Where can I buy or sell physical silver? What is my silver worth, and how do I sell it? Ryan C. Brechlin is a precious metals broker in Connecticut and can answer your questions.
Whats happening with the price of silver?
Silver got a lot of attention during the great GameStop stock squeeze of January 2021. Members of the Subreddit r/wallstreetbets puportedlytried to pump silver and we saw prices rise quickly. While Market prices were rising, physical demand for silver was extremely high. Major online retailers like apmex and kitco quickly ran out of silver inventory as redditors supposedly used profits from meme stocks to add to their silver holdings. Later, Members of the group claimed it was a distraction from the battle for the volatile GameStop Stock. Read more here.
But this isn’t the first time the silver market saw so much attention:
The most notable bull run on Silver was by Nelson and Herbert Hunt during the early 1970’s. They successfully pushed the price of Silver past $50 and ounce until the government stepped in and a good part of their fortune was washed away as silver prices fell.
Silver is traded using Troy Ounces, not the standard postal ounce that you find on most scales. A troy ounce is about 10% less than a standard US ounce.
Is Silver a good investment?
Yes, Silver is a fantastic investment. Silver bars, Bullion coins, 90% Silver coins, Antique Silver Flatware, Sterling Silver objects like tea sets and fine antiques are a beautiful way to invest in silver. There is a lot of satisfaction in holding beautiful assets.
Buyers should treat silver like any other type of investment, complete with risks and rewards. Silver bullion, Silver Eagles, and graded silver coins usually sell for the spot price of silver plus with an associated premium. The Premium for silver changes each day based on market conditions. The profit that silver dealers make is often only a fraction of that premium.
When market conditions push silver prices higher and higher precious metals dealers get busy. Sellers look to cash in on the high prices for scrap silver and silver coins. Make sure that you use a trusted professional when finding a silver buyer near you.
Where can I sell Silver?
Selling your silver to a local dealer is a good option. The best silver buyers have a “brick and mortar” location, have been in business for a long time, and have ties to the community. It’s a good sign if a precious metals buyer values their reputation and works to improve and maintain it. Do your homework: Read reviews, ask for recommendations, and use your instincts.