Whether you’ve invested in bullion-grade silver bars and coins, or you simply have silver jewellery or collectibles around your home, there are some things you need to know about getting the maximum possible price when you sell.
Timing is everything when it comes to the precious metals market. If you got into the silver market with the intention of making a profit, finding the right time to sell is one of the best ways you can maximize your profits – though it can also be a challenge. Even if you’re just looking to sell some old or broken silver jewellery, patience can lead to a bigger payday.
Before you go to sell your silver, consider the factors that can affect silver prices and find the best time to sell.
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Silver Prices Are Higher Than What You Paid
The most fundamental rule to successful investing is selling your assets for more than you paid for them. It seems simple enough, but it can be tougher to do in practice. Too often, investors fall into the trap of panic selling when prices decline.
Panic selling regularly happens during market crashes, but it can affect bullion investors as well. Patience will help bullion sellers make more when they decide to sell. Wait until prices are higher than what you paid in the first place.
Silver Shortages Can Drive Prices Higher
Much like gold, silver is not only a finite commodity, but it’s also relatively scarce. Global demand is set to rise 16% in 2023, surpassing supply and creating a silver deficit.
Deficits are typically filled by central banks dipping into their stockpiles and selling them on the open market. As those stockpiles dwindle, the available global stockpile of silver becomes a concern, and prices rise.
Supply Constraints on Silver Coins
In recent years, there have been several issues with the world’s biggest mints providing enough investment-grade silver coins to keep up with demand, creating a shortage of minted coins.
A lack of supply of silver coins can drive up the prices bullion dealers are willing to pay. These shortages are impossible to predict and often have very complex reasons, so it’s not the most reliable factor to consider.
Silver buyers at the time will have high demand for silver coins that they can turn around and resell. Buyers like Muzeum will also purchase jewellery and sell it to be melted down and turned into coins. When you’re selling silver to Muzeum, you can quickly look up the rates they’re willing to pay for silver products.
High Inflation Can Help Bullion Prices
Silver is often considered to be an inflation hedge, much like its counterpart gold. Precious metals are often seen as a compelling alternative to fiat currency. The high inflation of the last year has helped drive silver prices up, making them competitive with high prices.
Now can be a great time to sell silver and take advantage of elevated prices. Take your bullion, jewellery, and collectibles to a silver buyer for some quick extra cash at the right time.