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How do you sell silver bars and bullion?

Silver bars and bullion -- what should you know about the silver before selling it, where can you sell it, what fees will be involved, what market rate should be looked at and should one expect to be able to sell at the published rate?

Sell on eBay

Why?
1. Cheap
2. Big demand
3. Fair competition
4. Buyers are more than happy to pay shipping (often more)

Or Craigslist
1. FREE
2. Local (meet in person, accept cash)


See my sources

2007-09-04 18:23:05 by a b | Posted in Investing

Where can I buy gold and silver bars, coins and bullions?

Exactly, what is a bullion? Is it like a coin?

I was wondering where online I can buy gold and silver bars and coins. Would I physically owned them? Or would they sit on a vault somewhere?

Also, how can I make sure that the gold or silver I buy is real and not fake?

Thanks.

When someone speaks of gold bullion they are reffering to the actual pure metal. Depending on the country, gold, when used in coins and jewelry has variable purity. But bullion is as pure gold as you can get. For instance, you cannot buy 24K gold in jewerly in the USA (only 18K I believe) but you can in Europe.

First you should ask yourself whether you want to buy physical gold and silver. Here are the drawbacks. You will pay a spread or increased price when you buy and you will have to sell at a discount when you sell. There are so many places to buy coins and bullion from but you will have to pay on average 5-10% to buy and sell each way. That is not good. And yes some places will store it in a vault for you for an additional fee.

You could also buy gold ETFs (GLD ticker). These are funds that sell at 1/10 the trading price of gold. They have ones for silver too. ETFs (Exchange Traded Funds) buy the actual gold (or silver) and store it in a vault. The great hing is you can buy and sell each day so your investment is liquid. If you have physical gold or silver it is not as liquid. Also, these metals are very volatile and are best traded--I buy when they sell off and sell when they have a big rally. But it's not that simple. And if you really aren't an experienced trader, you shouldn't try to compete with professionals.

I would not buy gold or silver from eBay because they really do a bad job of policing fake merchandise and are actaully being sued by Tiffany's (maybe other venders) for allowing fakes to be sold. And you can't count on their guarantees of product authenticity. I have been screwed by eBay.

Before deciding what, how much and when you buy gold and silver you should have a good idea about investments and the economy. The best book I have read that explains things like no other is "America's Financial Apocalypse." You should probably get the Condensed edition. The last chapter is all about investments. Good luck mate!

2008-05-27 00:18:58 by Mean Geno | Posted in Investing

How do I redeem Silver Bars for cash?

I have a number of silver bars which I was given as gifts over the years...How do I go about turning them into cash? Who buys them? a bank?

you need to sell them, not redeem. so you cant go to a bank.

coin dealer is probably best. go to several, get best price.

2008-01-12 20:06:26 by Mark Z | Posted in Investing

Which is better Silver Bars or Silver Rounds?

I wanted to know if there really a difference in buying silver bars or silver rounds. If there both pure silver does it really matter? I've seen that sometimes silver rounds cost more than silver bars and vice versa. Which is better?

There is no difference with rounds and bars. However there is a big difference between bars/rounds and the coins produced by government mints. The coins produced by government mints are money and are recognized as such. They have a floor price which is the face value. The rounds produced by private mints are not legal tender and have no floor value, same with the bars. Bars and rounds have less of a premium on them however in a currency devaluation, collapse or economic crises then the coins produced by government mints would be more easily recognized by the public in a trading and barter situation. I only buy 100 ounce bars and Silver Maple Leaf Coins from Canada. The Canada Maple Leaf coins have a $5 face value and I live in Alaska so alot of goods and services come through Canada. Canada has a published deby that is less then 1/10 that of the US which is why I have also been buying Canada currency from our local bank to hedge against the US dollar.

2008-11-14 16:13:57 by Alex M | Posted in Investing

Where can I sell 1oz bars of silver?

I have a few 1oz silver bars but not sure where I can sell them..is there an online company that buys them?

depending on where you live; contact a coin shop; jeweler or sell them on ebay; research the price of silver bullion and use as a starting point, conduct the sale for 2 days only. put a reserve and don't sell for less than value; plus shipping.

2008-01-14 14:20:00 by gary b | Posted in Other - Business & Finance

Where is the best place to buy Gold or Silver bullion bars?

Where is the best place to buy Gold or Silver bullion bars? On the internet (which site) or from a dealer? Where is the best place to buy precious metals that is certified?

What are the risks involved in buying precious metals?

Apmex.com is the best place to buy PMs online. You may be able to do better with a local dealer if you can establish a good relationship. I'm not sure what you mean by "certified" if you mean slabbed by a grading company like PCCGS or NGC it is really not worth it for bullion coins.

RIsks are just like buying any other commodity; there is likely to be volitility & you may not be comfortable with the price swings if you are only in it for the short-term gains. In the long-term, PMs are in a multi-year bull market & will do very very well for the next 3-5 years or so.

Also you must consider storage with physical gold & silver. Silver is especially bulky when you are talking 100+ ounces so you must think about a place to safely store your bullion.

Hope that helps!

2008-04-10 16:09:24 by emartel01 | Posted in Investing

How do you know when you are buying gold or silver coins bars or nuggets that what you are buying is real tthe

And when you do buy gold or silver where do you go to sell it .They say if you buy gold bars the goverment can take them from you at the going rate at the time of confication. Is this true. And do you have to pay taxes on gold.

You only buy from a reputable dealer. I buy my S African Kruggerands (1 oz gold) & silver bars from a local coin dealer. Buy from someone who is a known: U.S. Eagles, Canadian Maple Leafs, S African Kruggerands. My silver bars are from Handy & Harmons. They have serial numbers stamped into them.

As far as I know, there is no national database of those that own gold. So how is the government going to confiscate these (gold & silver) if they don't know about them??

You want to sell your gold & silver, just go back to the same person/dealer that you bought them from. I suspect you do pay taxes on any profits (of the sale).

2008-02-29 08:50:23 by Joseph B | Posted in Investing