Are you out of money? Do you need cash but don’t want to go through the length process of going to your bank and asking for a loan? You could be literally be surrounded by precious metals that would give you the money you need. Check your attic, check your kitchen cabinet and that old jewellery box you haven’t used in a long time. Did your grandma leave you her antique tea set or did you have the kind of folks who invested in bullion. Either way you would be surprised by how easy it is to sell silver and how quickly you can get your cash back.
Silver is silver, but not all silver products are created the same way, for this reason, the price also varies a lot. Factors such as the type of silver you have, its condition and quality, the price will vary.
Understanding how silver is priced
Silver is a very volatile asset. The price fluctuates a lot and varies from one day to the next. If you are selling silver, you should check the spot price regularly. What is the spot price” All precious metals that are traded on exchanges have a spot price. It is different for each metal and is affected by things that might be unique to your particular type of gold. The basic definition of spot price is: It’s a price that anyone would be charges if they wanted to buy silver and take ownership on that very day. It is used as an indicator for the precious metals market and it is what dealers use to buy or sell silver from customers. As a seller, you need to keep an eye of the spot price, keep abreast of the trends that affect silver so that you know the best way to sell your silver.
Can you sell pure silver
There is no such thing 100% pure silver but there the closest you can get is 99.99%. at this quality, silver tends to be more expensive and offers great returns. It is also referred at silver bullion. The value of silver bullion can depend on a number of factors, the also vary depending on form of bullion you are buying or selling. For instance, are you selling silver bars or silver coins?
Silver bullion coins are popular, they are also known as investment coins. For them to be trully useful silver coins they have to have been issued by a government mint or an organisation with links to the government mint. If you have silver bullion coins to sell you can expect the price to be a little closer to what the spot price of silver is at that point.
Bullion bars are also made from the highest silver grade and are used as investment assets or tradeable assets. Bars tend to be less valuable than bullion coins purely for aesthetic reasons. It takes a lot to design and mint the perfect coin. Premiums are higher for coins than they are for bars. Silver bars are less valuable than silver bullions coins.
If pure silver is so soft and malleable it necessary to mix it with other elements like steel or copper. When the purity of silver is 92.5% it means that 7.5% of other metals have been added to the silver. It would have a hallmark of 925. What makes it lucrative to sell silver products made from sterling silver is that it is always mixed with precious gems and fashioned into incredible designer jewellery.