.
- Selling to a local bullion dealer
Selling to a local silver bullion or coin dealer is the next best thing. One advantage of selling to them you get paid on the spot. For example, it’s easy to sell silver bullion Brisbane since there are several dealers located near you. Only disadvantage here is the dealer pays slightly under market rates.
- Selling to an online bullion dealer
On the other hand, online dealers are probably offering a much higher price than the local shop near you. This is actually true in many cases; however, you had to consider the added costs of shipping and even insurance. The risk here is your package get’s lost and the insurance company refuses to pay.
- Local Bullion Dealer vs. Online Bullion Dealer
From a seller’s standpoint both local and online bullion dealers practically offer the same rate which is usually around three percent below the spot price. As I
mentioned earlier, the online dealers may offer you a slightly higher amount but that is reduced by costs like shipping and insurance. If you’re selling bullion to a
local dealer you don’t have to have to pay for these kinds of expenses. If you don’t have a local dealer near you, then this might be your best option. Make sure you check The Silver Spot Price before accepting any offer.
- How to Get Paid
After agreeing to the price, you usually get paid in cash for small transactions or
EFT for large ones. Some dealers offer RTGS for a fee which is an instant transfer.
Now that you are ready to sell your silver bullion, find a local or online dealer. Check the current price for your item before negotiating for the price. Once you and the dealer are in agreement over the spot price, it’s time to get paid!