The price of silver has risen recently. This is due to the uncertain and turbulent economic times in which we live. Many people know that gold is now very much a commodity, but many people don’t know that if the price of gold goes up, so does the silver price, so if you have silver that is not being used at home, you can get the best price by selling it to a reputable silver buyer and get paid for it immediately.
Paper money loses its value when the economy is not good. Actually, paper money is not very strong by nature. Investors often take advantage of metals such as silver and gold because they take longer to decline in value. In fact, over the past 5 years, silver prices have risen, making it one of the safest investment assets. There has never been a more perfect time to get the best return for your silver than now.
Many people are nervous about entering the silver market because it is so competitive. It is also one that many silver bullion buyers and sellers are not very familiar with.
So is silver cheap?
There are a few things you need to know when selling or buying silver bullion. These include the weight, fineness, and market value of your silver items. The most common silver items the average person is likely to sell are silver jewelry, silver cutlery and silverware, and of course silver coins. If you are one of the few people who found it wise to buy silver bars when the silver price was still falling, now is the right time to make the most of your investment. So, assuming you have 999 fine silver bars stashed away somewhere, what can you expect from them?
Purity and weight
999 Fine Silver indicates the purity of the silver. This means that the silver bar or circle you have is 99.9 percent pure. When you buy a piece of precious metal, the weight should be listed somewhere on it. The weight of silver is often expressed as troy ounces. One ounce of a toy equals 31.1 grams. So how does this translate into money?
For example, if you have a 0.2 troy ounce silver coin, it will weigh 6.22g. If it now contains about 90% silver, that means it contains 0.18 troy ounces of pure silver. If silver sells for AUD 26.45 per ounce, the value of your coin will be AUD 4.84.
Got one of those silver coins with a koala or kookaburra on the side? These coins can sell for over AUD 6.61 more than their bullion value. Older coins are considered to have a higher premium value, so it may be worth doing some in-depth research on the best prices you can get.
For various reasons, dealers may offer you something slightly different than the market range of their prices. Make sure it is not too far from the mark.