With the low value of silver these days I am not really considering selling yet. I have been stacking silver for many yearsl, buying 5-10 oz of bullion every month, so I have a considerable amount of it on hand now. I'm getting older and hoping that the price will start climbing back up soon so that I can start selling some of the silver AI have. Having never sold any, what I am wondering is how much is it going to cost me? how much do the different vendors charge to buy my silver? Do any of them pay spot or will I have to pay them to take it?
Considering Selling
- Thread starter Capri142
- Start date
sterling-nz
Well-Known Member
If you have been buying in the last 5 years then get ready to lose plenty of money.
You will be much better off stashing it under your bed and getting a part time job instead.
10oz month for 5 years=600ozt or $8500ish.
Find another way and hold the metal
You will be much better off stashing it under your bed and getting a part time job instead.
10oz month for 5 years=600ozt or $8500ish.
Find another way and hold the metal
Agreed, I wouldn't sell.
And, fwiw, new folk who are going to buy metal as a first purchase, find out how to sell before you buy, plus the tax implications.
Capri142
Have a look at the Buy and Sell prices, some of the larger dealers have prices on their web-sites.
Bullion Money
https://bullionmoney.com.au/charts/gold (Live prices)
The Perth Mint (Not Live Prices)
http://www.perthmintbullion.com/au/View-All-Bullion.aspx
Also, look at Ebay's sold prices for any particular coin or bar you have and then find out the fees involved with selling.
And...welcome to the forum.
And, fwiw, new folk who are going to buy metal as a first purchase, find out how to sell before you buy, plus the tax implications.
Capri142
Have a look at the Buy and Sell prices, some of the larger dealers have prices on their web-sites.
Bullion Money
https://bullionmoney.com.au/charts/gold (Live prices)
The Perth Mint (Not Live Prices)
http://www.perthmintbullion.com/au/View-All-Bullion.aspx
Also, look at Ebay's sold prices for any particular coin or bar you have and then find out the fees involved with selling.
And...welcome to the forum.
Well, if he really needs the money, sometimes you just have to sell. Don't see PMs as something you can't sell. I believe they are supposed to be a form of insurance whenever things go bad. Answering your question, you would be better off selling to a like-minded stacker who could pay more depending on what you have stacked (e.g. certain coins have more premium on the secondary market). If you're in a rush to sell all at one go, best to talk to a vendor to get a quote and sell to them one that offers the most for your stack. All the best!
mmissinglink
Active Member
The answer is not so clear cut....it depends on where you live and what you have stacked.
In general though, now is not a very good time to sell silver for fairly obvious reasons.
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In general though, now is not a very good time to sell silver for fairly obvious reasons.
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sterling-nz
Well-Known Member
If they have been buying monthly for some years (as they stated) then is does not matter where they live, the price has dropped substantially and money will be lost.mmissinglink said:
I'd consider selling a little incrementally at this point... Cash out some of the stuff if you need it. Depending on your age range, don't make yourself suffer waiting for the price to go back up. It's not likely to go up for awhile, so if you need to sell some sell some. If you are financially stable, then consider holding out, but silver is just a metal. Its there when you need it and if you need $$ sell it.
You don't have to pay them to take the metal, but you should become accustomed to selling some so you get recognized as a seller online, or to your local dealer. The process for selling is similar to buying but in reverse. You will have to find the best place to get the most out of what you have paid. Dealers, fellow collectors, online, local shops, etc.. The most important thing you will need to do when considering selling is pricing your things properly and that comes with some experience in selling and watching where the market is currently at.
You don't have to pay them to take the metal, but you should become accustomed to selling some so you get recognized as a seller online, or to your local dealer. The process for selling is similar to buying but in reverse. You will have to find the best place to get the most out of what you have paid. Dealers, fellow collectors, online, local shops, etc.. The most important thing you will need to do when considering selling is pricing your things properly and that comes with some experience in selling and watching where the market is currently at.
SilverDJ
Well-Known Member
Holdfast said:
Selling $8K worth on ebay won't raise the eye of the tax man.
Selling for cash at dealers will be, well, cash.
If selling at a loss, then you should tell the tax man of course because that's a capital loss, and you can offset that loss against future gains (of any sort), and the loss carries over indefinitely year after year just waiting until you make a gain in the future.
mmissinglink
Active Member
sterling-nz said:
Not necessarily true at all. What gains a premium in Texas USA may not gain a premium in most other parts of the world....and visa-versa. Also, if you live a great distance from any major bullion dealer (which is easily possible in the U.S.) or if you have no driver's license, that can change things significantly in terms of where you live might make a difference in whether or not what you stack is okay to sell. Blanket statements are not necessarily the best advice; that's why my advice is depends on where you live and what you stack.
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You are starting to sell, I am starting to buy (bought my first kilo coin last week). To me it is starting to make sense to buy, even if I expect prices to fall further (or at least not to go up).
You can ask yourself whether it makes sense to sell when silver is at 14/oz, with inflation and increasing demand (as the economy picks up) in a couple of years.
You can ask yourself whether it makes sense to sell when silver is at 14/oz, with inflation and increasing demand (as the economy picks up) in a couple of years.
SilverDJ said:
Why would anyone want to sell to a dealer, or on eBay? Both will leave a paper trail.
On eBay, the costs of selling will cut into the profits, and selling to a dealer will incur the premium hit.
Consider selling on Craigslist for tax-free cash or consider trading for other things you want.