How to Not Get Ripped Off Selling Silver
Trust your insticts, first and foremost. If you feel as though you’re getting a bad deal, it’s probably true.
It’s been a common practice by coin dealers to offer approximately 50% of the actual true value of coins. So if the coins you wish to sell are worth $1,000, they’ll offer $500.
As time has progressed, and the economy has worsened, coin dealers have tended to offer more competitive pricing. This has especially been true as the internet buying and selling of precious metals has started to take over and away from the local stores.
Speaking of local stores: Avoid them at all costs. They will rip you off. Badly.
So what can you do to protect yourself from getting ripped off while not having to spend hours doing research?
We offer an obvious and easy solution, but there are quick steps you can do for yourself.
The reason we value our buy prices of 90% silver coins so well is because we talk facts without ridiculous stories.
You can find buy prices on major precious metals dealer websites. This is a great way to get facts on real numbers rather than stories that may or may not be true.
It escapes us the morality of ripping people off. There’s plenty of profit and happiness for everyone available in this world. But greed just seems to blind people into making decisions that don’t allow for all to benefit.
That being said, understanding the current state of affairs for precious metals as we get closer to the last quarter of 2015 is of the utmost importance.
Volatile, to say the least. As of the end of August 2015, 90% silver coins are easily being sold for 50% above paper silver price.
Remember earlier when we mentioned the buy price was about 50% of silver price? That’s no longer true.
Many dealers are willing to pay at paper silver price, or even somewhat above paper silver price.
There are many speculative theories on what’s going on in the global economy for why the disparity between paper silver and physical silver is growing so quickly.
Whether you have silver coins you want to sell to us, someone else, or just hold onto for future speculation, be smart, be safe, and make sure to trust your instincts that you’re getting a deal you are happy with taking.
Do your research. We buy silver coins, and placed a link right above this paragraph. However, you really need to price things out. It’s so easy to just click the link, call us, and sell to us. Of course, we like that as, just like any business, will make money. But the idea is to do that after you checked various companies first.
A very easy way to make sure you do not get ripped off selling silver is to do an internet search for companies that sell silver. Note, companies that sell, not just buy. You can see their sell prices to know the spread of their profit on the buy price they offer you.
The other key factor looking up companies that sell silver is they probably post their buy silver prices on their web sites as well. This way you have real numbers to compare, and, when attempting to sell silver, potentially haggle on pricing.
And remember, most importantly, do not feel pressured to do anything. If you are talking to someone that is pressuring you into selling your silver or to “act now” before it’s too late, you might just be getting ripped off by sales tactics. Feel comfortable, and you’ll feel comfortable knowing you made the right call.