Buying and Selling Silver – All You Need To Know

4 min read

buying and selling silver


The price of precious metals has been steadily increasing over the last few years. At the time of writing this, silver has been steadily increasing in value. The question you were probably wondering now is, what is the actual process of buying and selling silver? And is it worth it?

For the last six thousand years, silver and gold have been a medium of exchange and a store of wealth. Precious metals like these are finite, and as such, have inherent value. Because of this, these precious metals are traded, and if done correctly, a lot of money can also be made. Here is the detailed process of buying and selling silver.

Where and how do I buy silver?

The first question most people ask is, where and how do I buy silver? Sure, you could walk into a pawn shop or a jewelry store and buy some jewelry with silver, oh, but that’s not the best way to do it.

If done this way, you will quickly realize how hard it is to then turn around and resell jewelry. So, if not a jewelry store, where do you acquire silver, or at least invest in it?

1. Buy real silver

The first and easiest option is to buy actual real silver. Buying real silver and then selling it is not as hard as you might think. They are various Market places that you can go to online and find silver to purchase. The trick though is to not get scammed and end up buying fake silver. Here are a few options:

Buy silver online

Here is a word of advice. Do not buy silver from websites like Craigslist and eBay. There is no way to verify if the Silvio buying is legitimate or fake. Do your research and buy from a reputable seller.

LearCapital.com is one of those websites that you can purchase from knowing you are getting real silver. One thing to remember is that this reseller as a bit of a premium to the price of their silver to make their profits.

Buy silver from a pawn shop

Depending on your area and pawn shops that are around you, some actually sell silver within their stores. This is fantastic if you want to touch and inspect the silver yourself before making a purchase.

If you go down this route, make sure that’s you’re not overpaying for that silver and that you have someone with you to verify its legitimacy.

Buy silver from a dealer

By doing a bit of research and due diligence, you can find silver dealers out there that are backed by the US government. You can typically find these dealers in most cities. Since they are backed by the US government, the silver you acquire from them is legitimate. Just make sure you do your homework first.

2. Invest in silver

If you are like me, then the idea of having to physically purchase silver and having to sell it yourself sounds like a lot of work. That’s what investing in silver comes in.

Instead of having to worry about buying and selling physical silver yourself, you can instead purchase shares of silver that rise and fall based on the current value of silver itself. This is a much easier and safer around than having to purchase physical silver yourself and being diligent enough to spot fake silver.

There are a few ways that you can invest in silver:

Buy silver ETF shares

By investing in silver ETFs, this ensures that you are well Diversified pin multiple Holdings of silver. ETFs closely resemble the value of silver and can be easily bought and sold without having to hold any physical silver yourself.

Invest in silver ETFs, you can use a brokerage like TD Ameritrade and Robinhood and invest in ticker symbols like SIVR and DBS.

Buy silver shares (COMEX)

If you instead prefer to buy shares of COMEX, that’s super easy too. Simply sign into a brokerage of your choice and search for COMEX and purchase shares of that. It’s not as diverse as buying ETF shares, but this is an option as well.

Where and how do I sell silver?

Once you’ve purchased either physical silver or invested in silver, it’s also as equally important to figure out where and how to sell the silver. Ideally, the silver you would have purchased would have gone up in value. If that is the case, you can sell it for a nice profit and make yourself some money.

1. Selling physical silver

Selling physical silver is a bit more complicated than selling shares of silver. We will go over a few options that you have.

Sell silver on eBay

Like I mentioned above, buying silver on eBay is not a very smart move since you don’t know if your silver is legitimate or not. However, since you purchased your silver and are certain that it is legitimate, you can go ahead and sell it on eBay.

There is a pretty good demand for silver on eBay oh, so you should not have any problem selling it on here. Just make sure that you have some kind of certificate of authenticity with the silver you are selling. Nobody wants to buy fake silver, so this makes sure that you don’t have any problems.

Sell silver at a pawn shop

Just like how you can buy silver at a pawn shop, you can also sell your silver there. The only catch is that, pawn shops typically will not buy the silver at its current value.

The pawn shop, like any other store, would prefer to buy silver below cost so as to make a profit when they sell it to the next person. Keep that in mind when selling your silver at a pawn shop. No harm in asking how much they are willing to give you.

Sell silver to a local coin dealer

One of the best options you have is to sell your silver at a local coin dealer. With a bit of research and looking through the classifieds, you can find reputable coin dealers in your area.

By selling a silver to a coin dealer, do you have the highest chance off so then your solar it’s close to his current value as you can. Since coin dealers also needs to make a profit, you might be able to sell it for 80 to 90% of its current value. Not a bad deal!

2. Selling shares of silver

Now, if you don’t have physical server, but instead invested in silver the ETFs or shares, then sending this is a much easier process.

Depending on your brokerage (TD Ameritrade or Robinhood for example), it’s as easy as logging into your account and hitting the sell button. Shares of silver are traded thousands of times per second, so finding a buyer or seller is almost always a piece of cake.

If timed right, you can walk away with a nice profit. On the other hand, you can also Walk Away with a hefty loss. Remember, investing has risks and is never guaranteed. Always do your due diligence, research, and be responsible.

Final thoughts

Buying and selling silver can definitely be profitable, but it can also be very financially devastating. Nobody can ever predict the future value of silver, so it’s really up to you when you decide to buy and when you decide to sell.

A good thing to remember about silver is that, if you buy physical silver, it is much harder to confirm its legitimacy, and even harder to sell it. It might take you months to sell physical silver that you own.

Buying physical silver can also cost a lot of money. Not only do you have to worry about storing it, but sellers typically set a mark upon their silver, and buyers always want to buy it’s below value. It’s always take these aspects into consideration.

Other than that, go out there and invest, wisely, legally, and in a smart way!

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buying and selling silver




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