The price of silver has skyrocketed in recent times. This is because of the uncertain and rocky economic times we live in. Many people are people are aware of gold being a hot commodity right now what a lot of people fail to realise is that when the price of gold goes up, so does the price of silver bullion so if you have any silver that’s been lying around unused in your home you could get the best price is to sell silver bullion to a reputable silver bullion dealer and get instant cash for it.
Paper currency loses its value when the economy is bad. In fact paper currency by its very nature is very unstable. Investors often turn to metals like silver and gold because these take a while to devalue. In fact, over the last 5 years, silver prices have been climbing, making it one of the safest investment bets out there. There has never been a more perfect time to get the best returns for your silver than now
So, you have some silver to sell? There are a couple of things that you need to know about when selling or buying silver bullion. These include: weight, branding, purity and the market value of your silver items. Common silver items that the average person would likely have on hand to sell are silver jewellery, silverware and cutlery and of course silver coins. If you one of the few people who have seen it prudent to buy silver bars when the prices were still down, this could be the right time for you to sell silver bullion and get the most from your investment.
So, assuming you have some 999 fine silver bars or rounds stashed away somewhere what can you expect to get for them? First things first, what’s 999 fine silver?
999 Fine Silver refers to the purity of the silver. It means the silver bar or round you have is 99.9 percent pure. When you buy a piece of bullion, the weight must be stated somewhere on it. The weight of silver is often expressed as a Troy Ounce. One Toy ounce is equivalent to 31.1 grams. So how does this translate into cash?
If for example you have a 0.2 Troy ounce silver coin it will weigh 6.22 g. Now if that contained about 90% silver this means it will only have 0.18 troy ounces pure silver. If silver is selling for 26.45 AUD per ounce the bullion value of your coin will actually be 4.84 AUD.
Do you have some of those one ounce silver coins with a Koala or Kookaburra on the side? These coins could sell well over 6.61 AUD more than their bullion value. The older coins are considered to have a higher premium value, so it might be worth your while to do a thorough research on the best prices you can get.
Due to a variety of factors, dealers may offer you something slightly different than the market spread on their prices. Just make sure it isn’t too far off the mark.