Saturday, September 3, 2011
Selling Your Silver
Silver is on a continue uptrend which looks set to continue, but selling silver should not be depended upon the value or price of silver. Really silver is an ideal way to preserve assets, especially when the value of paper currency is unstable. If one is short of cash selling silver IS a good way to go. This is why it is a good idea to have silver in small amounts so it is easy to sell just the amount you need to in order to acquire the needed cash. It means you do not have to sell all of your silver if, for example, you have a large bar but do not want to cash it all in.
It is a good idea to own a selection of different types of silver. Coins, bars, bullion bars are all good. Coins, valuable and just those for the silver content such as junk coins, and small and large silver bars are a good mix. Then you can then keep and sell what ever is required at the time. If you just need a few hundred dollars you do not need to cash in all your silver but just the amount required to get that few hundred dollars. Owning just one large 400 ounce bar of silver restricts you in that you would have to sell the entire bar. However owning some coins and some smaller bars as well as larger ones, say 10 ounce, and 100 ounce bars and one ounce coins, gives you a choice and enables you to still retain some of your assets.
If you have rare silver coins, these should be the last ones you sell. The value of these coins can surpass the silver content and you are only interested in selling some silver to gain cash. Junk or basic silver coins or rounds are the best ones to sell first. They are also easier to sell and have a much more ready market than rare coiuns that would likely only interest collectors. In addition rare coins are much harder to replace in good times whereas basic silver coins can usually be bought fairly easily.
Consider to whom you are selling. Belonging to a coin collectors club or knowing a reputable dealer can be helpful as you can usually get a quick sale. By the same token you might also be able to retrieve your sale or similar when times are better. Selling on auction can net you a good price as well as perhaps advertising in newspapers and other avenues. Make sure, in these instances, you know and can trust the buyer, especially if the value of the silver you are selling is high.
Of course, it is better not to sell your silver assets unless it is absolutely necessary, but if you do, sell only what you need to acquire the needed cash and, if the opportunity presents itself, replace or replenish your silver store for the future.
It is just as important knowing when to sell silver as it is important knowing when to buy silver