The silver price remains on the back foot, around $31,25. Moreover, it has had a three-day downtrend with the recent Asian session. Hence, the bright metal has faded against previous weeks and has stretched since September 2021 when buying.
Still, it does not mean it is not a good time to sell your silver bullion compared to prices in late 2021, which reached around $21.42. But is selling silver bullion to a bullion dealer the best way to free up some cash. The reality is you want a fair price, convenience, and safety in selling your silver. However, all is not doom and gloom. Michael from Saxo Markets says he see’s the Silver Price bottoming out as both physical buying and selling picks up.
When the silver price does turn it comes time to sell your silver bullion. What are the best options available?
Why Not Sell to a Coin Shop
Going to a coin shop offers you the convenience of getting fast money. However, you must be prepared to receive a lower price than selling silver bullion to a bullion dealer as coin shops prefer to deal in numismatic coins. Hence, if you are not selling rare silver coins then it might not be worth your while if selling silver bars.
Selling on eBay and Online Auction Sites
eBay is another option, but it’s not recommended. It takes a lot of time and is full of fees and commissions loaded with risks similar to buying silver or gold on eBay. You can face con artists that will take advantage of you. For example, anonymous buyers will commit to buying your silver bullion but can change the payment method at the last minute.
Another option is to sell your silver bullion on an auction site online similar to eBay. Still, as with eBay, you need to pay a seller’s fees, which is high and the spot price might crash on the day someone decides to buy it from you.
Hence, selling your bullion will take loads of patience with discipline to sell it at the right price and will test your skills.
The Risks of Selling to a Pawnshop
While the pawnshop is an excellent choice to sell your precious metal as you can visit them in person and not risk shipping your silver to an online dealer. You still get the lowest return on your investment. Sometimes the pawnbroker might not even spot the specific silver bar you want to sell and its value in the market. For that reason, while you can negotiate, you always get far below what a trustworthy bullion dealer will offer.
The Best is Selling Silver Bullion to a Bullion Dealer
Selling your precious metals to a bullion dealer is more effective and a great way to offload your bullion. On the other hand, you can get a few online local bullion options to get fast cash. You will get the best price when using a major bullion dealer with a proven record of accomplishment and business system. You can then commit to a quantity and price selling to a dealer locking in a price over the phone, online, or in person. Hence, you can still sell your silver bullion and make a decent profit.