Finance

Things to consider when selling silver bullion in Melbourne

If you have silver bullion to sell, there are a couple of places that you can sell it to. The most obvious one would be a bullion dealer. These are dealers that buy and sell silver bullion, sometimes they are exclusive about the kind of products they buy and sell. Then some brokers act as middlemen. They buy silver bullion from you and then resell it to a dealer. These two are your best bets. However, for the longest time, there have been several other avenues for sellers to take their silver bullion to. Coin shops are known to buy silver bullion coins but so are pawnshops. If you have to sell silver bullion Melbourne because you need the cash then, all you have to do is ask around, google for buyers in your area, or head on down to your local pawn shop. 

Getting a fair price

A common question that people who have precious metals like silver ask is what is the best price they can expect. To get to the answer, you first need to know what it is you have to sell and what the demand is for that particular silver product is. Are you selling silver coins or silver bars? Is it in good condition or not? Any product that demanded a high premium will fetch a high price when it is being resold. So, bullion bars aren’t sold at higher premiums than silver coins because there isn’t a whole lot that goes into the production of bars. Coins have intricate, detailed designs. They take longer to mint and because of this, they have higher premiums and fetch higher prices upon resale. 

Silver bullion coins hold their value very well. The fact that bullion coins issued by government mints are recognized as legal tender means they can be resold fairly quickly. The fact that they are so easy to sell means that bullion dealers will be more eager to buy them from any seller. 

As for silver bullion bars, they might be priced lower than coins but they can fetch a really good price especially if they were made by reputable refineries and mints and have been kept in professional vaults. They would be marked with the seal of the refinery or mint, have a serial number, and fineness engraved and they would also come with certification. 

Bullion sells better than silver jewellery and other scrap products. It is easier to sell and commands a higher price because it is not treated as scram metal. Scrap silver has to be melted down and then refined to separate the silver alloys from the pure silver. 

Most bullion dealers do not even accept scrap metal. However, if you do have some silver pieces that you think are worth reselling then you can always approach a refinery, scrap metal dealer, or a pawn shop.

When you want to sell silver bullion Melbourne, make sure you know what the spot price of silver is. Generally, bullion dealers will pay close to 95% of the spot price. Knowing what the spot price is will give you a general idea of the upper limit you can expect to get when you resell. If the silver bullion coins you have to sell are in high demand but hard to find, silver bullion dealers might be willing to pay a higher premium. 

A little research, a couple of inquiries can make the experience more pleasant and lucrative.