After rising about 40% this year, silver is at a two-year high. Percentage wise, silver has actually gone up more than gold! So, if you have silver, you may be wondering: Is now the time to sell?
When is the right time to sell silver?
The answer depends on the current state of the silver market, the value of your specific piece(s), and most importantly, your own financial plans.
Whether you have sterling silver flatware, jewelry, coins, or even a silver watch, this post will help you decide if, when, and how to sell your silver for the best possible price.
Sell Your Silver Today
Understanding How Silver Is Valued
Second only to gold silver has been valued as a precious metal for thousands of years. Historians believe people began separating silver from lead as early as 4000 B.C. Over the years, it has been used as ornamentation, utensils, currency, and more.
Photo: Eric Golub
So what makes silver so valuable even today? Silver is rare and extremely useful for a variety of applications.
A few facts about silver:
- Silver is a very effective conductor of electricity (more than copper!).
- Silver is used in the manufacture of photovoltaic panels and solar cells.
- Silver salts were used in the Middle Ages for yellow and orange colors in stained glass.
- Silver is often used in water purifiers to prevent the buildup of bacteria and algae.
Practical uses aside, silver is just plain beautiful!
The Silver Market
You can see why silver has been considered valuable all around the world for so many years. But what about today? Is silver still valuable now that’s no longer widely used as currency?
Silver is still extremely valuable today, but its price is in constant fluctuation. Silver is traded on a variety of financial markets. If you’re thinking about selling silver now, you’re probably most interested in the current price of silver, which is known as the spot price.
The spot price of silver is the price for which silver could be bought and sold right now. Here’s the current spot price:
Silver price by GoldBroker.com
The price of silver can fluctuate significantly from day to day or hour to hour due to economic factors like:
- Inflation or deflation
- Changes in supply and demand
- People’s economic expectations
The result? It’s very difficult to accurately predict what the price of silver will be in the future. Many people claim to have foolproof methods for predicting the price of precious metals like gold and silver. Unfortunately, these methods often fail, causing the people who trusted them to lose money — sometimes a lot of money.
Let’s look at the history of inflation-adjusted silver prices from 1960 to 2015:
The truth is, most day-to-day and month-to-month fluctuations are fairly small, but you can see a few larger spikes.
The chart even shows “Silver Thursday,” when the Hunt brothers drove up the price after hoarding an estimated one third of the entire world supply of silver! When the price of silver dropped, the Hunt brothers lost over a billion dollars and the resulting panic was felt across financial markets in general.
Extreme scenarios aside, gambling on silver rarely pays off. If you were lucky enough to buy silver in one of the low periods and sell at one of the peaks, you were just that: lucky.
There’s just no way to know for sure if you’re selling at the best possible time or not. Even financial experts don’t know.
So, if you can’t predict the market, how should you decide when to sell your silver?
When Should You Sell Your Silver?
We’ve been buying and selling silver for nearly 100 years here at Samuelson’s Buyers. We’ve seen prices go up and down and we know the silver market inside out.
Here’s our advice:
- The most important reasons to sell your silver are that you either need cash or don’t want the silver anymore.
- If you have silver you’ve been holding onto, there’s no reason to wait.
Why? No one can accurately predict the silver market, and prices right now are at a two-year high. Selling now to a trusted buyer guarantees you’ll get a great price for your silver.
Think about it this way: If you own silver you’re not using, it may have intrinsic value, but you’re not benefiting from that value. What’s more, that value is subject to the ups and downs of the market. You don’t benefit from the value of your silver until you actually sell it.
Plus, keeping silver you’re not using actually deprives you of an opportunity to make money through better investments. If you sold your silver right now, you would get cash today — cash you could spend or invest elsewhere for a potentially higher return.
Think about all the things you could do with that cash:
- Invest in the stock market
- Save for a new car
- Put it toward a new home or a kid’s college tuition
- Start (or add to) your retirement account
- Pay off bills
- Take a vacation
How to Sell Your Silver
If you’re ready to sell your silver, the next step is deciding where to sell it. It might seem like the easiest option is to head to your local pawn shop. Pawn shops are great for selling some items, but not valuables like silver, gold, or diamonds. Many pawn shop owners will offer you a lower price because they know you want cash quickly. Also, most pawn shop owners rely on fast turnover. That means, the longer they think it will take to sell your item, the less it is worth to them.
There are a few reasons why we’re different than other buyers:
- At Samuelson’s Buyers, we don’t rely on fast turnover. There’s no rush to sell the silver we buy. We’re happy to work (and sometimes wait) for the best possible price, which allows us to offer you more for your silver.
- We have built up a network of silver buyers, so we usually have a good idea of how much we can sell your silver for. There’s no guessing involved.
- We don’t just look at the raw value of your silver. If you bring a silver flatware set or silver coins, for example, we’ll evaluate your items as collectibles too, which allows us to make you a better offer.
- We’ve been trusted throughout Baltimore/Washington D.C., Maryland, and Virginia for nearly a century. Our expert buyers put your comfort and security first.
Are You Ready to Get the Best Price for Your Silver?
If you’re thinking of selling your silver, we can help. Read more about what it’s like to sell silver to us, or just give us a call at (301) 263-7971 to schedule an appointment at our Washington D.C. office.
Read The Latest News From Samuelson's
History of The Diamond as an Engagement Ring
History of The Diamond as an Engagement Ring If you’ve ever heard Beyonce’s “Single Ladies,” you’re familiar with the refrain, “If you liked it, then you shoulda put a ring on it.” But where does the idea of putting a ring on it come…
The Scoop on Precious Metals
Scoop on Precious Metals Just about every piece of jewelry contains a precious metal. Same goes for old coins, watches, and silverware. But what makes them “precious” exactly? Precious metals are elemental metals that are naturally occurring…
Hand Sanitizer and Fine Jewelry
Hand Sanitizer and Fine Jewelry Chances are, you have hand sanitizer in your purse, pocket, or glove compartment — and with good reason! With the Covid-19 pandemic still hanging around, better safe than sorry. However, one thing most people haven’t…