Buying and Selling Gold and Silver

When Is The Best Time To Sell Gold & Silver?
October 5, 2020

Precious metals are some of the most consistent investment materials out there. Gold and silver hold their value very well, even when other markets fluctuate. Whether you’ve been investing for years and are looking to streamline your collection or you have inherited some old jewelry that you would like to sell, it’s wise to plan your sale so that you get the best value for your precious metal.

Ways to Invest in Gold and Silver

There are many shapes your precious metal collection can take. Jewelry, coins, bars, and scrap metal pieces all come with different pros and cons. As a rule, you will tend to get more on resale from pieces that cost more upfront, though this does depend on demand at the time of sale. The best practice is to invest your money in items that remain in demand. Coins and bullion bars tend to have high resale value, so they are consistently good investments.

Where to Sell Your Precious Metals

You have options when it comes to selling your gold or silver materials. The route you choose will depend on what you’re selling and your individual circumstances. You can sell your gold or silver online or through a reputable bullion dealer, but this route takes time and you’ll have to pay for the cost of shipping. Selling through a pawn shop is faster and means you won’t have to ship your gold or silver. This is often a good choice if you’re looking for cash immediately, but will require a little more preparation to get the best value.

How to Get the Best Value from a Pawn Shop

Before selling to a pawn shop, do your research: note the current spot price of gold and silver and compare the buyback prices (minus shipping costs) from other dealers. If you have documentation detailing the original sell price of your precious metals, bring that too. You should also consider cleaning your metals if necessary. Shops are more likely to offer a better price for something that comes clean, ready for resale, and with authentication.

What Does the Future Hold for Gold and Silver?

The price of gold and silver, like other investments, is influenced by the strength of the dollar, inflation, market trends, supply and demand, interest rates, and government policies. It pays to pay attention to the going rates for gold and silver and to take action when you have the best chance to turn a profit. Sol’s Jewelry and Loan has years of experience offering fair prices to the Omaha, NE area. Visit us when it’s time to sell your gold or silver!

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